|By Marketwired .||
|August 14, 2014 12:44 AM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 08/14/14 -- Tamarack Valley Energy Ltd. (TSX VENTURE: TVE) ("Tamarack" or the "Company") is pleased to announce that it filled the position of Manager of Production and Operations. Tamarack's new Manager of Production and Operations joins Tamarack with over 16 years of industry experience of managing field operations, drilling, completions and has overseen the construction of many facilities. Most recently, he spent the last 12 years with an industry intermediate helping grow that company's production from approximately 20,000 boe/d to over 60,000 boe/d during that period.
The Company also announces that, in accordance with the Company's previously approved stock option plan and restricted share unit plan, it has today granted, in aggregate, 466,000 options ("Options") to purchase common shares in the capital of the Company and 411,000 restricted share units ("RSUs") exercisable into common shares in the capital of the Company to certain directors, officers and employees of the Company. The Options each have an exercise price of $6.82 per share, are exercisable for a period of 5 years and vest in one third (1/3) increments on the first, second and third anniversaries from the date of grant. The RSUs each vest in one third (1/3) increments on the first, second and third anniversaries from the date of the grant. Each RSU was valued at $6.82 per share. This grant of Options and RSUs is subject to acceptance by the TSX Venture Exchange.
About Tamarack Valley Energy Ltd.
Tamarack is an oil and gas exploration and production company committed to long-term growth and the increased identification, evaluation and operation of resource plays in the Western Canadian sedimentary basin. Tamarack's strategic direction is focused on two key principles - targeting resource plays that provide long-life reserves, and using a rigorous, proven modeling process to carefully manage risk and identify opportunities. The Company recently expanded its inventory of low-risk development oil locations in the Redwater Viking play through the acquisition of Sure Energy Inc. While continuing to build on its sustainable growth platform, Tamarack also increased its low-risk development locations within the Cardium fairway through a farm-in agreement with an industry major. These endeavors add to Tamarack's strong resource portfolio, including Cardium properties at Lochend, Garrington and Buck Lake and heavy oil properties in Saskatchewan. With a balanced portfolio, and an experienced and committed management team, Tamarack intends to continue to deliver on its promise to increase its production and maximize shareholder return.
In April 2014, Tamarack was honored as one of the TSX Venture 50. The TSX Venture 50 is a ranking of the strongest performing TSX Venture companies in 2013 and is assessed on the basis of a combination of share price appreciation, trading volumes, change in market capitalization and analyst coverage. The index is comprised of ten companies from each of five sectors: Clean Technology, Oil and Gas, Diversified Industries, Mining, and Technology & Life Sciences.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Tamarack Valley Energy Ltd.
President & CEO
Tamarack Valley Energy Ltd.
VP Finance & CFO