Tamarack Valley Energy Ltd. (“Tamarack” or the “Company“) (TSX VENTURE:TVE) is pleased to announce that it has closed its previously announced bought deal financing of 14,000,000 common shares at a price of $4.30 per common share for aggregate gross proceeds of $60,200,000. The syndicate of underwriters for the offering was led by Dundee Securities Ltd. and included Clarus Securities Inc., GMP Securities L.P., National Bank Financial Inc., Paradigm Capital Inc., Peters & Co. Limited, AltaCorp Capital Inc. and RBC Dominion Securities Inc.
The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Tamarack Valley Energy Ltd.
Tamarack is an oil and gas exploration and production company committed to long-term growth and the increased identification, evaluation and operation of resource plays in the Western Canadian sedimentary basin. Tamarack’s strategic direction is focused on two key principles – ensuring resource plays provide long-life reserves, and using a rigorous, proven modeling process to carefully manage risk and identify opportunities. The Company recently expanded its inventory of low-risk development oil locations in the Redwater Viking play through the acquisition of Sure Energy Inc. Continuing to build on its sustainable growth platform, Tamarack also increased its low-risk development locations within the Cardium fairway through a farm-in agreement with an industry major. These endeavors add to Tamarack’s strong resource portfolio, including Cardium properties at Lochend, Garrington and Buck Lake and heavy oil properties in Saskatchewan. With a balanced portfolio, and experienced and committed management team, Tamarack intends to continue to deliver on its promise to increase its production and maximize shareholder returns.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Tamarack Valley Energy Ltd.
President & CEO
403.263.4440Tamarack Valley Energy Ltd.
VP Finance & CFO