July 25, 2016 / 10:37 AM / a year ago

BRIEF-Tamarack Valley Energy sees 2016 capital expenditure budget of $45-$53 mln

July 25 (Reuters) - Tamarack Valley Energy Ltd

* Announces closing of strategic acquisitions, new credit facility and second quarter production

* Sees 2016 capital expenditure budget of between $45-$53 million

* Total aggregate cash consideration for Redwater acquisition was $25.8 million

* 2016 guidance confirmed

* Says co's new bank line was put into place with a total credit capacity of $120 million

* First half 2016 production of approximately 9,560 boe/d at upper end of guidance range of 9,100 to 9,600 boe/d

* Cardium oil wells are expected to positively impact production volumes in last half of 2016

* Previous borrowing base of $165 million has been reduced to $120 million

* Average daily production through Q2 2016 was approximately 9,536 boe/d

* Bank line is comprised of a revolving credit facility in amount of $110 million and a $10 million operating facility

* New bank facility lasts for a 364 day period and will be subject to its next 364 day extension by May 26, 2017 Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)

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