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Sept 12 (Reuters) – Tamarack Valley Energy Ltd (TVE.TO) said on Monday it would buy oil producer Deltastream Energy Corp in a deal valued at C$1.425 billion ($1.10 billion), strengthening its position in Alberta’s Clearwater oil play.
Oil companies are seeking to capitalize on energy prices which have soared to their highest level in years following sanctions on major energy exporter Russia.
The deal comprises C$825 million in cash, C$300 million in deferred acquisition payment and C$300 million in equity at C$3.75 per share.
“The acquisition of Deltastream solidifies Tamarack as the largest producer in the Clearwater oil fairway,” Tamarack CEO Brian Schmidt said.
The company added it now expects average production of 68,000 barrels of oil equivalent per day (boepd) to 72,000 boepd in 2023, including Clearwater production of 23,000 boepd.
($1 = 1.2995 Canadian dollars)
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