Tamarack Valley Energy Reports Q3 2017 Financial Results

Tamarack Energy reported its Q3 2017 results.

Highlights:

$17.2 million in Q3/16 ($0.13/share basic and diluted), and increased 3% compared to Q2/17 despite significantly lower quarter-over-quarter natural gas prices.

Aided by continual access to service providers and dry summer conditions, Tamarack executed the majority of its planned second half capital program during the third quarter of 2017, investing $74.1 million to drill 50 (48.6 net) Viking oil wells, eight (8.0 net) Cardium oil wells, one (0.8 net) Ellerslie oil well, one (1.0 net) Mannville gas well, and two (2.0 net) heavy oil wells.

Continued to execute on various tuck-in land acquisitions within core areas to bolster Tamarack’s footprint, including four separate purchases totaling 145 net sections of land for an aggregate purchase price of $3.4 million during Q3/17. Subsequent to the end of the quarter, completed a minor tuck-in acquisition within the Company’s core Viking area for $5.5 million comprised of 9.75 net sections of land, 42 boe/d of associated production and 54 low-risk, quick-payback drilling locations.

Tamarack intends to accelerate $10-15 million of Q1/18 capital into the Company’s Q4/17 program, which when combined with Tamarack’s tuck-in acquisitions, will result in an increased full year 2017 capital program of $195-198 million.  The Company forecasts that capital spending over the next two quarters (Q4/17 and Q1/18) will approximate funds flow from operations generated through that period, based on current strip prices.