April 12, 2018
Tanager Energy says it’s going to continue attempts to buy mineral leases in the Giddings field area of the Texas Austin Chalk, even though a partner in one proposed buy appears to have dropped out.
The Calgary, Canada-based oil, gas and mineral explorer announced in late March that it’s working to acquire Houston-based Titan Chalk, Inc. and Haloroc Energy Inc., which would include those leases in Washington, Austin, Fayette, Lee, Burleson and Brazos counties.
Tanager said this week it’s working to secure new purchases after Haloroc announced its intention to withdraw from a capital commitment to “subscribe for common shares in the amount of $10 million.”
Tanager said the plan to buy Titan may need to be restructured.
Tanager maintains executive offices in Houston.
Significant offset operators in the play include EOG Resources, Inc., WildHorse Resource Development Corp., BlackBrush Oil & Gas, L.P. (an Ares Management portfolio company), GeoSouthern Energy Corporation, Verdun Oil Company (an EnCap portfolio company), and EnerVest, whose Austin Chalk assets are being rolled into Magnolia Oil & Gas Corporation through a recently-announced US$2.66 billion transaction with TPG Pace Energy Holdings.
BlackBrush divested a significant portion of its Karnes County Austin Chalk acreage in 2016 in a transaction with EnerVest.