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Tamarack Valley Energy Ltd. Announces Closing of Previously Announced Rolling Hills Energy Ltd. Acquisition and Extension of Existing Sustainability-Linked Lending
Tamarack Valley Energy Ltd. Announces Closing of Previously Announced Rolling Hills Energ...
About this update from Tamarack Valley Energy Ltd.
[{"type":"text","content":"\n \n \n \n Tamarack Valley Energy Ltd. Announces Closing of Previously Announced Rolling Hills Energy Ltd. Acquisition and Extension of Existing Sustainability-Linked Lending\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; 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 \n CALGARY, AB\n \n \n ,\n \n \n June 10, 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 Rolling Hills Energy Ltd. (\"\n \n \n Rolling Hills\n \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 Rolling Hills for total net consideration of 9.3 million common shares of Tamarack and\n \n $46.5 million\n \n in cash.\n \n \n \n \n \n \n \n \n \n Tamarack has now successfully consolidated working interests and operatorship in the\n \n Southern Clearwater\n \n to 100%, as a result of the Acquisition. The acquired assets are forecasted to produce ~2,100 bbl/d\n \n (1)\n \n average for the remainder of 2022 and deliver\n \n ~$65 million\n \n of annualized operating field netback\n \n (2),(3)\n \n . Tamarack expects to realize synergies in gas conservation and other infrastructure projects already in the planning phase, lowering the GHG intensity of the assets.\n \n \n As previously announced, and in conjunction with the closing of the Acquisition, Tamarack has increased its base monthly dividend by 20% to\n \n $0.01\n \n per month beginning with the June declaration with an expected payment date of\n \n July 15, 2022\n \n . The increase in Tamarack's ...