Tanager Energy Announces Third Quarter 2018 Results
CALGARY, Alberta, Nov. 28, 2018 (GLOBE NEWSWIRE) -- Tanager Energy Inc. (“Tanager” or the “Corporation”) (TSX-V: TAN, OTCQB: TANEF) announces its financial and operating results for the three and nine months ended September 30, 2018. This press release contains forward looking statements. Please refer to our cautionary language on forward-looking statements and other matters set forth at the end of this press release and the end of the Management’s Discussion and Analysis (the “MD&A”) for the three and nine months ended September 30, 2018 and 2017. Tanager’s unaudited interim condensed consolidated financial statements and notes, and the MD&A for the three and nine months ended September 30, 2018 and 2017 are filed on SEDAR at www.sedar.com.
Third Quarter 2018 Highlights
Three months ended September 30,
Nine months ended September 30,
2018
2017
2018
2017
Selected Financial Results (Unaudited)
(CDN$ except share and per share amounts)
Revenue
240,129
92,431
802,011
173,401
Royalties
61,639
25,278
204,997
39,751
Production taxes
12,768
-
52,849
-
Operating expenses
95,867
92,689
247,226
166,920
General and administrative expenses
480,441
363,835
1,132,348
1,052,875
Finance expenses
102,133
357,355
593,838
1,126,937
Gain on unrealized embedded derivatives
-
228,949
818,338
598,056
Foreign exchange loss (gain)
(4,542
)
(211,939
)
174,470
(404,315
)
Net loss
(612,940
)
(365,423
)
(1,239,118
)
(1,396,752
)
Per share – basic and fully diluted
$(0.00
)
$(0.01
)
$(0.01
)
$(0.01
)
Comprehensive loss
(721,991
)
(773,349
)
(1,029,427
)
(2,178,014
)
Cash flow from operating activities
(187,435
)
(369,896
)
(663,684
)
(1,679,708
)
Per share – basic and fully diluted
$(0.00
)
$(0.00
)
$(0.00
)
$(0.02
)
Total capital expenditures (excluding acquisitions)
48,101
1,232,866
222,825
5,400,889
Total assets
16,522,573
16,393,940
16,522,573
16,393,940
Total liabilities
10,124,304
14,393,314
10,124,304
14,393,314
Shareholders’ equity (deficiency)
6,398,269
1,970,626
6,398,269
1,970,626
Common shares
Common shares outstanding
235,286,816
107,716,388
235,286,816
107,716,388
Weighted average number of
common shares outstanding
235,286,816
107,716,388
200,897,177
107,716,388
TSX Venture Share Trading Statistics
(CDN$/share except volumes based on intra-day trading)
High
0.100
0.170
0.135
0.200
Low
0.045
0.125
0.045
0.085
Close
0.045
0.155
0.045
0.155
Average daily volume
24,023
37,154
25,557
86,395
Financial highlights
Three months ended September 30
Operations by operating segment
2018
2017
Canada
U.S.
Total
Canada
U.S.
Total
Crude oil
54,875
-
54,875
80,714
-
80,714
Natural gas liquids
5,910
-
5,910
6,719
-
6,719
Natural gas
1,473
177,118
178,591
3,842
-
3,842
Petroleum and natural gas sales
62,258
177,118
239,376
91,275
-
91,275
Other income
753
-
753
1,156
-
1,156
Total revenue
63,011
177,118
240,129
92,431
-
92,431
Royalties
13,842
48,397
61,639
25,276
-
25,276
Production taxes
-
12,768
12,768
-
-
-
Operating expenses
48,255
47,612
95,867
92,689
-
92,689
Sales volumes
Light oil and natural gas liquids (bbls)
811
-
811
1,655
-
1,655
Natural gas (mcf)
1,082
46,222
47,304
2,604
-
2,604
Total sales volumes (boe)
991
7,704
8,695
2,089
-
2,089
Nine months ended September 30
Operations by operating segment
2018
2017
Canada
U.S.
Total
Canada
U.S.
Total
Crude oil
132,880
-
132,880
145,314
-
145,314
Natural gas liquids
12,329
-
12,329
13,521
-
13,521
Natural gas
4,595
650,748
655,343
10,564
-
10,564
Petroleum and natural gas sales
149,804
650,748
800,552
169,399
-
169,399
Other income
1,459
-
1,459
4,002
-
4,002
Total revenue
151,263
650,748
802,011
173,401
-
173,401
Royalties
28,020
176,977
204,997
39,751
-
39,751
Production taxes
-
52,849
52,849
-
-
-
Operating expenses
126,450
120,776
247,226
166,920
-
166,920
Sales volumes
Light oil and natural gas liquids (bbls)
2,033
-
2,033
2,897
-
2,897
Natural gas (mcf)
2,839
177,144
179,983
4,769
-
4,769
Total sales volumes (boe)
2,506
29,524
32,030
3,692
-
3,692
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of theTSX 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” and on the OTCQB as “TANEF”.
For further information please contact:
Tom M. Crain, Jr. Chairman of the Board and Chief Executive Officer Phone: 713-922-1219 Email: [email protected]
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.
EERC drops sharply EnerCom has released its latest Effective Rig Count, linking the state of drilling activity and the reported production from the major shale basins. The Effective Rig Count dropped by 83 in December, meaning the effective rig count now stands at 2,762. This means that the new production in December would have required 2,762 rigs from January 2014[Read More…]