CALGARY, AB, March 3, 2022 /CNW/ – Tamarack Valley Energy Ltd. (“Tamarack” or the “Company“) (TSX:TVE) is pleased to announce its audited financial and operating results for the three months and year ended December 31, 2021. Selected financial and operating information is outlined below and should be read with Tamarack’s audited annual consolidated financial statements and related management’s discussion and analysis for the three and twelve months ended December 31, 2021, which are available on SEDAR at www.sedar.com and on Tamarack’s website at www.tamarackvalley.ca. The Company’s annual information form (“AIF”) for the year ended December 31, 2021 will be filed on SEDAR today and will also be available on Tamarack’s website.
Brian Schmidt, President and CEO of Tamarack commented: “2021 was a transformational year for Tamarack with the successful repositioning and integration of approximately $0.7 billion of strategic acquisitions in the Clearwater and Charlie Lake oil plays, further enhancing sustainable free funds flow(1) growth and return of capital to shareholders. Operationally we exceeded our full year guidance and maintained a strong balance sheet, exiting the year at less than one times net debt to Q4/21 annualized adjusted funds flow(1) while transitioning to a Sustainability Linked borrowing structure on our credit facility further demonstrating our commitment to responsible development.”
2021 Financial and Operating Highlights
- Tamarack closed three separate acquisitions to further consolidate the Company’s position in the Clearwater oil play in 2021, along with the acquisition of Crestwynd Exploration which closed February 15th, 2022, growing our land position in excess of 445 net sections in Nipisi, West Marten Hills and Southern Clearwater.
- Announced the transformational entrance into the Charlie Lake light oil play with the acquisition of Anegada Oil Corp. which closed on