|By Marketwired .||
|March 5, 2014 04:11 PM EST||
CALGARY, ALBERTA -- (Marketwired) -- 03/05/14 -- Tanager Energy Inc. ("Tanager" or the "Corporation") (TSX VENTURE: TAN) is pleased to announce that is has signed a purchase and sale agreement with COGI Limited Partnership, and Arrow Point Oil & Gas Ltd. (collectively, the "Vendors") to acquire oil and gas properties in Alberta producing approximately 160 BOE/d for cash consideration of $9,000,000 (the "Acquisition"). The effective date of the transaction is January 1, 2014 and closing date of the Acquisition is expected to be on or before March 28, 2014. Tanager will satisfy payment of the acquisition price of $9,000,000 by debt financing. Tanager has an agreement in principle with Viking Investment Group to provide the $9,000,000 required to complete this transaction.
Under the Acquisition, Tanager will acquire the beneficial interests of the Vendors, of certain assets in the Claresholm, Twining and Viking-Kinsella areas of central and southern Alberta. The Claresholm property is located in southern Alberta and Tanager will acquire a 100% working interest in the 02-08-14-25W4M oil well. The 02-08 single well battery produces 33 degree API crude oil from the Glauconite Q Pool. The well was sand fracture stimulated in Q3 of 2012 and currently produces steady at approximately 60 bbl/d. The Twining property is located in southern Alberta and Tanager will acquire a 100% working interest in 10 pumping oil wells, 1 standing well and 2 suspended wells producing approximately 58 bbl/d medium gravity crude oil and 16 Mcfd of natural gas for a total of approximately 60 BOE/d. The Viking-Kinsella property is located in central Alberta and Tanager will acquire a 16-19% working interest in 3 non-operated producing oil wells. These horizontal oil wells produce approximately 40 BOE/d net from the Sparky Z4Z Pool.
A mechanical update on the properties reserves will be commissioned by the Corporation as a condition to closing. Details of the report will be provided in a later press release when available.
The completion of this Acquisition is subject to receipt of all required regulatory approvals, including approval of the TSX Venture Exchange.
Forward Looking and Cautionary Statements
Certain statements contained in this press release may constitute forward-looking statements. These statements relate to the reserves and resources attributable to the Acquisition. 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:
-- 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; -- uncertainties associated with the Corporation's ability to obtain additional financing on satisfactory terms; -- 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.
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.
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: 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.
Tanager Energy Inc. is a Lethbridge, Alberta based corporation engaged in the exploration for oil and gas and minerals with its operations office in Calgary, Alberta. The Corporation's common shares are listed on the TSX Venture Exchange under the trading symbol "TAN".
Tanager Energy Inc.
President and Chief Executive Officer
Big Data engines are powering a lot of service businesses right now. Data is collected from users from wearable technologies, web behaviors, purchase behavior as well as several arbitrary data points we’d never think of. The demand for faster and bigger engines to crunch and serve up the data to services is growing exponentially. You see a LOT of correlation between “Cloud” and “Big Data” but on Big Data and “Hybrid,” where hybrid hosting is the sanest approach to the Big Data Infrastructure pro...
Jul. 24, 2016 07:45 PM EDT Reads: 1,843
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
Jul. 24, 2016 07:30 PM EDT Reads: 1,685
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 24, 2016 07:30 PM EDT Reads: 2,046
In his session at 18th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., and Logan Best, Infrastructure & Network Engineer at Webair, focused on real world deployments of DDoS mitigation strategies in every layer of the network. He gave an overview of methods to prevent these attacks and best practices on how to provide protection in complex cloud platforms. He also outlined what we have found in our experience managing and running thousands of Linux and Unix ...
Jul. 24, 2016 07:30 PM EDT Reads: 1,704
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
Jul. 24, 2016 07:15 PM EDT Reads: 1,854
With 15% of enterprises adopting a hybrid IT strategy, you need to set a plan to integrate hybrid cloud throughout your infrastructure. In his session at 18th Cloud Expo, Steven Dreher, Director of Solutions Architecture at Green House Data, discussed how to plan for shifting resource requirements, overcome challenges, and implement hybrid IT alongside your existing data center assets. Highlights included anticipating workload, cost and resource calculations, integrating services on both sides...
Jul. 24, 2016 07:00 PM EDT Reads: 1,924
"We are a well-established player in the application life cycle management market and we also have a very strong version control product," stated Flint Brenton, CEO of CollabNet,, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 24, 2016 06:45 PM EDT Reads: 1,752
In his session at @DevOpsSummit at 19th Cloud Expo, Yoseph Reuveni, Director of Software Engineering at Jet.com, will discuss Jet.com's journey into containerizing Microsoft-based technologies like C# and F# into Docker. He will talk about lessons learned and challenges faced, the Mono framework tryout and how they deployed everything into Azure cloud. Yoseph Reuveni is a technology leader with unique experience developing and running high throughput (over 1M tps) distributed systems with extre...
Jul. 24, 2016 06:45 PM EDT Reads: 2,029
"Software-defined storage is a big problem in this industry because so many people have different definitions as they see fit to use it," stated Peter McCallum, VP of Datacenter Solutions at FalconStor Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 24, 2016 06:15 PM EDT Reads: 1,375
"Operations is sort of the maturation of cloud utilization and the move to the cloud," explained Steve Anderson, Product Manager for BMC’s Cloud Lifecycle Management, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 24, 2016 06:00 PM EDT Reads: 1,835
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, gave users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion with b...
Jul. 24, 2016 06:00 PM EDT Reads: 1,849
Unless your company can spend a lot of money on new technology, re-engineering your environment and hiring a comprehensive cybersecurity team, you will most likely move to the cloud or seek external service partnerships. In his session at 18th Cloud Expo, Darren Guccione, CEO of Keeper Security, revealed what you need to know when it comes to encryption in the cloud.
Jul. 24, 2016 05:00 PM EDT Reads: 2,348
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
Jul. 24, 2016 05:00 PM EDT Reads: 2,021
What are the successful IoT innovations from emerging markets? What are the unique challenges and opportunities from these markets? How did the constraints in connectivity among others lead to groundbreaking insights? In her session at @ThingsExpo, Carmen Feliciano, a Principal at AMDG, will answer all these questions and share how you can apply IoT best practices and frameworks from the emerging markets to your own business.
Jul. 24, 2016 04:15 PM EDT Reads: 1,543
Ask someone to architect an Internet of Things (IoT) solution and you are guaranteed to see a reference to the cloud. This would lead you to believe that IoT requires the cloud to exist. However, there are many IoT use cases where the cloud is not feasible or desirable. In his session at @ThingsExpo, Dave McCarthy, Director of Products at Bsquare Corporation, will discuss the strategies that exist to extend intelligence directly to IoT devices and sensors, freeing them from the constraints of ...
Jul. 24, 2016 03:45 PM EDT Reads: 1,724