Tamarack Valley and Headwater Merge for $7.2 Billion in Alberta Oil Deal

Tamarack Valley Energy and Headwater Exploration have agreed to merge in an all-stock transaction valued at approximately $7.2 billion CAD (C$10 billion), creating the largest publicly traded pure-play producer in Alberta's Clearwater oil play.

The combined company will have over 80,000 boed of run-rate production, more than 300 MMboe of proved and probable reserves, and over 3,000 identified drilling locations. Its land position will span more than 1,500 sections across the greater Clearwater fairway.

Tamarack expects to expand its oil transportation capacity following the merger, securing 25,000 bpd of Trans Mountain capacity to Canada's West Coast starting in Q1 2027 and 10,000 bpd of potential capacity on the proposed South Bow Prairie Connector.