Tamarack Valley Energy Ltd. Updates Strategic Viking Oil Acquisition and $16.5 Million Bought Deal Financing
Friday, Apr 06, 2012
Tamarack Valley Energy Ltd. (“Tamarack” or the “Company”) is pleased to announce that it has filed a preliminary prospectus with the Alberta Securities Commission in connection with the $16.5 million bought deal financing announced on March 26, 2012. Upon announcement of the acquisition of Echoex Ltd. (the “Transaction”), the TSX -V halted trading in the Company’s common shares pending review of the acquisition. Tamarack expects the TSX- V will resume trading TVE common shares within the next day. The Transaction and financing are still subject to the approval of the TSX-V which the Company expects to receive once it submits the required documentation.
Summary of the Transaction As stated in the previous release, Tamarack is acquiring high quality, high netback light oil assets, located predominantly in the Redwater area of Alberta and along the Redwater Viking trend. Production and reserves are weighted towards Viking oil and materially enhance Tamarack’s exposure to this low cost, highly economic, repeatable light oil resource play. Echoex’s two primary Viking oil properties, Redwater and Westlock, are on trend with Tamarack’s existing shallow Viking oil play in Foley Lake and have significant growth and upside potential, adding over 60 ready to drill horizontal Viking locations and the potential to add considerable drilling scope on undeveloped Viking oil lands. In addition, the acquisition includes lands adjacent to Tamarack’s existing core Manitou heavy oil play that provide
excellent upside on prospects already identified by Tamarack, some of which will be drilled in 2012.
Source: Tamarack Valley Energy
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