TSX: TVE
CALGARY, AB, March 8, 2021 /CNW/ - Tamarack Valley Energy
Ltd. ("Tamarack" or the "Company") (TSX: TVE) is
pleased to announce the execution of a definitive agreement with
Woodcote Petroleum Inc. ("Woodcote") pursuant to which the
Company will acquire all of the issued and outstanding shares of
Woodcote, a private company with a 100% operated working interest
in Greater Nipisi (the "Acquisition") for aggregate
consideration of $43.0 million,
comprised of $32.0 million in cash,
subject to adjustment, and 4,888,889 common shares of Tamarack.
Concurrent with the execution of the definitive agreement, the
shareholders of Woodcote executed letters of transmittal
irrevocably accepting Tamarack's offer and tendering their shares
in connection with the Acquisition. The definitive agreement
provides for, among other things, a non-solicitation covenant on
the part of Woodcote.
The Acquisition is expected to close on or about March 25, 2021, subject to certain regulatory and
other approvals, including the approval of the Toronto Stock
Exchange, and the satisfaction or waiver of customary closing
conditions.
Additional details regarding the Acquisition are available in
the Company's press release dated March 5,
2021.
About Tamarack Valley Energy Ltd.
Tamarack is an oil and gas exploration and production company
committed to long-term growth and 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, Clearwater 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 and Cautionary Statements
This press release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should", "believe", "plans", "intends"
and similar expressions are intended to identify forward-looking
information or statements. More particularly and without
limitation, this press release contains forward looking statements
and information concerning the terms of the Acquisition, receipt of
all required approvals, including the approval of the Toronto Stock
Exchange, and the anticipated closing date of the Acquisition.
The forward-looking statements and information are based on
certain key expectations and assumptions made by Tamarack,
including expectations and assumptions concerning the receipt of
all approvals and satisfaction of all conditions to the completion
of the Acquisition. Although Tamarack believes that the
expectations and assumptions on which such forward-looking
statements and information are based are reasonable, undue reliance
should not be placed on the forward-looking statements and
information because Tamarack can give no assurance that they will
prove to be correct. By its nature, such forward-looking
information is subject to various risks and uncertainties, which
could cause the actual results and expectations to differ
materially from the anticipated results or expectations expressed.
These risks and uncertainties include, but are not limited to,
fluctuations in commodity prices, changes in industry regulations
and political landscape both domestically and abroad, foreign
exchange or interest rates, stock market volatility, impacts of the
current COVID-19 pandemic and the retention of key management and
employees. Please refer to Tamarack's most recent Annual
Information Form and MD&A for additional risk factors relating
to Tamarack, which can be accessed either on Tamarack's website at
www.tamarackvalley.ca or under Tamarack's profile on www.sedar.com.
Readers are cautioned not to place undue reliance on this
forward-looking information, which is given as of the date hereof,
and to not use such forward-looking information for anything other
than its intended purpose. Tamarack undertakes no obligation to
update publicly or revise any forward-looking information, whether
as a result of new information, future events or otherwise, except
as required by law.
All dollar figures included herein are presented in Canadian
dollars, unless otherwise noted.
SOURCE Tamarack Valley Energy