CALGARY, Alberta , Nov. 06, 2017 (GLOBE NEWSWIRE) — Tanager Energy Inc. (“Tanager” or the “Corporation”) (TSX-V:TAN) (OTCQB:TANEF) is pleased to announce that it completed the installation of gas compression facilities for its Raptor A #1 and Raptor B #1 wells in Polk County, Texas on November 5, 2017. Compression facilities were made necessary by high pipeline pressure. The combined production rate for these wells has now been increased to approximately 2,000 mcf per day.
Tanager owns a fifty percent (50%) working interest in the Raptor A #1 well. Tanager owns a seventy five percent (75%) working interest in the Raptor B #1 well until payout, at which time the working interest shall reduce to fifty percent (50%).
Tom M. Crain, Jr., Chairman and CEO of Tanager, stated, “The increased production from our Raptor wells following installation of a compressor is in line with our expectations, and confirms the significant deliverability potential from these shallow wells producing from the Yegua sandstone.”
Tanager is also pleased to announce that the outstanding convertible debentures in the aggregate principal amount of $1,201,330 due on November 3, 2017, have been converted by the holders at a conversion price of $0.07 per share, into an aggregate of 17,119,000 Common Shares of Tanager. One of the holders is a retirement plan for the benefit of Roger S. Braugh, Jr., a director of Tanager, which acquired 13,515,000 Common Shares pursuant to the conversion, representing 10.8% of the issued and outstanding Common Shares of Tanager. Prior to the conversion, Mr. Braugh held a debenture of Tanager in the principal amount of $946,050 and a convertible Note of Tanager in the principal amount of US$3,000,000 (approx CDN$3,865,500). Upon completion of the conversion, Mr. Braugh now controls 13,515,000 Common Shares, or approximately 10.8% of the total issued and outstanding Common Shares and the Note. Upon conversion of the Note, Mr. Braugh would control 68,736,429 Common Shares, representing 38.17% of the issued and outstanding Common Shares of Tanager. The acquisition of the Common Shares by Mr. Braugh was made for investment purposes. Mr. Braugh may increase or decrease his investment in Tanager depending on market conditions or any other relevant factors. The head office address for Tanager is Sun Life Plaza West Tower,144-4 Avenue SW, Suite 1600, Calgary, AB T2P 3N4 and the address for Mr. Braugh is 802 N. Carancahua Street, Suite 2250, Corpus Christi, Texas 78401.