Tamarack Valley Energy Ltd (TNEYF)
Tamarack Valley Energy Ltd (TNEYF)
A FRIEND THAT WENT TO THE COLORADO CONFERENCE LAST WEEK LIKED TAMARACK VALLEY/ ANY THOUGHTS ON IT? REGARDS BARRY IN LOBSTA COUNTRY
Re: Tamarack Valley Energy Ltd (TNEYF)
I've never heard of it, but I can say that for a lot of these small-cap Canadian E&Ps. Production growth is impressive and I do like the Cardium. I really like the last bullet point below. - Dan
CALGARY, ALBERTA--(Marketwired - Aug 11, 2014) - Tamarack Valley Energy Ltd. (TSX VENTURE:TVE) ("Tamarack" or the "Company") is pleased to announce record quarterly cash flow from operations and production results. With the success of Tamarack's first half drilling program, well results being ahead of budget, and the strength of cash flow the Company has increased the 2014 capital program by $24 million to $116 million resulting in a 12% increase to exit guidance and a 6% increase to the second half 2014 production guidance.
Second Quarter 2014 Highlights
•Record funds from operations of $17.8 million ($0.29 per share on a diluted basis), a 32% increase and 16% per share increase from $13.4 million ($0.25 per share on a diluted basis) in Q1 2014
•Record production of 5,203 boe/d in Q2 2014, a 24% increase from 4,182 boe/d and a 8% production per share increase over Q1 2014
•Record operating field netbacks of $45.05/boe in Q2 2014, up from $43.98/boe in Q1 2014
•Oil and liquids weighting increase to 61% in Q2 2014 from 56% in Q1 2014
•Record quarter of drilling activity, including 4 (3.7 net) Cardium wells in the greater Pembina area, 11 (9.3 net) Viking oil wells in Redwater and 4 (4.0 net) heavy oil wells in Hatton
•Exited the quarter with production averaging over 6,000 boe/d during the last week of June, excluding seven wells drilled in Q2 2014 and expected to be on production in Q3 2014
CALGARY, ALBERTA--(Marketwired - Aug 11, 2014) - Tamarack Valley Energy Ltd. (TSX VENTURE:TVE) ("Tamarack" or the "Company") is pleased to announce record quarterly cash flow from operations and production results. With the success of Tamarack's first half drilling program, well results being ahead of budget, and the strength of cash flow the Company has increased the 2014 capital program by $24 million to $116 million resulting in a 12% increase to exit guidance and a 6% increase to the second half 2014 production guidance.
Second Quarter 2014 Highlights
•Record funds from operations of $17.8 million ($0.29 per share on a diluted basis), a 32% increase and 16% per share increase from $13.4 million ($0.25 per share on a diluted basis) in Q1 2014
•Record production of 5,203 boe/d in Q2 2014, a 24% increase from 4,182 boe/d and a 8% production per share increase over Q1 2014
•Record operating field netbacks of $45.05/boe in Q2 2014, up from $43.98/boe in Q1 2014
•Oil and liquids weighting increase to 61% in Q2 2014 from 56% in Q1 2014
•Record quarter of drilling activity, including 4 (3.7 net) Cardium wells in the greater Pembina area, 11 (9.3 net) Viking oil wells in Redwater and 4 (4.0 net) heavy oil wells in Hatton
•Exited the quarter with production averaging over 6,000 boe/d during the last week of June, excluding seven wells drilled in Q2 2014 and expected to be on production in Q3 2014
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group