- Tamarack Valley Energy Ltd (TSX:TVE) posts 2019 results
- No shareholder dividend to be paid in 2019
- Appointed Steven Buytels as new CFO
- 11% reduction in net debt
- Tamarack Valley Energy Ltd (TSX:TVE) is trading up 6 percent at $1.27 per share with a Market cap of C$288.7 million
Alberta oil and gas producer Tamarack Valley Energy Ltd (TSX:TVE) has today posted their 2019 financials.
The mid-tier resource company has ramped up it’s share buyback program, and has posted a slightly lower revenue stream of $219.4 million when compared to the $226.5 million the company made in 2018
Tamarack’s production volumes increased this year, edging up 3%.
These increased in production were however counteracted by a slight fall in the oil price average over the year.
As the young oil fields Tamarack is operating in within Alberta and Ontario mature into veteran fields, these yields should continue to grow.
This production increase lead to an unadjusted free fund flow of $40.5 million in 2019.
The company has used this cash flow to continue it’s aggressive share buy back program.
Last year the company purchased and canceled 4.2 million shares at a cost of $8.3 million, and a further $3.5 million were spent purchasing 1.6 million shares to be held by Tamarack’s trustee.
These will be used for future restricted share unit settlement, offsetting dilution from those settlements, and supporting debt adjusted per share metrics.
Tamarack has also purchased several tuck-in investments near the Viking oil sands project in Alberta.
The company believes it has another 10 years of wells that can be dug at the site.
Net debt has been reduced to $189.5 million, an overall reduction of 11 per cent.
The company has also announced the hiring of their new Chief Financial Officer Steven Buytels.
Mr Buytels has been appointed Vice President and Chief Financial Officer.
Mr Buytels was previously the Managing Director of Stifel First Energy, an investment bank that services the energy and resources sectors.
Tamarack Valley Energy Ltd is trading at $1.24 at 1:25 PM EST.