CALGARY, Alberta , Nov. 06, 2017 (GLOBE NEWSWIRE) -- Tanager Energy Inc. (“Tanager” or the “Corporation”) (TSX-V:TAN) (OTCQB:TANEF) is pleased to announce that it completed the installation of gas compression facilities for its Raptor A #1 and Raptor B #1 wells in Polk County, Texas on November 5, 2017. Compression facilities were made necessary by high pipeline pressure. The combined production rate for these wells has now been increased to approximately 2,000 mcf per day.
Tanager owns a fifty percent (50%) working interest in the Raptor A #1 well. Tanager owns a seventy five percent (75%) working interest in the Raptor B #1 well until payout, at which time the working interest shall reduce to fifty percent (50%).
Tom M. Crain, Jr., Chairman and CEO of Tanager, stated, “The increased production from our Raptor wells following installation of a compressor is in line with our expectations, and confirms the significant deliverability potential from these shallow wells producing from the Yegua sandstone.”
Tanager is also pleased to announce that the outstanding convertible debentures in the aggregate principal amount of $1,201,330 due on November 3, 2017, have been converted by the holders at a conversion price of $0.07 per share, into an aggregate of 17,119,000 Common Shares of Tanager. One of the holders is a retirement plan for the benefit of Roger S. Braugh, Jr., a director of Tanager, which acquired 13,515,000 Common Shares pursuant to the conversion, representing 10.8% of the issued and outstanding Common Shares of Tanager. Prior to the conversion, Mr. Braugh held a debenture of Tanager in the principal amount of $946,050 and a convertible Note of Tanager in the principal amount of US$3,000,000 (approx CDN$3,865,500). Upon completion of the conversion, Mr. Braugh now controls 13,515,000 Common Shares, or approximately 10.8% of the total issued and outstanding Common Shares and the Note. Upon conversion of the Note, Mr. Braugh would control 68,736,429 Common Shares, representing 38.17% of the issued and outstanding Common Shares of Tanager. The acquisition of the Common Shares by Mr. Braugh was made for investment purposes. Mr. Braugh may increase or decrease his investment in Tanager depending on market conditions or any other relevant factors. The head office address for Tanager is Sun Life Plaza West Tower,144-4 Avenue SW, Suite 1600, Calgary, AB T2P 3N4 and the address for Mr. Braugh is 802 N. Carancahua Street, Suite 2250, Corpus Christi, Texas 78401.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Tanager Energy Inc. is an oil and natural gas and mineral exploration company headquartered in Calgary, Alberta, with executive offices in Houston, Texas. The Corporation’s common shares are listed on the TSX Venture Exchange under the trading symbol “TAN” and on the OTCQB as “TANEF”.
For further information please contact:
Tom M. Crain, Jr.
Chairman of the Board and Chief Executive Officer
Forward Looking Statements
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this news release contains forward-looking information regarding: the business of Tanager. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects Tanager’s current beliefs and is based on information currently available to Tanager and on assumptions Tanager believes are reasonable. These assumptions include, but are not limited to: market acceptance and approvals, and future costs and expenses being based on historical costs and expenses.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Tanager to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; uncertainties associated with estimating oil and natural gas reserves; geological, technical, drilling and processing problems; general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations; competition; changes in legislation, including environmental legislation, affecting Tanager; the timing and availability of external financing on acceptable terms; and lack of qualified, skilled labour or loss of key individuals. A description of additional assumptions used to develop such forward-looking information and a description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in Tanager’s disclosure documents on the SEDAR website at www.sedar.com. Although Tanager has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Tanager as of the date of this news release and, accordingly, is subject to change after such date. However, Tanager expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.