CALGARY – Tamarack Valley Energy Ltd. and Headwater Exploration Inc. have signed a merger deal valued at $10 billion that they say will bring together their operations in the Clearwater region in Alberta.
Under the proposed transaction, Headwater shareholders will receive one share of Tamarack for each Headwater common share they hold.
Tamarack shareholders will own 66.5 per cent of the combined company, while Headwater shareholders will own 33.5 per cent.
Tamarack shares closed at $13.36 on the Toronto Stock Exchange on Friday, while Headwater shares closed at $14.22.
The deal requires approval by Tamarack and Headwater shareholders.
In connection with the transaction, Tamarack says it plans to increase its quarterly dividend to six cents per share from five cents, while certain non-core exploration assets will be transferred into Tributary Exploration Inc., a new exploration company.
This report by The Canadian Press was first published Sept. 8, 2026.