Tamarack Valley Announces New Core Area at Buck Lake and a Bought Deal Financing

Tamarack Valley Energy Ltd. (TSXV:TVE) enters into an agreement with a private company to acquire a 75% working interest in 8.5 gross sections of land (7.5 gross sections of Cardium rights), in the Buck Lake area of Alberta.

The press release is quoted as saying:

The terms of the Buck Lake land acquisition are as follows: Tamarack will pay $5 million for a 75% interest in 8.5 gross sections of land (7.5 gross sections of Cardium rights); Tamarack will carry the private company’s interest of the drilling and completions costs for the first two wells, to be drilled by September 1, 2011 and November 1, 2011 respectively; and Tamarack will be appointed operator of the lands.

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