Tanager Energy Inc.

November 04, 2014 09:00 ET

Tanager Energy Inc. Announces Plans for Its First Re-Completion at Joffre After the Sale of 50% of Its Joffre Oil and Gas Property to Viking Investments Group, Inc., for $400,000

CALGARY, ALBERTA--(Marketwired - Nov. 4, 2014) - Tanager Energy Inc. ("Tanager") (TSX VENTURE:TAN) advises it has completed the sale of a 50% working interest in its Joffre oil and gas property located in Alberta, Canada to Viking Investments Group, Inc. for $400,000. This sale provides Tanager with the working capital to complete and place on production the first of four suspended Devonian oil wells in the Joffre D-3 B oil pool. Tanager is planning to move onto the location shortly and expects to have the well re-completed by the end of November. The well is anticipated to initially produce approximately 100 barrels of oil per day. Additional recompletions will follow depending on the results of this first well.

An independent third party evaluation by the Resources Evaluation and Advisory Group of Deloitte LLP provided the following information on 100% of the Joffre Property.

Value $1000s
Reserves Undiscounted Discount 10%
Proved Reserves $ 4,797.7 $ 3,061.8
Proved + Probable $ 10,727.6 $ 7,051.9

Tanager and Viking are also evaluating additional oil and gas properties for acquisition within the next 6months.

Tanager Energy Inc. is a Lethbridge, Alberta based corporation engaged in the exploration for oil and gas and minerals, with an operations office in Calgary, Alberta. The Corporation's common shares are listed on the TSX Venture Exchange under the trading symbol "TAN".

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Tanager Energy Inc.
    John Squarek BSc, P. Eng., MBA
    President and Chief Executive Officer