BRIEF-Tamarack Valley Energy buys assets for $85 mln, raises 2016 guidance

Mon Jun 20, 2016 3:59pm EDT
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June 20 (Reuters) - Tamarack Valley Energy Ltd :

* Tamarack valley Energy Ltd. announces strategic acquisitions, $72 million bought deal financing and increased 2016 guidance

* Total aggregate cash consideration for which will be $85 million

* Entered into binding agreements to undertake two strategic asset acquisitions

* Acquisitions will be partially funded with a $72 million bought deal equity financing

* Acquisitions are expected to add about 1,900 boe/in aggregate, and include 95 total sections of land at redwater and wilson creek

* First acquisition is consolidation of assets located in tamarack's core operating areas of redwater,wilson creek in alberta

* Average estimated 2016 annual production guidance increased to between 9,700-10,000 boe/d (approximately 53-57% oil & NGLs)

* Second acquisition is comprised of a light oil pool at Penny in Southern Alberta   Continued...