CALGARY, Alberta, March 05, 2019 (GLOBE NEWSWIRE) — Tanager Energy Inc. (“Tanager” or the “Corporation”) (TSX-V: TAN, OTCQB: TANEF) announced today the Company has obtained the approval by its directors of a strategic plan for the balance of the 2019 fiscal year. Following its recent announcement of the appointment of a new CEO, the plan includes the following principal elements:
- Place Tanager’s three (3) Polk County, Texas Yegua formation wells (Ranger, Stampede and Jones) into production via installation of gas pipelines.
- Drill and complete two (2) additional Polk County shallow conventional wells and/or market the interest for sale to payoff debt and replenish working capital.
- Drill and complete first appraisal well in the Joffre B pool lease area in Alberta.
- Secure one or more interests in a high-impact resource play such as the Austin Chalk in Texas.
- Approach prospective investors, including strategic partners, regarding potential financing terms required to fund existing and new projects and replenish working capital.
In addition, effective March 6, 2019, Tanager will continue from the Province of Alberta to the Province of British Columbia pursuant to a resolution passed by shareholders of Tanager at the annual general and special meeting held December 19, 2018. A copy of the new Articles of Tanager will be available on the Corporation’s SEDAR profile at www.sedar.com.