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Last $1.89 USD
Change Today 0.00 / 0.00%
Volume 0.0
As of 8:10 PM 08/27/15 All times are local (Market data is delayed by at least 15 minutes).

tamarack valley energy ltd (TNEYF) Key Developments

Tamarack Valley Energy Ltd. Announces Unaudited Consolidated Earnings and Production Results for Second Quarter and Six Months Ended June 30, 2015; Provides Production Guidance for the Year 2015

Tamarack Valley Energy Ltd. announced unaudited consolidated earnings and production results for second quarter and six months ended June 30, 2015. For the quarter, the company reported total revenue of CAD 25,330,543, funds from operations of CAD 13,185,630 or CAD 0.16 per basic and diluted share, net loss of CAD 2,141,787 or CAD 0.03 per basic and diluted share compared to total revenue of CAD 32,322,265, funds from operations of CAD 17,789,622 or CAD 0.29 per basic and diluted share, net income of CAD 5,242,572 or CAD 0.08 per diluted share a year ago. Capital expenditures were CAD 68,419,889 against CAD 40,742,269 a year ago. Net debt was CAD 97,280,149 compared to CAD 59,489,653 a year ago. For the six months, the company reported total revenue of CAD 50,641,176, funds from operations of CAD 26,928,416 or CAD 0.33 per basic and diluted share, net loss of CAD 7,383,417 or CAD 0.09 per basic and diluted share compared to total revenue of CAD 56,820,520, funds from operations of CAD 31,234,785 or CAD 0.54 per diluted share, net income of CAD 7,033,253 or CAD 0.12 per basic and diluted share a year ago. Capital expenditures were CAD 73,448,063 against CAD 65,754,315 a year ago. For the quarter, the company reported average daily production of light oil of 3,029 bbls/d compared to 2,799 bbls/d for the same period a year ago. Natural gas production was 16,972 mcf/d compared to 12,033 mcf/d for the same period a year ago. Total average daily production was 6,992 boe/d compared to 5,203 boe/d a year ago. For the six months, the company reported average daily production of light oil of 3,525 bbls/d compared to 2,451 bbls/d for the same period a year ago. Natural gas production was 17,415 mcf/d compared to 11,565 mcf/d for the same period a year ago. Total average daily production was 7,539 boe/d compared to 4,696 boe/d a year ago. The company is still expecting to achieve its 2015 annual production guidance of between 8,000-8,200 boe/d (approximately 55-60% oil & NGLs).

Tamarack Valley Energy Ltd Reports Production Results for the Second Quarter of 2015; Provides Production and Capital Expenditure Guidance for the Full Year of 2015

Tamarack Valley Energy Ltd. reported production results for the second quarter of 2015. For the quarter, the company’s average daily production was 6,992 boe/d (60% oil &NGL's) represents a 34% increase from the same period in 2014. Despite higher than expected downtime on various TransCanada pipelines during the quarter, Tamarack was able to exceed internal production guidance of 6,300 to 6,500 boe/d due to performance in the Wilson Creek area of Alberta and the Hatton area of Saskatchewan. Current production based on field estimates is approximately 8,525 boe/d (58% oil &NGL's) with 6 (4.4 net) wells still waiting to be brought on production. Late in the second quarter of 2015, the company fracture stimulated 4 (2.4 net) horizontal Cardium wells that were drilled in late 2014 and early 2015. On May 14, 2015 in conjunction with announcing the Wilson Creek acquisition, Tamarack announced an increase to its 2015 capital program to between $130 and $140 million. That program was based on Edmonton Par prices averaging over $67/bbl Cdn in the second half of 2015, which was below the forward strip at that time. Edmonton Par prices have since decreased to under $60/bbl Cdn. Although Tamarack could expect to achieve payouts in 1.0 to 1.5 years or less assuming current costs for services and an Edmonton Par price of at least a $60/bbl Cdn, Tamarack's strategy remains focused on preserving its balance sheet and maintaining liquidity in order to take advantage of tuck-in opportunities within its means in this lower price environment. In response to this recent decrease in crude oil prices the Company has therefore prudently elected to reduce its 2015 capital program and revise its 2015 exit production guidance as follows: A decrease in its capital expenditure budget to between $125 and $130 million from $130 to $140 million (including the $54 million of acquisitions closed during the second quarter of 2015). 2015 estimated production guidance unchanged between 8,000-8,200 boe/d (approximately 55-60% oil &NGLs). 2015 exit production rate reduced to between 9,200-9,500 boe/d from 10,000 boe/d (approximately 55-60% oil &NGLs).

Tamarack Valley Energy Ltd Presents at EnerCom's Oil & Gas Conference 2015, Aug-18-2015 10:30 AM

Tamarack Valley Energy Ltd Presents at EnerCom's Oil & Gas Conference 2015, Aug-18-2015 10:30 AM. Venue: The Westin Denver Downtown Hotel, 1672 Lawrence Street, Denver, Colorado, United States.

Tamarack Valley Energy Ltd. Completes its Acquisition of Certain Assets Located in the Greater Wilson Creek Area of Alberta

Tamarack Valley Energy Ltd. has successfully completed its previously announced acquisition of certain assets located in the greater Wilson Creek area of Alberta, contiguous with Tamaracks existing Cardium interest in Wilson Creek, for an aggregate purchase price of $43.3 million, subject to normal closing adjustments. On the acquisition lands, the company has identified 40 net one-mile equivalent high-quality, one year or less payout Cardium drilling locations using current strip pricing and current realized industry service costs. Pursuant to the acquisitions, Tamarack has also acquired 100% ownership in facilities, which include a six mmcf-per-day gas plant, 1,000 bbl-per-day central oil battery and over 220 kilometres of emulsion and pipeline infrastructure, which, in the aggregate, the company has estimated to have a replacement cost in excess of $60 million.

Tamarack Valley Mulls Acquisitions

Tamarack Valley Energy Ltd (TSXV:TVE) is seeking acquisitions. The company said that it plans to "cautiously proceed" with a drill program over the rest of the year while keeping an eye out for more acquisition opportunities.

 

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