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Tamarack Drilling Longer Laterals in the Cardium; Cemented Liner
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Tamarack Valley Energy Ltd. has reported updates as a result of the closing of its latest Cardium acquisition.
Key Points: During the second quarter, the Company successfully drilled its first two-mile lateral Cardium oil wells at Wilson Creek, with on-budget capital costs and timing. This achievement will enable Tamarack to implement longer horizontal wells across more of its Wilson Creek area. The longer lateral wells are possible with a newly-implemented cemented liner. New Credit FacilityConcurrent with the closing of the Redwater Acquisition, Tamarack's new bank line was put into place with a total credit capacity of $120,000,000. The new bank line is comprised of a revolving credit facility in the amount of $110,000,000 and a $10,000,000 operating facility. The previous…
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