Tamarack Valley slips on $1.1 bln Deltastream buyout deal
12/09/2022 18:39
** Shares of Canada's Tamarack Valley Energy Ltd TVE.TO
currently down 1% at C$3.95
** Co says it will buy oil producer Deltastream Energy Corp
for C$1.425 bln ($1.10 bln), making TVE the largest producer in
Alberta's Clearwater oil play urn:newsml:reuters.com:*:nL4N30J1H5
** Deal comprises C$825 mln in cash, C$300 mln in deferred
acquisition payment and C$300 mln in equity at C$3.75 per share
** Co expects deal to close before end of October
** "This transaction builds on the company's core position
in the Clearwater, which is recognized as North America's most
economic play," says Tamarack CEO Brian Schmidt
** Post acquisition, TVE plans to raise annual dividend by
25% to 15 Canadian cents per share
** TVE shares up 2.6% so far this year
($1 = 1.2982 Canadian dollars)
(Reporting by Ankit Kumar in Bengaluru)
((Ankit.Kumar2@thomsonreuters.com))