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 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.
Tanager is moving forward having closed a private placement of 10% secured convertible debentures in the principal amount of CAD $1,983,300 on May 2, 2016. It is intended that the net proceeds will be used for the installation of artificial lift on the company'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 market 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 a 200,000 acre (312.5 square miles) block in Polk County and Tyler County, Texas. These formations include the Eagleford/Woodbine and Yegua sandstones. The transaction closed on June 30, 2016.
For more details, please review the news release dated April 27, 2016.
September 16, 2016
Tanager Energy Announces Revocation of CTO
August 15, 2016
Tanager Energy provides U.S. operations update
July 27, 2016
Tanager Energy announces changes to the Board of Directors and new by-laws including advance notice provision
July 15, 2016
Tanager Energy announces changes to management
July 7, 2016
Tanager Energy announces shares for debt transaction
June 27, 2016
Tanager Energy announces closing of acquisition of working interests in Texas oil and gas properties for US $8 million and closing of subscription receipt private placement
June 8, 2016
Tanager Energy provides update on proposed Polk County acquisition in US
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
TANAGER ENERGY INC. is a small-cap Canadian oil and natural gas company headquartered in Calgary, Alberta, with executive offices in Houston, Texas. The company acquires and develops resource-rich oil and natural gas producing properties in Western Canada and Texas. Tanager sells its production to a variety of refineries and marketers within the North American commodity market. Tanager is publicly traded and listed on the TSX Venture Exchange under the symbol "TAN".