Tamarack Valley Energy further advances asset focus with the sale of non-core cardium assets
by CM staff
With successful consolidation and growth of Tamarack's core holdings in the Clearwater and Charlie Lake plays.
CALGARY — Tamarack Valley Energy Ltd., has entered into a definitive agreement with a private operator to sell its non-core west central Alberta assets for $123 million.
With successful consolidation and growth of Tamarack’s core holdings in the Clearwater and Charlie Lake plays, the company continues to streamline its portfolio of holdings, high grade future development inventory and drive enhanced operational efficiencies.
The transaction accelerates debt reduction, further strengthening Tamarack’s balance sheet and enabling the company to focus on program execution within its highly economic oil weighted plays.
Tamarack delivered record corporate production of ~70,000 boe/d for the month of September, including production from the assets being sold. This demonstrates the successful execution of Tamarack’s development program year to date in 2023.
Sale proceeds, in conjunction with forecasted free funds flow at strip prices, have the company on track to achieve the first net debt threshold of its enhanced return of capital framework in 2023, as fourth quarter net debt is expected to fall below $1.1 billion.
