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Tamarack Valley Energy Further Advances Core Asset Focus with the Sale of Non-Core Cardium Assets
Tamarack Valley Energy Further Advances Core Asset Focus with the Sale of Non-Core Cardium Assets...
About this update from Tamarack Valley Energy Ltd.
[{"type":"text","content":"\n \n \n \n Tamarack Valley Energy Further Advances Core Asset Focus with the Sale of Non-Core Cardium Assets\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE; BORDER-TOP:1pt black; BORDER-RIGHT:1pt black; BORDER-BOTTOM:1pt black; BORDER-LEFT:1pt black\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TSX: TVE\n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Oct. 19, 2023\n \n \n /CNW/ - Tamarack Valley Energy Ltd. (\"\n \n Tamarack\n \n \" or the \"\n \n Company\n \n \") is pleased to announce it has entered into a definitive agreement (the \"\n \n Agreement\n \n \") with a private operator to sell its non-core west central\n \n Alberta\n \n assets (the \"\n \n Assets\n \n \") for\n \n $123.0 million\n \n in cash (the \"\n \n Transaction\n \n \").\n \n \n \n \n \n \n \n \n \n With successful consolidation and growth of Tamarack's core holdings in the\n \n Clearwater\n \n and\n \n Charlie Lake\n \n 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.\n \n \n \n Key Corporate Highlights\n \n \n \n \n \n Delivering Record Production\n \n – Tamarack delivered record corporate production of ~70,000 boe/d\n \n (1)\n \n 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.\n \n \n \n Focus on Debt Reduction\n \n – Sale proceeds, in conjunction with forecasted free funds flow\n \n (2)\n \n at strip prices, have the Company on track to achieve the first net ...