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Tamarack Valley Energy Ltd. Closes Previously Announced Non-Core Cardium Asset Sale
Tamarack Valley Energy Ltd. Closes Previously Announced Non-Core Cardium Asset Sale Can...
About this update from Tamarack Valley Energy Ltd.
[{"type":"text","content":"\n \n \n \n Tamarack Valley Energy Ltd. Closes Previously Announced Non-Core Cardium Asset Sale\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.prnml40{\nMARGIN-LEFT:3.33em !IMPORTANT\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TSX: TVE\n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Nov. 3, 2023\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 sale of its non-core west central\n \n Alberta\n \n assets for\n \n $123.0 million\n \n in cash, plus the assumption by the purchaser of\n \n $38.4 million\n \n and\n \n $80.6 million\n \n gross operated inactive and active asset retirement obligations\n \n (1)\n \n , respectively.\n \n \n \n \n \n \n \n \n \n The disposition further solidifies Tamarack's commitment to the focused development of its core\n \n Clearwater\n \n and\n \n Charlie Lake\n \n assets which are expected to represent ~88% of 2023 exit production volumes. Proceeds from the sale, in conjunction with forecasted free funds flow\n \n (2)\n \n at strip prices, have the Company on track to achieve the first net debt\n \n (2)\n \n threshold of its enhanced return of capital framework in 2023, as fourth quarter net debt\n \n (2)\n \n is expected to fall below\n \n $1.1 billion\n \n .\n \n \n The Company is currently reviewing plans for 2024 and expects to provide guidance with respect to the 2024 budget on\n \n December 6, 2023\n \n .\n \n \n \n About Tamarack Valley Energy Ltd.\n \n \n \n Tamarack is an oil and gas exploration and production company committed to creating long-term value for its shareholders through sustainable free funds flow generation, financial stability and the return of capital. The Company has an extensive inventory of low-risk, oil development drilling locations focused primarily on\n \n Charlie Lake\n \n and\n \n Clearwater\n \n plays in\n \n Alberta\n \n while also pursuing EOR upside in these core areas. Operating as a responsible corporate citizen is a key focus to ensure we deliver...