Tamarack Valley Energy Announces 2026 Corporate Budget, Additional Shareholder Returns and Appointment of New Director

Executive Summary

• Tamarack Valley Energy released its 2026 capital budget of $390‑$410 million, projecting a modest ~3% production increase and a ~6% reduction in net production expenses versus 2025.
• The company reaffirmed its commitment to shareholder returns through base dividends, share buybacks, and net‑debt reduction, targeting a free‑funds‑flow breakeven price of ≈ US$35/bbl WTI.
• Appointment of Mr. Craig Bryksa to the Board of Directors, effective 2 Dec 2025.

Key Details

• Capital Investment: $390–$410 M for 2026; allocation – Clearwater primary (45%), Clearwater waterflood (25%), Charlie Lake (20%), de‑risk/exploration (10%).
• Production Guidance: 69,000–71,000 boe/d average for the year; oil & NGL weighting 84–86%; royalty rate 19–21%.
• Cost Metrics: Net production expense $6.85–$7.15/boe; transportation $4.00–$4.50/boe; interest $2.70–$3.10/boe; G&A $1.30–$1.45/boe; income taxes 10–12% of adjusted funds flow.
• Sustaining Capital: Estimated at $265 M (16% lower than prior year).
• Waterflood Expansion: $100 M investment, injection rates to rise 70% to 60,000 bbl/d; >35% of Clearwater oil production expected under waterflood by year‑end.
• Clearwater Development: >75 primary development wells (18% fewer than 2025) and >65 new injection wells (including 25 conversions).
• Charlie Lake Development: One‑rig program to drill 10 wells at Pipestone and Wembley, maintaining flat exit rate production.
• Exploration/De‑risk Budget: Targeting drilling of Wabiskaw and Clearwater zones in the Pelican area; land position increased to 31.25 net sections.
• Five‑Year Plan Update: Net‑debt target achieved (1× Net Debt/Adjusted EBITDA at US$50/bbl); additional free funds flow earmarked for share buybacks in 2026.
• Board Appointment: Mr. Craig Bryksa, former President & CEO of Veren Inc., joins the Board effective 2 Dec 2025.

Notable Quotes

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