Tamarack Valley Energy to Acquire Privately Held Oil Producer Crestwynd

Tamarack Valley Energy Ltd. continued its expansion in the core of Alberta’s Clearwater oil play with a recent agreement to acquire Crestwynd Exploration Ltd., a privately held pure-play Clearwater producer, in a cash-and-stock transaction worth CA$184.7 million.

“The acquisition further establishes Tamarack as a leading operator in the highly economic Clearwater oil play,” Brian Schmidt, president and CEO of Tamarack, commented in a company release on Dec. 15.

The Crestwynd acquisition includes 99,360 net acres and 209 gross (153.7 net) drilling locations plus 9.6 million boe of proved plus probable reserves. The assets are forecast to average production in 2022 of roughly 4,500 boe/d with about 100% oil and NGL weighting.