Business
Tamarack Valley Energy Ltd. Announces Positive Waterflood Results and 2019 Third Quarter Results
Calgary, Alberta--(Newsfile Corp. - November 6, 2019) - Tamarack Valley Energy Ltd. (TSX: TVE)...
About this update from Tamarack Valley Energy Ltd.
[{"type":"text","content":"\nTamarack Valley Energy Ltd. Announces Positive Waterflood Results and 2019 Third Quarter ResultsCalgary, Alberta--(Newsfile Corp. - November 6, 2019) - Tamarack Valley Energy Ltd. (TSX: TVE) (\"Tamarack\" or the \"Company\") is pleased to announce its financial and operating results for the three and nine months ended September 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 nine months ended September 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.Q3 2019 Financial and Operating HighlightsProduction averaged 24,171 boe/d (62% oil and NGL weighting), consistent with the previous quarter and reflecting 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\"). Effective October 1, 2019, the Government of Alberta increased the base limit under the Curtailment Order to 20,000 bbls/d and as a result, Tamarack is no longer subject to the Curtailment Order based on its current production levels. Current oil production in Alberta is approximately 14,000 bbls/d.Total adjusted operating field netback (see \"Non-IFRS Measures\") in Q3/19 was $49.3 million ($0.22/share basic and diluted), 15% lower than the $57.9 million generated in Q2/19 ($0.26/share basic and $0.25/share diluted) due to lower realized prices partially offset by lower operating costs.Operating netback (see \"Non-IFRS Measures\") of $24.50/boe in Q3/19 was 16% lower than the Q2/19 netback of $29.14/boe primarily due to lower realized commodity prices for crude oil and NGL compared to the previous quarter. Net production and transportation expenses in Q3/19 declined 2% to $9.87/boe compared to $10.12/boe in Q2/19 primarily due to increased production from the lower-cost Veteran area and an increase in processing income.Invested $58.9 million in the quarter to drill, complete and equip 40.6 net Viking oil wells, 2.0 net water injectors, 2.0 net water source wells and 0.9 net Cardium wells. In addition, the Company completed and brought on production 5.0 net Viking oil wells and 3.5 net Ca...