Tamarack and Headwater Merge to Create Pure-Play Clearwater Producer

The merger between Tamarack and Headwater has created Canada's only publicly traded pure-play producer focused on the Clearwater oil play in northern Alberta.

The deal unites two of the Clearwater's lowest-cost producers, both known for high-margin output and modest capital needs, qualities that have made the play one of the fastest-growing corners of Canada's oilpatch.

The merger lands amid a broader wave of consolidation sweeping the Canadian oilpatch, though much of the recent activity has been within the private market.

Tom Pavic, president of Sayer Energy Advisors, said this deal 'follows the trend we've been seeing.'

The merged company will hold more than 1,500 sections of land, over 300 million barrels of oil equivalent in proved and probable reserves, and more than 3,000 identified drilling locations.