Page 10 - NorthAmOil Week 24 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM on our goals for responsible development, Tamarack and CAD46.5mn in cash.
including achieving net zero greenhouse gas Tamarack has now successfully
Key oil sands groups join emissions (GHGs) from oil sands production.” consolidated working interests and
operatorship in the Southern Clearwater
The six member companies of the
forces under Pathways Pathways Alliance – Canadian Natural, to 100%, as a result of the acquisition. The
Cenovus Energy, ConocoPhillips Canada,
acquired assets are forecasted to produce
Alliance banner Imperial, MEG and Suncor Energy – operate ~2,100 bpd average for the remainder of
about 95% of Canada’s oil sands production.
2022 and deliver ~CAD65mn of annualised
Canada’s major oil sands producers today A key focus of the new Pathways Alliance operating field netback. Tamarack expects
announced the combination of three existing will be to continue the considerable work to realise synergies in gas conservation and
industry groups, all focused on responsible already underway to reduce GHGs from other infrastructure projects already in the
development, into a single organisation called oil sands production by 22 million tonnes planning phase, lowering the GHG intensity
the Pathways Alliance. The new organisation annually by 2030, and ultimately achieve of the assets.
incorporates the Oil Sands Pathways to Net its goal of net zero emissions oil sands As previously announced, and in
Zero Alliance, launched in 2021, Canada’s Oil production by 2050. Achieving the group’s conjunction with the closing of the
Sands Innovation Alliance (COSIA), created goals will require multiple technology acquisition, Tamarack has increased its base
in 2012, and the Oil Sands Community pathways, including a proposed carbon monthly dividend by 20% to CAD0.01 per
Alliance (OSCA), created in 2013. capture and storage network that will capture month beginning with the June declaration
To lead the integration and work of the CO2 from oil sands facilities and transport it with an expected payment date of July 15,
new Pathways Alliance, Kendall Dilling has to a hub in the Cold Lake area of Alberta for 2022. The increase in Tamarack’s monthly
been appointed as the organisation’s President. safe and permanent underground storage. cash dividend reflects the improvement in
Dilling was previously Vice-President, PATHWAYS ALLIANCE, June 15, 2022 sustainable free funds flow per share the
Environment & Regulatory at Cenovus company has generated both organically and
Energy and was seconded earlier this year Tamarack Valley Energy through the strategic Crestwynd and Rolling
to serve as Interim Director of the original Hills acquisitions which drive accretion at flat
Oil Sands Pathways to Net Zero Alliance. announces closing of pricing of $55/barrel WTI and CAD2.50/GJ
After ten years in operation, COSIA will AECO.
continue to operate as a division within the previously announced Tamarack is also pleased to announce
Pathways Alliance and will remain under the that its existing sustainability-linked lending
leadership of Wes Jickling, who becomes the Rolling Hills Energy facility (SLL facility) has been extended to
organization’s Vice President of Technology May 31, 2024. The SLL facility syndicate also
Development and COSIA. In addition, Mark acquisition and extension provided a modest increase to CAD650mn
Cameron, an experienced senior public on the revolving facility, to account for some
servant and public policy leader, has been of existing sustainability- of the additional value added through the
appointed Vice President, External Relations. acquisition.
“Having all three of these remarkable linked lending TAMARACK VALLEY ENERGY, June 10, 2022
industry groups integrated into a more
powerful and efficient organization, with Tamarack Valley Energy is pleased to
combined leadership, will further amplify our announce that it has successfully closed MIDSTREAM
collaborative efforts to advance responsible oil the previously announced acquisition of
sands development and help make Canadian Rolling Hills Energy, a privately held pure Goodnight Midstream
oil the most preferred barrel in the world,” play Clearwater oil producer. Tamarack
said Dilling. “I’m honoured to be a part of acquired all of the issued and outstanding announces closing of
the team that will work with our member common shares of Rolling Hills for total net
companies to demonstrate continued progress consideration of 9.3mn common shares of private placement, new
revolving credit facility

Goodnight Midstream, a leading midstream
produced water infrastructure company,
today announced the completion of the sale of
$325mn of senior notes in a private placement
to EIG and Crestline Investors. Concurrent
with the private placement, Goodnight
announced the successful closing of a $100mn
Revolving Credit Facility led by Wells Fargo
Bank, NA, along with participation from
Texas Capital Bank, Cadence Bank and First
Horizon Bank.
Goodnight utilised the proceeds to
refinance existing indebtedness and intends
to use the added liquidity to drive growth,

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