CALGARY, ALBERTA--(Marketwired - April 7, 2015) - Tanager Energy Inc. ("Tanager") (TSX VENTURE:TAN), is pleased to report that it has completed the tie-in of its first of 4 wells at its Joffre project. The well was placed on production on April 1 and after 5 days of monitoring and operating facility adjustments it is now producing at a rate of 118 barrels of oil per day and 250 mcf of natural gas, totaling 160 BOE/D. The well is a flowing oil well with a flowing wellhead pressure of 435 psi.
Tanager is a 50% owner and operator of this project.
Tanager is now proceeding with the work necessary for the re-completion of the second well in this project which is expected to be on production by the end of June, 2015.
Tanager Energy Inc. is a Lethbridge, Alberta based corporation engaged in the exploration for oil and gas and minerals. The Corporation's common shares are listed on the TSX Venture Exchange under the trading symbol "TAN".
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Forward Looking and Cautionary Statements
Certain statements contained in this press release may constitute forward-looking statements. All statements other than statements of historical fact may be forward-looking statements. Forward‐looking statements are necessarily based upon assumptions and judgments with respect to the future. In some cases, forward‐looking statements can be identified by terminology such as "may", "will", "should", "expect", "projects", "plans", "anticipates" and similar expressions. These statements represent management's expectations or beliefs concerning, among other things, future operating results and various components thereof affecting the economic performance of Tanager. Undue reliance should not be placed on these forward‐looking statements which are based upon management's assumptions and are subject to known and unknown risks and uncertainties, including the business risks discussed above, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward‐looking statements. Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted. These statements speak only as of the date specified in the statements.
The Corporation's actual results could differ materially from those anticipated in the forward looking statements contained throughout this news release as a result of the material risk factors set forth below:
- liabilities inherent in oil and natural gas operations;
- geological, technical, drilling and processing problems; and
- general business and market conditions.
- These factors should not be construed as exhaustive. Unless required by law, the Corporation does not undertake any obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
BOE Presentation. References herein to "boe" mean barrels of oil equivalent derived by converting gas to oil in the ratio of six thousand cubic feet (Mcf) of gas to one barrel (bbl) of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf per 1 bbl is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
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