CALGARY,
AB, Dec. 15, 2023 /CNW/ - Tamarack Valley
Energy Ltd. ("Tamarack" or the "Company") (TSX: TVE)
is pleased to announce that it has successfully closed the
previously announced Clearwater Infrastructure Limited Partnership
(the "CIP") transaction, as outlined in the Company's December 13, 2023 press release.
The Board of Directors has also declared a monthly cash dividend
on its common shares of C$0.0125 per
share in accordance with the Company's dividend policy. The
dividend will be payable on January 15, 2024, to
shareholders of record at the close of business on
December 29, 2023. This monthly cash dividend is
designated as an "eligible dividend" for Canadian income tax
purposes.
About Tamarack Valley Energy Ltd.
Tamarack is an oil and gas exploration and production company
committed to creating long-term value for its shareholders through
sustainable free funds flow generation, financial stability and the
return of capital. The Company has an extensive inventory of
low-risk, oil development drilling locations focused primarily on
Charlie Lake, Clearwater and EOR plays in Alberta. Operating as a responsible corporate
citizen is a key focus to ensure we deliver on our environmental,
social and governance (ESG) commitments and goals. For more
information, please visit the Company's website at
www.tamarackvalley.ca.
Forward Looking Information
This press release contains certain forward-looking information
(collectively referred to herein as "forward-looking statements")
within the meaning of applicable Canadian securities laws.
Forward-looking statements are often, but not always, identified by
the use of words such as "guidance", "outlook", "anticipate",
"target", "plan", "continue", "intend", "consider", "estimate",
"expect", "may", "will", "should", "could" or similar words
suggesting future outcomes. More particularly, this press release
contains statements concerning the future declaration and payment
of dividends and the timing and amount thereof. Future dividend
payments, if any, and the level thereof, is uncertain, as the
Company's dividend policy and the funds available for the payment
of dividends from time to time is dependent upon, among other
things, free funds flow financial requirements for the Company's
operations and the execution of its growth strategy, fluctuations
in working capital and the timing and amount of capital
expenditures, debt service requirements and other factors beyond
the Company's control. Further, the ability of Tamarack to pay
dividends will be subject to applicable laws (including the
satisfaction of the solvency test contained in applicable corporate
legislation) and contractual restrictions contained in the
instruments governing its indebtedness, including its credit
facility.
The forward-looking statements contained in this document are
based on certain key expectations and assumptions made by Tamarack,
including relating to: the business plan of Tamarack, the timing of
and success of future drilling, development and completion
activities; the geological characteristics of Tamarack's
properties; the characteristics of recently acquired assets; the
successful integration of recently acquired assets into Tamarack's
operations; prevailing commodity prices, price volatility, price
differentials and the actual prices received for the Company's
products; the availability and performance of drilling rigs,
facilities, pipelines and other oilfield services; the timing of
past operations and activities in the planned areas of focus; the
drilling, completion and tie-in of wells being completed as
planned; the performance of new and existing wells; the application
of existing drilling and fracturing techniques; prevailing weather
and break-up conditions; royalty regimes and exchange rates; impact
of inflation on costs, the application of regulatory and licensing
requirements; the continued availability of capital and skilled
personnel; the ability to maintain or grow the banking facilities;
the accuracy of Tamarack's geological interpretation of its
drilling and land opportunities, including the ability of seismic
activity to enhance such interpretation; and Tamarack's ability to
execute its plans and strategies.
Although management considers these assumptions to be reasonable
based on information currently available, undue reliance should not
be placed on the forward-looking statements because Tamarack can
give no assurances that they may prove to be correct. By their very
nature, forward-looking statements are subject to certain risks and
uncertainties (both general and specific) that could cause actual
events or outcomes to differ materially from those anticipated or
implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to: the risk that future
dividend payments thereunder are reduced, suspended or cancelled;
unforeseen difficulties in integrating of recently acquired assets
into Tamarack's operations; incorrect assessments of the value of
benefits to be obtained from acquisitions and exploration and
development programs; risks associated with the oil and gas
industry in general (e.g. operational risks in development,
exploration and production; and delays or changes in plans with
respect to exploration or development projects or capital
expenditures); commodity prices; increased operating and capital
costs due to inflationary pressures; the uncertainty of estimates
and projections relating to production, cash generation, costs and
expenses; health, safety, litigation and environmental risks;
access to capital; and the COVID-19 pandemic. Due to the nature of
the oil and natural gas industry, drilling plans and operational
activities may be delayed or modified to react to market
conditions, results of past operations, regulatory approvals or
availability of services causing results to be delayed. Please
refer to the annual information form for the year ended
December 31, 2022 and the
management's discussion and analysis for the period ended
September 30, 2023 (the "MD&A")
for additional risk factors relating to Tamarack, which can be
accessed either on Tamarack's website at www.tamarackvalley.ca or
under the Company's profile on www.sedar.com.The forward-looking
statements contained in this press release are made as of the date
hereof and the Company does not undertake any obligation to update
publicly or to revise any of the included forward-looking
statements, except as required by applicable law. The
forward-looking statements contained herein are expressly qualified
by this cautionary statement.
SOURCE Tamarack Valley Energy Ltd.
