TSX: TVE
CALGARY, April 4, 2019 /CNW/ - Tamarack Valley Energy Ltd.
("Tamarack" or the "Company") is pleased to provide an
update on the current normal course issuer bid (the "Current
NCIB") and announces that the Toronto Stock Exchange (the
"TSX") has accepted the notice of Tamarack's intention to commence
a new normal course issuer bid (the "New NCIB") on
April 8, 2019.
The Current NCIB commenced on April 6,
2018 and will conclude on April 5,
2019. Under the Current NCIB, 3,309,900 shares were
repurchased in open market transactions through the facilities of
the TSX and alternative Canadian trading systems, at an average
cost of $3.72 per share. As at
March 31, 2019 Tamarack has
227,143,437 common shares ("Common Shares") outstanding.
The New NCIB allows Tamarack to acquire up to 8,600,000 Common
Shares of the Company, representing 3.8% of the issued and
outstanding Common Shares of the Company as at March 31, 2019, over a period of twelve months,
expiring no later than April 7, 2020.
Any Common Shares that are purchased under the NCIB will be
cancelled upon their purchase by Tamarack.
The Common Shares may be repurchased in open market transactions
on the TSX, alternative Canadian trading systems, or by such other
exchanges or marketplaces through which the Common Shares may trade
from time to time. The price which the Company will pay for any
such Common Shares will be the prevailing market price at the time
of purchase.
The total number of Common Shares the Company is permitted to
purchase is subject to a daily purchase limit of 272,243 Common
Shares, representing 25% of the average daily trading volume of
1,088,972 Common Shares on the TSX calculated for the six-month
period ended March 31, 2019.
Notwithstanding the daily purchase limit, Tamarack may make one
block purchase per calendar week which exceeds the daily repurchase
restrictions.
About Tamarack Valley Energy Ltd.
Tamarack is an oil and gas exploration and production company
committed to long-term growth, through the identification,
evaluation and operation of resource plays in the Western Canadian
Sedimentary Basin. Tamarack's strategic direction is focused on two
key principles: (i) targeting repeatable and relatively predictable
plays that provide long-life reserves; and (ii) using a rigorous,
proven modeling process to carefully manage risk and identify
opportunities. The Company has an extensive inventory of low-risk,
oil development drilling locations focused primarily in the Cardium
and Viking fairways in Alberta
that are economic over a range of oil and natural gas prices. With
this type of portfolio and an experienced and committed management
team, Tamarack intends to continue delivering on its strategy to
maximize shareholder returns while managing its balance sheet.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of applicable securities laws. More particularly and
without limitation, this press release contains forward-looking
statements regarding potential NCIB purchases and the anticipated
advantages to shareholders of the NCIB. All statements, other than
statements of historical facts, that address activities that
Tamarack assumes, anticipates, plans, expects, believes, projects,
aims, estimates or anticipates (and other similar expressions)
will, should or may occur in the future are forward-looking
statements. The forward-looking statements provided in this press
release are based on management's current belief, based on
currently available information, as to the outcome and timing of
future events. Tamarack cautions that its intention to proceed with
the NCIB and other forward-looking statements relating to Tamarack
are subject to all of the risks and uncertainties normally incident
to such endeavors. These risks relating to Tamarack include, but
are not limited to, that Tamarack will not be able to achieve the
anticipated benefits of the NCIB. Furthermore, the forward-looking
statements contained herein are made as at the date hereof and
Tamarack does not undertake any obligation to update publicly or to
revise any of the included forward-looking statements, whether as a
result of new information, future events or otherwise, except as
may be required by applicable securities laws. Readers are
cautioned that the foregoing list of factors is not exhaustive.
Additional information on these and other factors that could affect
Tamarack's operations and financial results are included in
Tamarack's annual information form for the year ended December 31, 2018, which can be accessed either
on Tamarack's website at www.tamarackvalley.ca or under the
Company's profile on www.sedar.com.
SOURCE Tamarack Valley Energy