Tamarack Valley Energy Goes Debt-Free, Bets Big on Clearwater Waterflood Growth

Tamarack Valley Energy has repositioned itself as a Clearwater-focused producer after selling its Charlie Lake production assets.

The sale of approximately 18,000 barrels of oil equivalent per day at Charlie Lake generated CAD 804 million for the company, which used the funds to go debt-free and accumulate around CAD 133 million in cash.

'The better place to put that is in the Clearwater play and become a pure-play focus,' Chief Executive Officer and Founder Brian Schmidt said.