Tamarack Valley works on debt reduction with sale of cardium assets

Chicago, Oct. 19 – Tamarack Valley Energy Ltd. announced that it will be focusing on debt reduction as it sells non-core cardium assets in west central Alberta for C$123 million in cash, according to a press release.

The company noted that sale proceeds, in conjunction with forecasted free funds flow at strip prices, have the company on track to achieve the first net debt threshold of its enhanced return of capital framework in 2023, as fourth quarter net debt is expected to fall below C$1.1 billion.

Net debt takes into account credit facilities and senior notes, among several other measures.

National Bank Financial Inc. and RBC Capital Markets are acting as financial advisers to Tamarack on the divestment.

Tamarack Valley Energy is an oil and gas exploration and production company based in Calgary, Alta.

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