Tamarack Valley Energy (TVE) is buying privately held Deltastream Energy for $1.43 billion in
cash and stock.
Calgary-based Tamarack Valley said the deal will help it to expand its reach in Alberta’s
Clearwater oil field, and that it will raise $125 million through the sale of 33 million common
shares priced at $3.75 each.
Tamarack Valley said the deal will raise its production capacity in the Clearwater oil field to
23,000 barrels of oil equivalent per day.
Separately, Tamarack Valley said it also plans to raise its annual dividend by 25% to $0.15 per
share from $0.12 a share once the acquisition of Deltastream is finalized.
Tamarack Valley Energy’s stock is down 2% this year and trading at $3.98 per share.
