Tamarack Valley Energy and Headwater Exploration Merge Canadian Oil Operations

Tamarack Valley Energy and Headwater Exploration have agreed to merge their oil operations in Canada in a deal valued at C$10 million. The combined company will be the largest publicly traded oil producer focused on the Clearwater Formation in Alberta.

The merger will bring together the assets of both companies in Marten Hills, Nipisi and Marten Hills West, expanding Tamarack's presence in an area with low-cost, high-margin operations.

Tamarack expects to increase its quarterly dividend by 20% to C$0.06 per share and raise production growth at Clearwater to between 10% and 12% within its five-year plan.