Page 10 - NorthAmOil Week 41 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM flow per share the company has generated Cunningham Energy is an independent
both organically and through the strategic producer of oil and gas. Cunningham Energy
Tamarack Valley Energy Clearwater acquisitions across 2022 which conducts operations and oil and gas interests
in the Appalachian Basin with over 30,000
drive accretion at flat pricing of $55/barrel
announces closing of WTI and $2.50/GJ AECO. plus net acres of leasehold. Cunningham
Tamarack is also pleased to announce
Energy was formed in 2008 and was a
previously announced the close of its three-year covenant-based pioneer of shallow horizontal oil drilling in
sustainability-linked lending facility (SLL
West Virginia starting in 2014. During its
Deltastream Energy facility), which is transformational to the future phase 1 development program in West
company’s debt capital structure. The SLL
Virginia, Cunningham Energy is to permit,
Corporation acquisition and facility increased to $700mn and is paired drill, and complete 20 Shallow horizontal Big
Injun, Weir, and Berea Sandstone Oil wells
with a CAD260mn two-year secured
leadership changes amortising term-loan from a syndicate of to fulfil legacy drilling and lease obligations.
lenders.
Identified currently are 68 potential
Tamarack Valley Energy is pleased to TAMARACK VALLEY ENERGY, October 13, 2022 development well sites on existing leases with
announce that it has successfully closed plans to expand the company’s leasehold
the previously announced acquisition of HNRC completes footprint through future acquisitions and
Deltastream Energy Corporation, a privately leasing.
held pure-play Clearwater oil producer. acquisition of interest in Cunningham Energy of Canada Inc. also
Tamarack acquired all of the issued and controls an interest in more than 965,000
outstanding common shares of Deltastream Cunningham Energy acres in the Matapedia Valley, Gaspesie,
for total consideration of CAD1.425bn Quebec Canada from Marzcorp on a 75%
comprised of 80mn common shares of Houston Natural Resources Corp (HNRC) NRI (net revenue interest) basis through
Tamarack, CAD300mn of deferred acquisition announced today that it has completed the an executed Farmout Agreement. Over
payment notes and CAD825mn in cash. acquisition interest in Cunningham Energy, $14mn has been spent on the project to
The acquisition further solidifies Tamarack effective September 19, 2022. date through collaboration with Marzcorp.
as the largest producer in the Clearwater oil An independent engineering company Fifteen core holes have been completed with
fairway. The acquired assets are forecasted has completed an evaluation of the Oil & Gas three bringing hydrocarbons to surface on
to produce an average of ~23,000 boepd Assets of Cunningham Energy. The appraised production test.
and deliver ~CAD500mn of EBITDA, in value of the company’s leasehold position as HOUSTON NATURAL RESOURCES CORP.,
2023. Current production on the acquired of May 18, 2022, is $218mn, assuming the October 11, 2022
assets is ~19,500 boepd. Tamarack expects current proposed 40 well drilling programme
to realise synergies in gas conservation and is completed. The acquisition of the 9% Benchmark Energy acquires
infrastructure projects, lowering the GHG interest of Cunningham Energy, in cash and
intensity of the Tamarack Clearwater asset securities, is valued at $19,620,000, which producing properties in the
portfolio. increases the company asset value by $0.39c
As previously announced, and in per share to $2.82 per share from $2.43 Western Anadarko Basin
conjunction with the closing of the per share, up 16% as reported in their Q2
Acquisition, Tamarack has increased its base financials an August 1, 2022, based on the Benchmark Energy announced today that the
monthly dividend by 25% to CAD0.0125 current shares outstanding. company recently completed the acquisition
per month beginning with the November With this acquisition, the company further of producing and undeveloped oil and gas
declaration with an expected payment date expands its interest in oil, natural gas and assets in the Western Anadarko Basin from a
of December 15, 2022. The increase in oilfield services properties. It further expands private seller. The Assets include over 13,000
Tamarack’s monthly cash dividend reflects its overall business interest to Canada and is net acres primarily in Roberts and Hemphill
the improvement in sustainable free funds looking to increase expansion internationally. Counties in Texas, and an interest in over 150
wells, the majority of which are operated.
The acquisition is Benchmark’s second
investment to date. In March 2021, the
company acquired assets in the STACK play of
Central Oklahoma and successfully monetised
the position in April 2022.
The company is run by an experienced
management team led by chief executive
officer Kirk Goehring. Mr. Goehring
previously served as chief operating officer
of both Benchmark and Jones Energy. Mr.
Goehring commented: “We are excited to
re-enter the Anadarko Basin through this
platform investment. The Mid-Continent
value proposition remains very compelling
in the current environment. These properties
exhibit stable production, diversified product

P10 www. NEWSBASE .com Week 41 13•October•2022