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Tamarack Valley Energy Ltd. Announces Closing of Previously Announced Deltastream Energy Corporation Acquisition and Leadership Changes
Tamarack Valley Energy Ltd. Announces Closing of Previously Announced Deltastream Energy ...
About this update from Tamarack Valley Energy Ltd.
[{"type":"text","content":"\n \n \n \n Tamarack Valley Energy Ltd. Announces Closing of Previously Announced Deltastream Energy Corporation Acquisition and Leadership Changes\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:1pt black; BORDER-RIGHT:1pt black; BORDER-BOTTOM:1pt black; BORDER-LEFT:1pt black\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnml40{\nMARGIN-LEFT:3.33em !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 \n CALGARY, AB\n \n \n ,\n \n \n Oct. 13, 2022\n \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 \"\n \n Acquisition\n \n \") of Deltastream Energy Corporation (\"\n \n Deltastream\n \n \"), a privately held pure-play\n \n Clearwater\n \n oil producer. Tamarack acquired all of the issued and outstanding common shares of Deltastream for total consideration of\n \n $1.425 billion\n \n comprised of 80 million common shares of Tamarack,\n \n $300 million\n \n of deferred acquisition payment notes and\n \n $825 million\n \n in cash.\n \n \n \n \n \n \n \n \n \n The Acquisition further solidifies Tamarack as the largest producer in the\n \n Clearwater\n \n oil fairway. The acquired assets are forecasted to produce an average of ~23,000 boe/d\n \n (1)\n \n and deliver\n \n ~$500 million\n \n of EBITDA\n \n (2),(3)\n \n in 2023. Current production on the acquired assets is ~19,500 boe/d\n \n (4)\n \n . Tamarack expects to realize synergies in gas conservation and infrastructure projects, lowering the GHG intensity of the Tamarack Clearwater asset portfolio.\n \n \n As previously announced, and in conjunction with the closing of the Acquisition, Tamarack has increased its base monthly dividend by 25% to\n \n $0.0125\n \n per month beginning wit...