Tamarack Valley Posts Record Production in Q2

Tamarack Valley Energy (TSX:TVE), has released its financial and operating results for the three and six month periods, ended June 30, 2018.

The Canadian oil and gas exploration company is currently focused on evaluating and establishing operations for resource plays in the Western Canadian Sedimentary Basin.

As quoted from the press release:

Tamarack posted another strong quarter in Q2 2018 marked by record production, strong capital efficiencies and free cash flow generation.  To date, the company is tracking ahead of 2018 forecasts, and as a direct result of this outperformance has increased its 2018 annual production guidance to the range of 23,500 to 24,000 boe/d (64 to 66 percent liquids) from 22,500 to 23,500 boe/d.  In addition, the company’s strong operational execution provides flexibility to allocate capital to projects such as the Veteran waterflood in the latter half of 2018 that will benefit Tamarack into 2019 and 2020 through lower production decline rates without impacting the current year’s volumes.  As such, the company has elected to accelerate approximately C$28 million of capital into late 2018 from its preliminary C$250 million capital budget for 2019.

The current 2018 capital program, accelerated 2019 capital and current normal course issuer bid (NCIB) program is expected to be fully funded within projected adjusted operating field netbacks at current strip prices, staying consistent with strategy. Tamarack’s unwavering commitment to value creation on a per share basis is clearly demonstrated by maintaining sustainability while executing ongoing share repurchases in the open market. Tamarack continues to purchase and cancel shares under its NCIB and purchase shares to be held in trust and used to settle share-based compensation awards.  Taking this disciplined, per share approach to managing the business further aligns Tamarack with its shareholders.

Click here to read the full announcement