Tamarack Valley Energy has successfully closed the previously announced acquisition of Deltastream Energy Corporation, a privately held pure-play Clearwater oil producer. Tamarack acquired all of the issued and outstanding common shares of Deltastream for total consideration of $1.425 billion comprised of 80 million common shares of Tamarack, $300 million of deferred acquisition payment notes and $825 million in cash.

The Acquisition further solidifies Tamarack as the largest producer in the Clearwater oil fairway. The acquired assets are forecasted to produce an average of ~23,000 boe/d and deliver ~$500 million of EBITDA in 2023. Current production on the acquired assets is ~19,500 boe/d. Tamarack expects to realize synergies in gas conservation and infrastructure projects, lowering the GHG intensity of the Tamarack Clearwater asset portfolio.

In conjunction with the closing of the Acquisition, Tamarack has increased its base monthly dividend by 25% to $0.0125 per month beginning with the November declaration with an expected payment date of December 15, 2022.

KeyFacts Energy: Tamarack Valley Energy Canada country profile