CALGARY, Alberta, June 26, 2017 (GLOBE NEWSWIRE) -- Tanager Energy Inc. (“ Tanager ” or the “ Corporation ”) (TSX-V: TAN ) (OTC:MNIRF) is pleased to announce that testing of its Ranger A #1 well in Polk County, Texas is now complete. The Ranger A #1 well is the third consecutive successful well drilled in Tanager’s Polk County, Texas joint venture with Paleo Oil Company, LLC. The well was completed at a measured depth of 3,066-3,072 feet and flow tested over a four-day period. The Ranger A #1 tested 2,106 mcf gas per day on a 18/64 choke with stabilized flowing pressure of 1,165 psi and a calculated Absolute Open Flow Rate (AOF) of 22,102 mcf gas per day. The Ranger A #1 well produced no formation water. Tanager will provide an update as to the timing of construction of the gas line when further material information becomes available.
Tom M. Crain, Jr., Interim Chairman of the Board and Chief Executive Officer of Tanager, stated, “We are extremely pleased by the test results of the Ranger A #1 well, which was drilled over 14 miles away from our Raptor discovery wells in Polk County, Texas. With each well, we have improved our drilling and completion techniques and added to our technical knowledge base on the Yegua formation prospects. The announcement today represents a significant addition to Tanager’s already impressive portfolio of low-cost, highly lucrative Yegua wells in East Texas that further demonstrates the strength of our long-term investment approach and reaffirms Tanager’s commitment to its extensive Yegua drilling program. The Ranger A #1 well when coupled with the Raptor A #1 and Raptor B #1 wells should generate free cash flow to Tanager of over $130,000 USD monthly*.”
N either 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 OTC as “MNIRF”.
*The cash flow was calculated by using an average daily flowrate of 1500 MCFPD on the Ranger A #1, 800 MCFPD for each of the Raptor A #1 and Raptor B #1 wells, 75% working interest in Ranger A #1, Raptor B #1 and 50% working interest in Raptor A #1, a 75% net revenue interest less $2,500 per month operating costs, $10,000 per month for 7.5% severance tax and a gas price of $3.00 per MCF.
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.
For further information please contact: Tom M. Crain, Jr. Interim Chairman of the Board and Chief Executive Officer Phone: 713-922-1219 Email: tom@tanagerenergy.com
