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Tamarack Valley Energy Ltd. Announces 2019 Financial Results, Reserves Information and Appointment of Chief Financial Officer
Calgary, Alberta--(Newsfile Corp. - March 5, 2020) - Tamarack Valley Energy Ltd. ( TSX: TVE) ...
About this update from Tamarack Valley Energy Ltd.
[{"type":"text","content":"Tamarack Valley Energy Ltd. Announces 2019 Financial Results, Reserves Information and Appointment of Chief Financial OfficerCalgary, Alberta--(Newsfile Corp. - March 5, 2020) - Tamarack Valley Energy Ltd. (TSX: TVE) (\"Tamarack\" or the \"Company\") is pleased to announce its financial and operating results for the three months and year ended December 31, 2019 and the results of its independent oil and gas reserves evaluation as of December 31, 2019, prepared by GLJ Petroleum Consultants Ltd. (\"GLJ\") (the \"GLJ Report\"). Selected financial, operational and reserves information is outlined below and should be read with Tamarack's audited consolidated financial statements (\"Financial Statements\") and management's discussion and analysis (\"MD&A\") as of December 31, 2019, which are available on SEDAR at www.sedar.com and on Tamarack's website at www.tamarackvalley.ca. The Company's annual information form (\"AIF\") for the year ended December 31, 2019 has also been filed on SEDAR effective today and is available on Tamarack's website.2019 Financial and Operating HighlightsAchieved stable quarterly production volumes of 24,859 boe/d in Q4/19, slightly higher than the Q4/18 average of 24,780 boe/d and 3% higher than the previous quarter, and annual volumes of 24,072 boe/d, while generating free adjusted funds flow (see \"Non-IFRS Measures\") of $40.5 million in 2019.Generated adjusted funds flow (previously referred to as \"adjusted operating field netback\"; see \"Non-IFRS Measures\") of $219.4 million in 2019 ($0.97 per share basic and diluted), compared to $226.5 million in 2018 ($0.99 per share basic and $0.97 per share diluted). Q4/19 adjusted funds flow was $54.7 million, an increase of $16.4 million, or 43%, over the same period in 2018. Invested $179.0 million in capital expenditures, excluding acquisitions, during 2019 which contributed to the drilling of 149 (144.5 net) wells, comprised of 127 (124.1 net) Viking oil wells, 14 (12.5 net) Cardium oil wells, two (2.0 net) Penny Barons oil wells and six (5.9 net) water source and injector wells, as well as bringing wells drilled in Q4/18 onto production in 2019. Directed free adjusted funds flow to key projects such as tuck-in acquisitions and the Company's active share repurchase program which included: $8.3 million to purchase and cancel 4.2 million share...