Tamarack Valley Energy Ltd. (Toronto Venture: TVE) has announced an operational update with the following highlights:
• Record current production rate of 7,400 boe/d, based on field estimates, excluding 550 boe/d of shut-in production associated with TransCanada Pipeline maintenance and third party plant turnarounds.
• Record drilling activity in the Wilson Creek area. The company currently has three drilling rigs active with a fourth rig expected by the end of the month.
• A new farm-in agreement with two industry majors create a 10.5 (9.9 net) section contiguous land block in the Alder Flats area adding 26.6 net one-mile equivalent drilling locations.
• Non-core Queensdale property disposition for proceeds of $4.3 million.
• Expansion of the company’s fourth core area light oil play to 40 net contiguous sections.
The company is based in Calgary
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