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One-Page Deal Sheet

Tamarack Valley to Acquire Anegada Oil for $494 Million

Not Disclosed Not Disclosed
AnnouncedApr 12, 2021
TypeCorporate
Announced Date
April 12,2021
Close Date
June 01,2021
Transaction Type
Corporate
Enterprise Value (EV)($MM)
494




Snapshot
Asset/Basin:
["Western Canadian Sedimentary Basin"]
TargetZones:
["Charlie Lake Forma
Net Acres
147,968
% Oil:
55.1 % oil

Net Operated Locations:
207 (["Charlie Lake Forma)

Proved Reserves
10 MMboe

Source Documents:
   Source Link
Location
Region
Canada

Country
Canada

Production & Reserves
Production
11,800 Boe/d

Production Mix
71 % Liquid

Reserves
10 MMboe (1P)


Calculated Metrics( EV/Category)
$/ Flowing
41,864

$/ Acre
3,339

$/Location
2,386,473

Transaction Details: 

Tamarack Valley Energy announced that it is acquiring Anegada Oil Corp., a privately held pure play Charlie Lake light-oil producer, for total net consideration of $494 million, after deducting the proceeds from the sale of a 2% newly created gross overriding royalty (the “GORR“) on the acquired assets.

This deal closed on June 1, 2021.

The total net consideration consists of $247.5 million in cash and debt (net of GORR), subject to adjustment, and approximately 105.3 million common shares of Tamarack at a deemed price of $2.34 per Tamarack Share.

Proved Reserves is 10 Million Barrels of Oil Equivalent with 70% Liquids.

Acquisition Highlights:

  • Approximately 11,800 boe/d of Charlie Lake light oil production (71% oil and natural gas liquids) with annualized operating field netback(2) of ~$135 million
  • Over 200 net future drilling locations
  • 332.4 (321.2 net) sections (212,736 gross acres (147,968 net acres)) of Charlie Lake land
  • PDP 10 MMboe (70% liquids) and total proved plus probable (“TPP”) reserves of 40.1 MMboe (71% liquids) based on Tamarack’s internal reserves evaluation effective June 1, 2021.

Acquisition Metrics

Purchase Price (net of royalty proceeds)

$494 million

Current Production
     Oil and NGL Weighting

11,800 boe/d(1)

~71%

Drilling Locations(4)

224 (207.3 net)

Annualized Operating Field Netback(2)

$135 million

Total ARO (undiscounted, uninflated)

  


Canada Deal Activity In Last 12 Months


Other Canada Region's Deals


Announced DateBuyerSellerDeal Value($mm)LocationCategory
Nov-06-2024 - - Click here Alberta  E&P
Aug-22-2022 - - Click here British Columbia  E&P
Aug-01-2022 - - Click here Alberta  E&P
Jun-29-2022 - - Click here Alberta  E&P
Dec-15-2021 - - Click here   E&P

Other Canada Deals


Announced DateBuyerSellerDeal Value($mm)LocationCategory
Nov-04-2025 - - Click here Alberta  E&P
Nov-06-2024 - - Click here Alberta  E&P
Jun-29-2022 - - Click here Alberta  E&P
Nov-29-2021 - - Click here Alberta  E&P
May-24-2021 - - Click here Alberta  E&P

Price History


Date Deal Headline Price$/acre
Nov-04-2025 Ovintiv Acquires NuVista Energy for $2.7B, Establishing Premier Montney Position -   19,286
Nov-06-2024 Ovintiv to Acquire Montney Assets from Paramount for $2.377 Billion in All-Cash Deal -  
Jun-29-2022 Exxon Sells Off Montney, Duvernay Portfolio in $1.47 Billion Cash Deal -   2,276