November 28, 2018 - 6:12 PM EST
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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)    
Revenue240,129 92,431 802,011 173,401 
Royalties61,639 25,278 204,997 39,751 
Production taxes12,768 - 52,849 - 
Operating expenses95,867 92,689 247,226 166,920 
General and administrative expenses480,441 363,835 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 assets16,522,573 16,393,940 16,522,573 16,393,940 
Total liabilities10,124,304 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 outstanding235,286,816 107,716,388 235,286,816 107,716,388 
Weighted average number of    
  common shares outstanding235,286,816 107,716,388 200,897,177 107,716,388 
TSX Venture Share Trading Statistics    
(CDN$/share except volumes based on intra-day trading)    
High0.100 0.170 0.135 0.200 
Low0.045 0.125 0.045 0.085 
Close0.045 0.155 0.045 0.155 
Average daily volume24,023 37,154 25,557 86,395 


Financial highlights 
  
 Three months ended September 30
Operations by operating segment20182017
 Canada  U.S.TotalCanadaU.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)  1,08246,22247,304  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 segment20182017
 Canada  U.S.TotalCanadaU.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)  2,50629,52432,030  3,692- 3,692 

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” 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.

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Source: GlobeNewswire (November 28, 2018 - 6:12 PM EST)

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