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Tamarack Valley Energy acquires premier light oil asset


Published Sep 5, 2014
Tamarack Valley Energy Ltd.

Tamarack Valley Energy Ltd.’s wholly owned subsidiary, Tamarack Acquisition Corp., has entered into a purchase and sale agreement with Suncor Energy (Suncor) to acquire 100% of the Suncor's interests in the Wilson Creek area of Alberta, contiguous with Tamarack's existing Cardium interest in Wilson Creek, for total cash consideration of approximately $168.5 million (the "Acquisition"), subject to certain closing adjustments.

In addition to the closing adjustments, there are two rights of first refusal (ROFR) applicable to the Wilson Creek Pekisko Unit, that if exercised would not have any material impact to the Acquisition. The Acquisition is highly accretive to Tamarack and further bolsters the Company's strategic Cardium focused land position in the Wilson Creek area where the Company has achieved some of the highest production rates in the area.

Tags: Tamarack Valley Energy Ltd.




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