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Tamarack Valley Unveils Cardium-Focused 2016 Budget
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Tamarack Valley Energy Ltd. has reported a successful second half 2015 drilling program in the Wilson Creek and Alder Flats areas of Alberta contributed to a record fourth quarter 2015 production average of approximately 9,870 boe/d (59-60% liquids) (using field estimates for December, 2015), exceeding Tamarack's exit guidance of 9,500-9,700 boe/d (55-60% liquids).
Tamarack achieved its exit production target while spending less than $120 million in capital expenditures for 2015 compared to guidance of $125-130 million. In light of crude oil prices declining during the fourth quarter, the Company cancelled a facility expansion project and drilled two fewer wells. Tamarack exited 2015 with total net debt estimated at between $100-105 million compared to guidance of between $115-120 million.
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