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Tamarack Valley Plans 6 HZ Cardium Wells, 2015 Guidance
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Tamarack Valley Energy has adjusted its 2015 guidance based off of its recently announced transaction:
Preliminary 2015 Guidance
Although Tamarack has not finalized its 2015 capital budget, the Company anticipates that the Wilson Creek asset will be able to generate free cash flow by the third quarter of 2015, enabling Tamarack to further accelerate drilling on the Cardium farm-in opportunity it entered into in August of 2013.
Tamarack is pleased to announce preliminary 2015 guidance as follows:
- 2015 capital expenditure budget of approximately $170 to $180 million.
- 2015 estimated average production rate of between 11,500 to 12,000 boe/d (approximately 55-60% oil & NGLs).
- 2015 estimated exit production rate of between 14,000 to 14,500 boe/d (approximately 55-60% oil & NGLs).
- 2015 estimated cash flow from operations of between $140 to $150 million, assuming a 2015 Edmonton par price average of $89.00/bbl and AECO price average of $3.57/GJ.
- Estimated 2015 year end debt to annualized fourth quarter 2015 funds flow from operations of approximately 1.0x.
Tamarack intends to bring on two to three rigs in the Wilson Creek area and spud 6 net 1-mile horizontal Cardium oil wells by year end 2014. The 9,500 boe/d exit rate assumes 3 of these wells are on production.
Tamarack expects to finalize its 2015 budget by the end of November, 2014.
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