Tamarack Valley Energy Ltd.

09:53 AM EST - Tamarack Valley Energy Ltd. : Has entered into a definitive agreement to acquire Anegada Oil Corp., a privately held pure play Charlie Lake light-oil producer, for total net consideration of $494 million, after deducting the proceeds from the sale of a 2% newly created gross overriding royalty on the acquired assets. The total net consideration consists of $247.5 million in cash and debt (net of GORR), subject to adjustment, and approximately 105.3 million common shares of Tamarack at a deemed price of $2.34 per Tamarack Share. Tamarack's credit syndicate has provided commitments to increase the available capacity under the Company's credit facilities to $600 million and extend the revolving period to May 31, 2022, concurrent with the close of the Acquisition. Tamarack Valley Energy Ltd. shares T.TVE are trading up $0.08 at $2.34.

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