Tanager Energy Inc., which owns a 50% working interest in a 312.5 square mile area of mutual interest with Paleo Oil Company, LLC, in East Texas, is pleased to provide an operational update on its Polk County, Texas drilling program.
Technical information obtained from the Raptor discovery wells has now been fully integrated into our exploration program and seismic models. This information has greatly assisted in confirming additional Yegua prospects within the AMI. As a result, Tanager has acquired a significant leasehold position covering multiple additional Yegua prospects, which are separate and distinct from the previous Raptor discoveries. Operations on the next two Yegua prospect areas have commenced. The initial well locations have been surveyed and staked, to be followed by applications for drilling permits, construction of drilling pads, and then drilling operations. Tanager will provide a further update, including the well names, once permitting is complete and a drilling schedule is confirmed.
Tom M. Crain, Jr., interim Chairman and CEO of Tanager, commented, "2017 is off to a fast start. With the promising results from our Raptor A #1 and Raptor B #1 wells, enthusiasm and conviction for our East Texas assets has only increased. We are amassing a premiere acreage portfolio in our high-graded prospect areas as our technical team continues to identify and confirm high quality, low risk prospects."