Business
Tango reports year end financial and operating results
Tango reports year end financial and operating results.
About this update from Tamarack Valley Energy Ltd.
[{"type":"text","content":"\n\n\n\n\nCALGARY, March 23 /CNW/ - Tango Energy Inc. (\"Tango\": TSX Venture: TEI)\nis pleased to report on its financial and operating results for the year ended\nDecember 31, 2005.\nDuring 2005, Tango successfully executed the fourth year of it's'\nstrategy of pursuing liquid rich gas reserves located west of the 5th meridian\nin Alberta. During the year Tango participated in a total of 8 new wells, 3 of\nwhich were re-entries and 5 new drills. Operations were conducted in Cecilia,\nHanlan, Ansell, Brazeau, and Blackstone which have resulted in additional land\nacquisitions and new opportunities which will be further delineated during\n2006. The Company has been successful in raising $17 million in additional\ncapital by issuing equity to investors over the last 12 months. Current\nproduction exceeds 400 boepd, with additional volumes behind pipe awaiting tie\nin over the next 6 months. Reserve additions have replaced production by 1300%\nduring 2005, at an all in finding and development cost of $16.63 per boe (on a\nproven and probable basis, including future capital). The Company estimates\nthat net asset value, based upon independent engineering estimates of reserve\nvalue discounted at 10% before tax, independent estimates of undeveloped land\nvalue, and working capital as at December 31, 2005 is approximately $0.90 per\nfully diluted share.\nExploration and development continues to focus on multi-zone Cretaceous\nand Triassic gas targets in Tango's increasing inventory of opportunities in\nthe deeper parts of the Western Canadian Sedimentary Basin. Under Tango's\ncurrent plans, shareholders will also be exposed to at least two deeper\nDevonian gas targets during the year which have large reserve and production\nupside on currently owned lands.\n\n>\n\n\n","length":15914,"tagName":"div"}]