CALGARY, AB, Feb. 15, 2022 /CNW/ – Tamarack Valley Energy Ltd. (“Tamarack” or the “Company“) (TSX: TVE) is pleased to announce that it has successfully closed the previously announced acquisition (the “Acquisition“) of Crestwynd Exploration Ltd. (“Crestwynd“), a privately held pure play Clearwater oil producer. Tamarack acquired all of the issued and outstanding common shares of Crestwynd for total net consideration of 26.3 million common shares of Tamarack and $92 million in cash. Cash consideration for the transaction was funded through the recently completed offering of sustainability-linked notes.
Tamarack is now the largest operator in the Southern Clearwater as a result of the Acquisition. The acquired assets are forecasted to produce ~4,500 boe/d(1) and deliver ~$130 million of operating field netback(2),(3) in 2022. As part of the new asset development plan, Tamarack allocated funds in the 2022 capital program for the initiation of a Southern Clearwater gas conservation project to further the Company’s ongoing commitment to greenhouse gas management and emissions intensity reductions.
About Tamarack Valley Energy Ltd.
Tamarack is an oil and gas exploration and production company committed to creating long-term value for its shareholders through sustainable free funds flow generation, financial stability and the return of capital. The Company has an extensive inventory of low-risk, oil development drilling locations focused primarily on Charlie Lake, Clearwater and EOR plays in Alberta. Operating as a responsible corporate citizen is a key focus to ensure we deliver on our environmental, social and governance (ESG) commitments and goals. For more information, please visit the Company’s website at www.tamarackvalley.ca.