Tanager Energy Inc.
TSX VENTURE : TAN
OTC PINK : MNIRF

Tanager Energy Inc.

May 15, 2017 12:01 ET

Tanager Energy Commences Operations on Additional Yegua Prospect Areas in Polk County, Texas

CALGARY, ALBERTA--(Marketwired - May 15, 2017) - Tanager Energy Inc. ("Tanager" or the "Corporation") (TSX VENTURE:TAN)(OTC PINK:MNIRF), which owns a 50% working interest in a 312.5 square mile area of mutual interest ("AMI") with Paleo Oil Company, LLC, in East Texas, is pleased to provide an operational update on its Polk County, Texas drilling program.

Technical information obtained from the Raptor discovery wells has now been fully integrated into our exploration program and seismic models. This information has greatly assisted in confirming additional Yegua prospects within the AMI. As a result, Tanager has acquired a significant leasehold position covering multiple additional Yegua prospects, which are separate and distinct from the previous Raptor discoveries. Operations on the next two Yegua prospect areas have commenced. The initial well locations have been surveyed and staked, to be followed by applications for drilling permits, construction of drilling pads, and then drilling operations. Tanager will provide a further update, including the well names, once permitting is complete and a drilling schedule is confirmed.

Tom M. Crain, Jr., interim Chairman and CEO of Tanager, commented, "2017 is off to a fast start. With the promising results from our Raptor A #1 and Raptor B #1 wells, enthusiasm and conviction for our East Texas assets has only increased. We are amassing a premiere acreage portfolio in our high-graded prospect areas as our technical team continues to identify and confirm high quality, low risk prospects."

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 Over The Counter Market under the symbol "MNIRF".

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.

Contact Information

  • Tom M. Crain, Jr.
    Interim Chairman of the Board and Chief Executive Officer
    Phone: 713-922-1219
    Email: tom@tanagerenergy.com