Transaction Details: 

Tamarack Valley Energy announced that it is acquiring Anegada Oil Corp., a privately held pure play Charlie Lake light-oil producer, for total net consideration of $494 million, after deducting the proceeds from the sale of a 2% newly created gross overriding royalty (the “GORR“) on the acquired assets.

This deal closed on June 1, 2021.

The total net consideration consists of $247.5 million in cash and debt (net of GORR), subject to adjustment, and approximately 105.3 million common shares of Tamarack at a deemed price of $2.34 per Tamarack Share.

Proved Reserves is 10 Million Barrels of Oil Equivalent with 70% Liquids.

Acquisition Highlights:

• Approximately 11,800 boe/d of Charlie Lake light oil production (71% oil and natural gas liquids) with annualized operating field netback⁽²⁾ of ~$135 million

• Over 200 net future drilling locations

• 332.4 (321.2 net) sections (212,736 gross acres (147,968 net acres)) of Charlie Lake land

• PDP 10 MMboe (70% liquids) and total proved plus probable (“TPP”) reserves of 40.1 MMboe (71% liquids) based on Tamarack’s internal reserves evaluation effective June 1, 2021.

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