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Tamarack Valley Energy Ltd. Announces 2019 Second Quarter Results
Calgary, Alberta--(Newsfile Corp. - August 8, 2019) - Tamarack Valley Energy Ltd. (" Tamarack ...
About this update from Tamarack Valley Energy Ltd.
[{"type":"text","content":"Tamarack Valley Energy Ltd. Announces 2019 Second Quarter ResultsCalgary, Alberta--(Newsfile Corp. - August 8, 2019) - Tamarack Valley Energy Ltd. (\"Tamarack\" or the \"Company\") is pleased to announce its financial and operating results for the three and six months ended June 30, 2019. Selected financial and operational information is outlined below and should be read in conjunction with Tamarack's unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2019 and related management's discussion and analysis (\"MD&A\") which are available on SEDAR at www.sedar.com and on Tamarack's website at www.tamarackvalley.ca.Q2 2019 Financial and Operating HighlightsProduction averaged 24,090 boe/d (63% oil and NGL weighting), 4% higher than the previous quarter, and reflected the Company's compliance with the production curtailment order imposed by the Government of Alberta that came into effect on January 1, 2019 (the \"Curtailment Order\"). Tamarack adjusted the timing of its capital investment and activity in order to comply with the Curtailment Order. Total adjusted operating field netback (see \"Non-IFRS Measures\") in Q2/19 was $57.9 million ($0.26/share basic and $0.25/share diluted), 1% higher than the $57.5 million generated in Q1/19 ($0.25/share basic and diluted).Operating netback (see \"Non-IFRS Measures\") of $29.14/boe in Q2/19 was 3% lower than the Q1/19 netback of $30.11/boe primarily due to a higher realized commodity hedging loss in the second quarter compared to the previous quarter. Net production and transportation expenses in Q2/19 were 3% lower at $10.12/boe compared to $10.48/boe in Q2/18 primarily due to increased production from the lower-cost Veteran area and a reduction in transportation expenses for oil produced at Veteran as a result of the recently commissioned pipeline in the Provost area of Alberta (the \"Provost Pipeline\").Invested $25.9 million in the quarter, with 61% directed to drill, complete and equip five (5.0 net) Viking oil wells, as well as complete and bring on production 18 (17.7 net) Viking oil wells and two (2.0 net) Cardium oil wells that were drilled in late Q1/19. The Company drilled five (5.0 net) Viking oil wells and four (3.5 net) Cardium oil wells that will be brought on production in Q3/19, as well as two (2.0 net) wells at Vete...