Tamboran to acquire Falcon Oil & Gas in $172 million Beetaloo Basin deal

NEW YORK - Tamboran Resources Corporation (NYSE:TBN, ASX: TBN) announced Tuesday it has entered into a definitive agreement to acquire Falcon Oil & Gas Ltd. (TSXV:FO, AIM: FOG) in a cash and stock transaction valued at approximately US$172 million.

The deal will create a company with approximately 2.9 million net prospective acres across Australia’s Beetaloo Basin and a pro forma market capitalization exceeding US$500 million, according to a company press release. Falcon brings a solid financial foundation to the merger, with InvestingPro analysis showing a healthy current ratio of 2.59 and minimal debt exposure.

Under the terms of the transaction, Tamboran will acquire all of Falcon’s subsidiaries in exchange for 6,537,503 shares of Tamboran NYSE Common Stock and US$23.7 million in cash. Upon completion, Falcon will distribute Tamboran shares to eligible shareholders at an exchange ratio of 0.00687 shares of Tamboran NYSE Common Stock for each Falcon Common Stock.

The transaction values Falcon’s subsidiaries at C$239 million, representing a 19.7% premium to Falcon’s closing price on September 29, 2025, and a 53.2% premium to its 90-day volume-weighted average price.

Following the acquisition, Falcon shareholders will own approximately 26.8% of the combined company, with Tamboran stockholders retaining 73.2%.

The deal will strengthen Tamboran’s working interest in the Phase 2 Development Area to 80.62% ahead of a previously announced farmout process and create alignment with Daly Waters Energy across the EP 76, 98 and 117 acreage.

"The transaction between Tamboran and Falcon is a logical consolidation of two of the Beetaloo Basin’s most active companies," said Richard Stoneburner, Tamboran’s Chairman and Interim CEO, in the statement.

The transaction has received unanimous approval from both companies’ boards of directors and is expected to close in the first quarter of 2026, subject to shareholder approvals and other customary closing conditions.

No changes to Tamboran’s board of directors are planned following completion of the transaction, with Stoneburner remaining as Chairman and Interim CEO.

In other recent news, Tamboran Resources Corporation has announced a definitive agreement to acquire Falcon Oil & Gas Ltd., consolidating their holdings in Australia’s Beetaloo Basin. This acquisition will result in a combined entity with approximately 2.9 million net prospective acres. The transaction involves Tamboran acquiring all of Falcon’s subsidiaries in exchange for 6,537,503 shares of Tamboran NYSE Common Stock and $23.7 million in cash. The deal values Falcon’s subsidiaries at C$239 million, which represents a 19.7% premium to Falcon’s closing price on September 29 and a 53.2% premium to its 90-day volume-weighted average price. These recent developments mark a significant consolidation in the Beetaloo Basin, aiming to enhance operational efficiencies and resource management.

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