Tamboran Resources (NYSE: TBN) will acquire Falcon Oil & Gas (TSXV: FO) in a transaction valuing Falcon’s subsidiaries at $239 million (US$172 million) in a massive energy consolidation move expected to close in Q1 2026. Under a definitive plan of arrangement, Tamboran will acquire all Falcon subsidiaries in exchange for 6,537,503 shares of Tamboran common stock and US$23.7 million in cash. Falcon will then distribute Tamboran shares to eligible holders at 0.00687 Tamboran share per Falcon common. The implied offer is $0.2154 per Falcon share, a 19.7% premium to Falcon’s last closing and 53.2% above its 90-day average. Closing is subject to Falcon shareholder approval, Tamboran stockholder approval of the share issuance, court approvals, regulatory clearances, and approval by the 1.9% minority owners of Falcon Oil & Gas Australia per Australia’s Corporations Act.