CALGARY, ALBERTA--(Marketwired - Feb. 21, 2017) - Tanager Energy Inc. ("Tanager" or the
"Corporation") (TSX VENTURE:TAN) is pleased to announce that operations have commenced for its Raptor B #1 well
in Polk County, Texas.
The operator, Paleo Oil Company, LLC, has commenced construction of the road and drilling pad for the well, has applied for a
drilling permit, and executed the drilling rig contract. The Raptor B #1 well will be located approximately 2.3 miles
southwest of Camden, Polk County, Texas, and will be permitted to a maximum depth of 3,800 feet. The well will be an
appraisal well to assess the size and extent of the Yegua sandstone discovery made in the Raptor A #1, and will be located on an
adjacent 644-acre lease block. A further update will be provided as to the likely spud date once the drilling rig schedule
is confirmed.
Tom M. Crain, Jr., interim Chairman and CEO of Tanager, stated, "Tanager's drilling program in the first half
of 2017 is off to a great start with our initial success in the Raptor A #1 well and now with the rapid commencement of
operations on our first appraisal well - the Raptor B #1. We are actively planning our drilling program to test multiple
Yegua sandstone prospects this year, and look forward to sharing news of our progress throughout the year."
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".
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.