- Tamarack Valley Energy Ltd. (TVE) has acquired Rolling Hills Energy Ltd. for $46.5 million
- Tamarack is an oil and gas exploration and production company
- The company issued 9.3 million shares in addition to the cash purchase
- The new assets are to produce about 2,100 barrels per day until the end of this year
- Tamarack Valley Energy Ltd. (TVE) is down 2.37 per cent and is trading at $6.19 per share as of 1:49 p.m. ET
Tamarack Valley Energy (TVE) has acquired Rolling Hills Energy Ltd., a privately held Alberta oil producer, for $46.5 million.
Tamarack is an oil and gas company working to create long-term value for its shareholders.
Along with a cash payment, Tamarack also issued 9.3 million shares. As a result, the company has consolidated its interest and operatorship in the Southern Clearwater area to 100 per cent.
Tamarack expects the new assets to produce about 2,100 barrels per day until the end of this year and generate $65 million of annualized netback. It is also hoping to realize synergies in gas conservation during its planning phase, lowering the assets’ greenhouse gas intensity.
As a result of the acquisition Tamarack stated it has increased its base monthly dividend by 20 per cent starting as of June with an expected pay day by July 15th.
In other news, Tamarack has extended its sustainability lending facility to May 31st, 2024. The facility group also provided $650 million to account for some of the added value created from the Rolling Hills purchase.
Tamarack Valley Energy Ltd. (TVE) is down 2.37 per cent and is trading at $6.19 per share as of 1:49 p.m. ET.