Our first Joffre well has been flowing oil and gas on an intermittent basis over the last several months. In April it produced for 20 days an estimated 823 Stock Tank Barrels of oil and 3,968 mcf of gas for a daily rate while flowing of 41 barrels of oil and 198 mcf of gas. This is 74 BOE/day. The installation of a pumping unit in May will allow for continuous production.
Your Company is moving forward having closed on May 2, 2016 a private placement of 10% secured convertible debentures in the principal amount of CDN$1,198,300. It is intended that the net proceeds will be used for the installation of artificial lift on the Corporation’s first Joffre well in May 2016; the deposit and anticipated transaction costs for the US asset purchase noted below; and funds to pay the costs of the Debenture Offering, retire outstanding liabilities, and to replenish working capital.
Tanager is moving into the US oil and gas scene with an asset purchase for a 50% interest in certain lease holdings, including well lease holdings, and a 50% participation right in certain wells in approximately 200,000 acres (312.5 square mile) block in Polk County and Tyler County, Texas to formations which include the Eagleford/Woodbine and the Yegua sandstones. The Proposed Transaction is expected to close on or before June 30, 2016.
For more details, please review the news release dated April 27, 2016.
May 11, 2016
Tanager Energy Announces Pricing and Terms of Previously Announced Private Placement
May 6, 2016
Tanager Energy Provides Update On Proposed Acquisition and Announces Proposed Private Placement
May 3, 2016
Tanager Energy Announces Closing of CDN $1,198,330 Convertible Debenture Private Placement
April 27, 2016
Tanager Energy Announces Proposed CDN$1,225,000 Convertible Debenture Private Placement, Amendment to Loan and Proposed Acquisition of Working Interest in Oil and Gas Properties in Texas
April 6, 2016
Tanager's 2015 Year End Reserves of 1.2 MMboe, Net Asset Value $0.16 per share
TANAGER ENERGY INC. is a small-sized Canadian oil and natural gas company headquartered in Lethbridge, Alberta. The company acquires and develops resource-rich oil and natural gas producing properties in Western Canada, and sells its production to a variety of refineries and marketers within the North American commodity market. TANAGER is a publicly owned company.