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Tamarack Valley Energy Ltd. Announces Closing of Previously Announced Strategic Clearwater Oil Acquisitions and $47 Million Equity Financing
Tamarack Valley Energy Ltd. Announces Closing of Previously Announced Strategic Clearwate...
About this update from Tamarack Valley Energy Ltd.
[{"type":"text","content":"\n \n \n \n Tamarack Valley Energy Ltd. Announces Closing of Previously Announced Strategic Clearwater Oil Acquisitions and $47 Million Equity Financing\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 \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 Dec. 21, 2020\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 the closing of two strategic acquisitions (together, the \"\n \n Acquisitions\n \n \") which establish a significant consolidated and operated position in the\n \n Clearwater\n \n oil play in the Greater Nipisi area, along with interests in the\n \n Jarvie\n \n area of\n \n Alberta\n \n , for a total net purchase price of\n \n $74.0 million\n \n , after deducting the proceeds from the sale of a 2% newly created gross overriding royalty (the \"\n \n GORR Disposition\n \n \") on a select portion of the acquired properties. Pursuant to the Acquisitions, Tamarack acquired approximately 2,000 barrels per day of crude oil production and 107,000 net acres of\n \n Clearwater\n \n rights (the \"\n \n Assets\n \n \") and now controls and operates 100% of the Greater Nipisi acquired assets. The Company is also pleased to announce the completion of a\n \n $47 million\n \n private placement equity financing (the \"\n \n Financing\n \n \").\n \n \n \n \n \n \n \n \n \n The Acquisitions and the Financing provide Tamarack with a significant position in one of the most economic oil plays in\n \n Western Canada\n \n and further the Company's strategy of maintaining a resilient balance sheet while pursuing opportunities to enhance free adjusted funds flow and sustainability.\n \n \n \n Acquisitions\n \n \n \n Tamarack, through its wholly owned subsidiary Tamarack Acquisition Corp., has acquired all of the issued and outstanding shares of Woodcote Oil Corp. (\"\n \n Woodcote\n \n \"), a\n \n Clearwater\n \n focused private company (the \"\n \n Corporate Acquisition\n \n \"). The Corporate Acquisition secured Tamarack a 50% operated working interest in the Gre...