Tamarack Valley Energy Ltd.is pleased to announce that it has entered into a definitive agreement to acquire Anegada Oil Corp., a privately held pure play Charlie Lake light-oil producer, for total net consideration of $494 million
Anegada Oil Corp. Well & Facility Permits Download
Anegada Oil Corp. Well & Facility Permits Download
Strategic Rational Tamarack Valley Energy Ltd. to acquire Anegada Oil
M. Brandon Swertz, President & CEO of Anegada, stated about Tamarack Valley Energy Ltd. to acquire Anegada Oil: “Our shareholders indicated a desire to be a part of a larger high-quality entity with greater free cash flow. We see the combination of the Clearwater and Charlie Lake oil plays providing Tamarack with top decile inventory with significant free cash flow growth and yield potential.”
Brian Schmidt, President & CEO of Tamarack, said about Tamarack Valley Energy Ltd. to acquire Anegada Oil: “The Acquisition will provide Tamarack with a material position in the Charlie Lake, one of the leading oil plays in North America. Our strategic portfolio approach of investing in high-impact oil plays, combined with a focus on decline mitigation through our waterflood assets enhances corporate free cash flow sustainability and resiliency. Our team’s execution of integrating new assets into the Company has been exceptional and we are confident this will continue. We would like to thank all of our employees for their time and effort in helping to further our corporate strategy.”
Oil & Gas News
Anegada Oil Well Permits & Wells Spud
Tamarack Valley Energy Ltd. to acquire Anegada Oil the oil and gas industry is highly regulated by Government agencies. One of the responsibilities is to approve well permits. A well permit is the intent of an oil & gas operator to drill a new well. Well permits include oil wells, gas wells, water wells and more..
Spudding is the process of beginning to drill a well in the oil and gas industry. … After the surface hole is completed, the main drill bit—which performs the task of drilling to the total depth—is inserted and this process can also be referred to as “spudding in.”
Tamarack Valley Oil Well Permits & Wells Spud
Tamarack Valley Energy Ltd. to Anegada Oil Wells Drilled Map
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About Tamarack Valley Energy Ltd.
Tamarack is an oil and gas exploration and production company committed to long-term growth and the identification, evaluation and operation of resource plays in the Western Canadian Sedimentary Basin. Tamarack’s strategic direction is focused on two key principles: (i) targeting repeatable and relatively predictable plays that provide long-life reserves; (ii) using a rigorous, proven modeling process to carefully manage risk and identify opportunities; and (iii) operating as a responsible corporate citizen with a focus on environmental, social and governance (ESG) commitments and goals. The Company has an extensive inventory of low-risk, oil development drilling locations focused primarily in the Cardium, Clearwater and Viking fairways in Alberta that are economic over a range of oil and natural gas prices. With this type of portfolio and an experienced and committed management team, Tamarack intends to continue delivering on its strategy to maximize shareholder returns while managing its balance sheet.
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