Page 13 - NorthAmOil Week 10 2023

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM Tamarack’s year end independent oil and gas exceeded our original internal reserves
reserves evaluation as of December 31, 2022, estimates, with the most notable increase seen
Lycos Energy announces prepared by Tamarack’s independent qualified for the Deltastream Energy acquisition assets
which outperformed estimates by 27% on a
reserves evaluator, GLJ.
completion of strategic transformation and operational execution as proved developed producing (PDP) basis and
2022 represented a year of continued
12% on a TPP basis.
Alberta heavy oil we drove towards the goal of repositioning TAMARACK VALLEY ENERGY, March 01, 2023
our business into the most profitable oil plays
acquisition in North America. Tamarack completed International Petroleum
and integrated three material Clearwater
Lycos Energy Inc.is pleased to announce acquisitions, positioning the company as Corporation announces
the addition of 1,500 boepd (100% oil) a major producer in the Clearwater oil
production and 1,808 mboe of producing play. Furthermore, the divestment of two completion of acquisition in
reserves in the Lloydminster area. Lycos’ total non-core assets contributed to the strategic
current production is now over 2,700 boepd rationalisation of our asset portfolio moving Suffield, Alberta
(99% oil). forward. Together with our ongoing base
Lycos completed the acquisition on asset development, our net CAD1.7bn of International Petroleum Corporation is
February 28, 2023 for a purchase price 2022 acquisition and disposition transactions pleased to announce completion of the
consisting of CAD50.0mn in cash and the resulted in a year over year fourth quarter acquisition of oil and gas assets in the Suffield
grant of a 3% gross overriding royalty to the production increase of 59% while also area, southern Alberta on the terms as
former ownership group on any newly drilled achieving an uplift in our corporate liquids previously announced on February 6, 2023.
wells on the acquired lands. weighting from 69% (Q4 2021) to 82% (Q4 Mike Nicholson, IPC’s chief executive
The assets substantially increase Lycos’ 2022). officer, commented: “We are very pleased to
inventory of high rate, high return multi- Operational execution was an important complete the acquisition of almost 16 million
lateral drilling locations, adding over 40 net success factor in 2022, with fourth quarter barrels of oil equivalent (boe) of proved
locations within the Mannville Group. Lycos production averaging 64,344 boepd, ahead of plus probable (2P) reserves adjacent to our
has operated the assets since the fall of 2021 our guidance range of 62,000-64,000 boepd, existing Suffield area assets in Alberta. We
and has drilled a total of 8 multi-laterals despite unexpected downtime due to the forecast average net daily production from
on the assets. These wells have achieved an extreme cold weather in December. Capital these assets of approximately 4,000 boe for
average IP90 of 197 boepd. expenditures of CAD125mn during the 2023, with recent net daily production rates in
LYCOS ENERGY, March 01, 2023 fourth quarter came in at the low end of our excess of 5,000 boe. The 2023 Ellerslie drilling
CAD125-135mn guidance range. programme continues both on these acquired
Tamarack Valley Energy significant growth, and a shift in profitability, lands and on IPC’s existing Suffield area assets.
Our 2022 reserve report highlights the
With strong operational performance across
announces year-end 2022 of our reserves, which was driven by the all of our areas of operations, IPC expects to
development of our Clearwater and Charlie
be above the high end of our average daily
reserves Lake assets. Overall, Tamarack saw a material production guidance for the first quarter of
2023.”
increase in our reserve portfolio to 242.2
Tamarack Valley Energy is pleased to mmboe and CAD5.0bn on a total proved plus INTERNATIONAL PETROLEUM CORP., March
announce its audited financial and operating probable basis representing a 33% and 68% 06, 2023
results for the three months and year ended increase over 2021 respectively. The year-end
December 31, 2022, and the results of 2022 reserves added through acquisition Beta Shale sends letters of
concern to PHX Minerals

Beta Shale, an Oklahoma City based oil and
natural gas company who owns 1,000,000
shares of PHX Minerals, has reached out to
the PHX board of directors to express Beta’s
concern with the performance of the company
and its proposed future path under the
direction of current management.
Beta sent an initial letter on February
3, 2023, which was followed by a meeting
between Beta’s CEO and the Independent
Director of PHX. After the meeting, Beta
sent a follow up letter of concern on March 2,
2023.
As a significant shareholder of PHX, Beta
is voting against the majority of current proxy
materials presented by PHX management.
BETA SHALE, March 02, 2023

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