Tamarack Valley Energy Ltd. Closes Previously Announced Sale of Non-core Assets in Eastern Alberta

Executive Summary

• Tamarack Valley Energy Ltd. closed the previously announced sale of non‑core producing assets in Eastern Alberta, generating gross proceeds of $112.0 million (pre‑closing adjustments).
• The transaction also involved the assumption of undiscounted asset retirement obligations of $63 million, effectively reducing net debt and providing optionality for future shareholder returns or accelerated development at Clearwater.
• Proceeds will be used primarily to reduce net debt; remaining funds may support expanded water‑flood initiatives and other growth projects, with the 2026 budget slated for release in late 2025.

Key Details

• Gross proceeds: $112.0 million (before closing adjustments).
• Asset retirement obligations assumed: $63 million (~50% of assets were inactive).
• Assets sold: Non‑core producing properties in the Veteran Consort and Eyehill areas, Eastern Alberta.
• Strategic outcome: Completion of transformation to a pure‑play Clearwater and Charlie Lake operator; solid financial foundation for future development.
• Use of proceeds: Primarily net‑debt reduction; potential acceleration of Clearwater development (including expanded water‑flood projects) and enhanced shareholder returns (dividends, share buybacks).
• Future plans: 2026 budget to be released in late 2025.

Notable Quotes

(No direct quotes were provided in the release.)