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Tamarack Valley Energy Ltd. Announces Closing of Previously Announced Anegada Oil Corp. Acquisition and Charlie Lake Update
Tamarack Valley Energy Ltd. Announces Closing of Previously Announced Anegada Oil Corp. A...
About this update from Tamarack Valley Energy Ltd.
[{"type":"text","content":"\n \n \n \n Tamarack Valley Energy Ltd. Announces Closing of Previously Announced Anegada Oil Corp. Acquisition and Charlie Lake Update\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{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n.prnbcc{\nBORDER-TOP:0pt solid; BORDER-RIGHT:0pt solid; BORDER-COLLAPSE: COLLAPSE; BORDER-BOTTOM:0pt solid; BORDER-LEFT:0pt solid\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TSX: TVE\n \n \n \n \n CALGARY, AB\n \n ,\n \n June 1, 2021\n \n /CNW/ - Tamarack Valley Energy Ltd. (\"\n \n Tamarack\n \n \" or the \"\n \n Company\n \n \") (TSX: TVE) is pleased to announce that it has successfully closed the previously announced acquisition (the \"Acquisition\") of Anegada Oil Corp. (\"Anegada\"). Tamarack acquired all of the issued and outstanding common shares of Anegada for total net consideration of 105.3 million common shares of Tamarack and\n \n $247.5 million\n \n in cash and assumed net debt\n \n (1)\n \n , after deducting the proceeds from the closing of the previously announced 2% gross overriding royalty (the \"GORR\"). In conjunction with the acquisition, Tamarack's credit syndicate has increased the Company's credit facilities to\n \n $600 million\n \n and extended the revolving period to\n \n May 31, 2022\n \n .\n \n \n \n \n \n \n \n \n \n \n Charlie Lake Update\n \n \n \n Current production from the newly acquired assets is approximately 12,500 boe/d\n \n (2)\n \n . The Company forecasts a range of 12,000 to 13,000 boe/d\n \n (3)\n \n for the second half of 2021, maintaining that level of production on a go forward basis. Tamarack plans to run two rigs in the play during the month of June, with plans to drill 12 (12.0 net) wells for the remainder of the year, with seven (7.0 net) in the\n \n Pipestone\n \n area, two (2.0 net) in\n \n Wembley\n \n , two (2.0 net) in Saddle Hills and one (1.0 net) in\n \n Valhalla\n \n . Approximately two-thirds of the wells ...