Commodities
Tamarack Valley Energy Proposes $10 Billion Combination with Headwater Exploration
Tamarack Valley Energy (TSX:TVE), a Calgary-based oil and gas producer, has announced a proposed $10 billion all-stock combination with Headwater Exploration Inc.
The deal would make Tamarack the only publicly traded pure-play Clearwater heavy oil producer of scale in North America, with run-rate Clearwater production above 80,000 boe/d and proved-and-probable reserves above 300 million boe.
Tamarack's recent news flow has moved quickly, selling its Charlie Lake assets earlier this year and unveiling a proposed strategic combination with Headwater on September 8, 2026.
The combined entity would be immediately accretive to free funds flow per share by more than 10% and have a pro forma unhedged free funds flow breakeven of US$37 per barrel.