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Tamarack Valley Ups 2021 Capex; Eyes 30% Oil Production Growth YOY

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   |    Tuesday,January 12,2021

Tamarack Valley Energy Ltd. has provided an updated 2021 guidance.

Budget Slightly Increased, Aims for 30% YOY Oil Growth

Tamarack has slightly increased its 2021 capital budget to $105 to $110 million, up from $102 million announced in mid-December. Compared to 2020, this is a slight 3% decrease in spending (the company spent $111 million in 2020).

This investment is expected to result in average annual production of approximately 23,000 boe/d (+7% from 4Q20) and oil production is expected to grow by approximately 30% on an exit-over-exit basis.

In 2021, the company is planning to drill a total of 65 net wells.

The Company continues to manage commodity price risk and volatility through a prudent hedging management program, with 48% of gross oil production hedged against WTI for the first half of 2021.

2021 Details

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