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Tamarack Valley Closes Anegada Merger; Talks Two-Rig Program at Charlie Lake

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   |    Thursday,June 03,2021

Tamarack Valley Energy Ltd. has announced a deal closure as well as a Charlie Lake ops update.

Deal Closure

Tamarack has successfully closed the previously announced acquisition of Anegada Oil Corp.

The deal was originally announced on April 12, 2021 and carried a value of $494 million.

Charlie Lake Update - Two Rig, 12 Well Plan

Current production from the newly acquired assets is approximately 12,500 boe/d(2). The Company forecasts a range of 12,000 to 13,000 boe/d(3) for the second half of 2021, maintaining that level of production on a go forward basis.

Tamarack plans to run two rigs in the play during the month of June, with plans to drill 12 (12.0 net) wells for the remainder of the year, with seven (7.0 net) in the Pipestone area, two (2.0 net) in Wembley, two (2.0 net) in Saddle Hills and one (1.0 net) in Valhalla.

Approximately two-thirds of the wells planned are three-mile horizontals with the remainder being two-mile horizontals.

Tamarack’s total budget for 2021 is expected to be approximately $180 million.

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