June 20 (Reuters) - Tamarack Valley Energy Ltd TVE.TO :
* Tamarack valley Energy Ltd. announces strategic
acquisitions, $72 million bought deal financing and increased
2016 guidance
* Total aggregate cash consideration for which will be $85
million
* Entered into binding agreements to undertake two strategic
asset acquisitions
* Acquisitions will be partially funded with a $72 million
bought deal equity financing
* Acquisitions are expected to add about 1,900 boe/in
aggregate, and include 95 total sections of land at redwater and
wilson creek
* First acquisition is consolidation of assets located in
tamarack's core operating areas of redwater,wilson creek in
alberta
* Average estimated 2016 annual production guidance
increased to between 9,700-10,000 boe/d (approximately 53-57%
oil & NGLs)
* Second acquisition is comprised of a light oil pool at
Penny in Southern Alberta
* 2016 capital expenditure budget increased to between
$45-$53 million
* Accretion to 2016 estimates is forecast to be 5% on cash
flow per share from deals and financing
* Says expects deals to be accretive to 2016 estimates by
about 5% on cash flow per share
* Accretion of 14% to current annualized cash flow per
share, assuming 12-month forward strip prices at june 17 from
deals and financing
* Acquisitions, ongoing cost-reduction initiatives to result
in reduction of operating costs of about $0.40-0.60/boe by end
of 2016
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