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New Listing: Paleo Resources (TSXV:PRE)

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Paleo is an oil, natural gas and mineral exploration company headquartered in Calgary, Alberta, with executive offices in Houston, Texas.

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Additional Information:

Company: Paleo Resources
Website: http://www.paleoresources.com
Stock Symbol: TSXV: PRE
Date Published: Apr 11, 2019
Transcript: Available

Video Transcript:

I’m Samantha Deutscher for Investmentpitch Media

Paleo Resources is one of the latest new listings on the TSX Venture Exchange, having previously traded as Tanager Energy under the symbol “TAN’.

Paleo is an oil, natural gas and mineral exploration company headquartered in Calgary, Alberta, with executive offices in Houston, Texas.

The company made its first oil and gas acquisition in 2014 in the Joffre field located in Alberta.

In June 2016, the company made its entry into the US with its Polk County Texas acquisition for US$8 million, drilling 5 successful Yegua formation wells in Polk County, Texas in 2017.

The company also holds a 100% interest in 5900 hectares at Burchell Lake in the Shebandowan gold camp in Ontario.

The company recently appointed Marc Rhoades as the new CEO.

Mr. Rhoades has over 28 years of experience serving as a senior executive of upstream oil and gas companies operating in Texas and Oklahoma.

He previously served as CEO of Greenbrier Operating Company from 1990 until the successful sale in 2000 to Coastal Oil & Gas.

He then co-founded Camden Resources and acted as its CEO from 2000 to 2007 until its successful merger into Cinco Natural Resources.

In 2008, Marc founded and served as CEO of Camden Advisors, which is a consulting advisory firm in the upstream oil and gas industry.

Following Marc Rhoades appointment, the company launched a new strategic plan for the balance of the 2019 fiscal year.

The plan includes the following principal elements:

1. Place Tanager’s three Polk County, Texas Yegua formation wells (Ranger, Stampede and Jones) into production via installation of gas pipelines.
2. Drill and complete two additional Polk County shallow conventional wells and/or market the interest for sale to payoff debt and replenish working capital.
3. Drill and complete first appraisal well in the Joffre B pool lease area in Alberta.
4. Secure one or more interests in a high-impact resource play such as the Austin Chalk in Texas.
5. Approach prospective investors, including strategic partners, regarding potential financing terms required to fund existing and new projects and replenish working capital.

The shares are currently trading at $0.065.

For more information, please visit the company’s website at www.paleoresources.com, contact Marc Rhoades, CEO, at 713-360-4847 or by email at mrhoades@tanagerenergy.com, or contact Thomas M. Crain, Jr., President, at 713-360-4847 or by email at tom@tanagerenergy.com.

I’m Samantha Deutscher for Investmentpitch Media