Tamboran acquires Falcon Oil & Gas
Torys acted as Canadian counsel to Tamboran with a team that included Janan Paskaran, Jon McDonald, Devan Fafard and Laura Parvan (corporate/M&A), Andrew Gray (litigation), John Terry (international trade/sanctions), Omar Wakil (regulatory/competition) and Craig Maurice (tax).
On May 28, 2026, Falcon Oil & Gas Ltd. (“Falcon”) and Tamboran Resources Corporation (“Tamboran”) announced the completion of the previoulsy announced definitive agreement, dated September 30, 2025, to create an approximate 2.8 million net prospective acre business across the majority of the Beetaloo depocenter for a value of C$239 million.
The combination of Tamboran and Falcon is a consolidation of two Beetaloo Basin businesses that will form a company with a pro forma market capitalization of over C$500 million.
Under the definitive agreement, which was implemented by way of a plan of agreement under the Business Corporations Act (British Columbia), Tamboran acquired the equity interests of each of the subsidiaries of Falcon in exchange for 6,537,503 common shares of Tamboran common stock and a cash consideration of US$23.7 million.
Following completion of the transaction, Falcon shareholders are expected to own approximately 26.8% of the pro forma business. Eligible common shareholders of Falcon will be entitled to receive shares of Tamboran NYSE common stock at a ratio of 0.00687 per Falcon share.
Following closing, Tamboran will continue to be led by Chairman and Interim CEO, Dick Stoneburner. No changes to Tamboran’s Board of Directors are planned.
Further information can be found on Business Wire’s website.
Falcon is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia. It is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland.
Tamboran is the largest acreage holder and operator with approximately 1.9 million net prospective acres in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory of Australia.