Tamboran Completes Acquisition of Falcon Oil & Gas
Tamboran Resources has completed the acquisition of Falcon Oil & Gas via the acquisition of its subsidiaries following receipt of final court approval from the Supreme Court of British Columbia. Completion of the transaction results in Tamboran holding ~2.8M net prospective acres, representing the largest acreage position in the Beetaloo Basin depocenter. Upon completion of the transaction, Tamboran issued 6,537,503 shares of Common Stock to eligible shareholders of Falcon. Tamboran now has 34,856,412 shares of Common Stock issued including equivalent CHESS Depositary Interests with a pro forma market capitalisation of approximately $1.2B, based on the close of trading on the New York Stock Exchange on Wednesday May 27. As required under the Final Order, a Falcon shareholder was deemed to have exercised the right to dissent the transaction. The shareholder is entitled to receive the greater of the cash consideration or the fair value of their shares in Falcon, as determined by the court. The shareholder will not become a shareholder of Tamboran as a result of the transaction. The cash consideration to the shareholder will be placed into an existing blocked account at a U.S. financial institution, in accordance with applicable sanctions laws. Tamboran and Falcon will be responsible for any fair value as determined by the court.
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- Acquisition Completed: Tamboran Resources has finalized its acquisition of Falcon Oil & Gas Ltd., securing approximately 2.8 million net prospective acres, thereby becoming the largest acreage holder in the Beetaloo Basin, significantly enhancing its market position.
- Share Issuance: Following the acquisition, Tamboran issued 6,537,503 shares of Common Stock to eligible Falcon shareholders, bringing its total shares to 34,856,412, with a pro forma market capitalization of approximately $1.2 billion based on the NYSE close on May 27, 2026.
- Future Plans: Tamboran is set to undertake its most active operational year in 2026, which includes drilling at least four wells and stimulating at least five, demonstrating its commitment to long-term growth in the Beetaloo Basin.
- Legal Compliance: Under the Final Order, a Falcon shareholder has the right to choose cash compensation or the fair value of their shares, ensuring compliance and protection of shareholder rights during the acquisition process.
- Widening Financial Loss: Falcon Oil & Gas reported a net loss of $1.251 million for Q1 2026, significantly up from $497,000 in Q1 2025, indicating challenges in cost management and operational efficiency that may impact investor confidence.
- Lack of Revenue: During the reporting period, Falcon did not generate any oil and gas revenue, and despite a continued focus on strict cost management, the absence of revenue sources could lead to difficulties in future financing and operations.
- Asset-Liability Status: As of March 31, 2026, Falcon's total assets stood at $62.261 million, a slight increase from $61.089 million on December 31, 2025, but total liabilities also rose to $21.443 million, reflecting the company's financial vulnerability.
- Strategic Partnership Progress: The definitive agreement with Tamboran Resources Corporation is progressing and is expected to close in Q2 2026, which could provide new growth opportunities for the company despite its current poor financial performance.

Company Overview: Tamboran Resources Corp has raised its target price significantly, indicating positive performance in the sector.
Price Adjustment: The target price has been increased from $38 to $55, reflecting improved market expectations.
- Widening Financial Losses: Falcon Oil & Gas reported a net loss of $2.596 million for the fiscal year 2025, an improvement from the $2.965 million loss in 2024, yet it still reflects ongoing financial pressure that could impact investor confidence.
- Cash Flow Constraints: As of December 31, 2025, Falcon's cash balance plummeted to $1.3 million from $6.8 million in 2024, indicating significant cash outflows from operations and investments that may limit future expansion capabilities.
- Asset-Liability Position: Falcon's total assets stood at $61.089 million with total liabilities of $19.020 million as of 2025, highlighting challenges in asset management that could affect its financing capabilities and market competitiveness.
- Strategic Partnership Progress: The agreement with Tamboran Resources is progressing and expected to close in Q2 2026, which could provide new growth opportunities for the company, although its current financial situation still requires improvement.
- Earnings Release Schedule: Tamboran Resources Corporation plans to release its third quarter earnings and operational update after NYSE market closes on May 13, 2026, indicating progress in its operations in the Beetaloo Basin.
- Webcast Meeting: CEO Todd Abbott will host a webcast at 5:30 PM EDT to provide updates on the company's operations and engage in a brief Q&A session, enhancing transparency and investor relations.
- Recording Availability: A recording of the webcast will be available on Tamboran's website post-presentation, ensuring that investors who cannot attend live can access critical information, thus improving information accessibility.
- Investor Contact Information: Vice President Chris Morbey provides contact details for investor and media inquiries, ensuring timely access to relevant information and further strengthening communication with investors.
- Successful Capital Raise: Tamboran Resources completed a $198 million capital raise, which was 3.5 times oversubscribed in the US, reflecting strong institutional confidence in the Beetaloo strategy and highlighting the increasing focus on global energy security.
- Accelerated Production Plans: Initial gas production is expected as early as Q3 2025, supplying the Northern Territory, which will generate cash flow and lay the groundwork for full-scale development targeted for 2026.
- Technical Milestone Achieved: The Shenandoah South 6H well achieved a record IP20 flow rate of approximately 8.8 million cubic feet per day, and the early shut-in decision not only reduced costs and emissions but also confirmed the reliability of the data, boosting investor confidence.
- Strategic Partnership Agreement: The farm-down agreement with Daly Waters Energy reduces forward capital commitments while securing carry funding, allowing the company to maintain exposure to key assets while managing risk, thereby enhancing the economic potential of the Beetaloo basin.







