CALGARY,
AB, July 15, 2024 /CNW/ - Tamarack Valley
Energy Ltd. ("Tamarack" or the "Company") (TSX: TVE)
is pleased to announce that the Board of Directors has declared a
monthly cash dividend on its common shares of C$0.0125 per share in accordance with the
Company's dividend policy. The dividend will be payable on
August 15, 2024, to shareholders of
record at the close of business on July 31,
2024. This monthly cash dividend is designated as an
"eligible dividend" for Canadian income tax purposes.
About Tamarack Valley Energy Ltd.
Tamarack is an oil and gas exploration and production company
committed to creating long-term value for its shareholders through
sustainable free funds flow generation. The Company has an
extensive inventory of low-risk oil development drilling locations,
focused primarily on the Clearwater and Charlie Lake plays in Alberta, while also pursuing EOR upside in
these core areas. For more information, please visit the Company's
website at www.tamarackvalley.ca.
Forward Looking Information
This press release contains certain forward-looking information
(collectively referred to herein as "forward-looking statements")
within the meaning of applicable Canadian securities laws.
Forward-looking statements are often, but not always, identified by
the use of words such as "guidance", "outlook", "anticipate",
"target", "plan", "continue", "intend", "consider", "estimate",
"expect", "may", "will", "should", "could" or similar words
suggesting future outcomes. More particularly, this press release
contains statements concerning the future declaration and payment
of dividends and the timing and amount thereof. Future dividend
payments, if any, and the level thereof, is uncertain, as the
Company's dividend policy and the funds available for the payment
of dividends from time to time is dependent upon, among other
things, free funds flow financial requirements for the Company's
operations and the execution of its growth strategy, fluctuations
in working capital and the timing and amount of capital
expenditures, debt service requirements and other factors beyond
the Company's control. Further, the ability of Tamarack to pay
dividends will be subject to applicable laws (including the
satisfaction of the solvency test contained in applicable corporate
legislation) and contractual restrictions contained in the
instruments governing its indebtedness, including its credit
facility.
The forward-looking statements contained in this document are
based on certain key expectations and assumptions made by Tamarack,
including relating to: the business plan of Tamarack, the timing of
and success of future drilling, development and completion
activities; the geological characteristics of Tamarack's
properties; the characteristics of recently acquired assets; the
successful integration of recently acquired assets into Tamarack's
operations; prevailing commodity prices, price volatility, price
differentials and the actual prices received for the Company's
products; the availability and performance of drilling rigs,
facilities, pipelines and other oilfield services; the timing of
past operations and activities in the planned areas of focus; the
drilling, completion and tie-in of wells being completed as
planned; the performance of new and existing wells; the application
of existing drilling and fracturing techniques; prevailing weather
and break-up conditions; royalty regimes and exchange rates; impact
of inflation on costs, the application of regulatory and licensing
requirements; the continued availability of capital and skilled
personnel; the ability to maintain or grow the banking facilities;
the accuracy of Tamarack's geological interpretation of its
drilling and land opportunities, including the ability of seismic
activity to enhance such interpretation; and Tamarack's ability to
execute its plans and strategies.
Although management considers these assumptions to be reasonable
based on information currently available, undue reliance should not
be placed on the forward-looking statements because Tamarack can
give no assurances that they may prove to be correct. By their very
nature, forward-looking statements are subject to certain risks and
uncertainties (both general and specific) that could cause actual
events or outcomes to differ materially from those anticipated or
implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to: the risk that future
dividend payments thereunder are reduced, suspended or cancelled;
unforeseen difficulties in integrating of recently acquired assets
into Tamarack's operations; incorrect assessments of the value of
benefits to be obtained from acquisitions and exploration and
development programs; risks associated with the oil and gas
industry in general (e.g. operational risks in development,
exploration and production; and delays or changes in plans with
respect to exploration or development projects or capital
expenditures); commodity prices; increased operating and capital
costs due to inflationary pressures; the uncertainty of estimates
and projections relating to production, cash generation, costs and
expenses; health, safety, litigation and environmental risks; and
access to capital. Due to the nature of the oil and natural gas
industry, drilling plans and operational activities may be delayed
or modified to react to market conditions, results of past
operations, regulatory approvals or availability of services
causing results to be delayed. Please refer to the annual
information form for the year ended December
31, 2023 and the management's discussion and analysis for
the period ended March 31, 2024 (the
"MD&A") for additional risk factors relating to Tamarack, which
are available on SEDAR+ at www.sedarplus.ca and on Tamarack's
website at www.tamarackvalley.ca. The forward-looking statements
contained in this press release are made as of the date hereof and
the Company does not undertake any obligation to update publicly or
to revise any of the included forward-looking statements, except as
required by applicable law. The forward-looking statements
contained herein are expressly qualified by this cautionary
statement.
SOURCE Tamarack Valley Energy Ltd.
