Tamarack Valley Energy Ltd. (TSX: TVE) announced this morning the selected unaudited preliminary operational results for Q4 and full-year 2021. The report is toplined by an annual production of 34,562 boe/d, up from 2020’s 22,027 boe/d.
The production average throughput also exceeded the guidance of 34,250 boe/d, which was raised from 33,000 boe/d in October 2021.
“2021 was a transformational year for Tamarack as we advanced our strategy of driving long-term sustainable free funds flow growth forward with the repositioning and further consolidation of the Company in the Charlie Lake and Clearwater oil plays,” said CEO Brian Schmidt.
The company also generated an adjusted funds flow of $340 million for the year and free funds flow of $149 million. These compare to last year’s adjusted funds flow of $122.7 million and free funds flow of $19.2 million.
The energy firm also executed a capital program of $191.2 million for the year, higher than $103.5 million in 2020 and also exceeding the forecast. This is due to “the continued consolidation of Clearwater and Charlie Lake land positions through land sales during [Q4].”
For Q4, the average production came in at 40,384 boe/d, down from Q3 2021’s 41,256 boe/d but up from Q4 2020’s 22,049 boe/d. The company also achieved operating netbacks of $44.87/boe for the quarter, up from $30.02/boe from the previous quarter and $17.17/boe from the previous year.
Earlier this month, the energy company announced its 2022 guidance, toplined by an average production of 45,000 – 46,000 boe/d and free funds flow of $250 – $300 million.
Tamarack Valley last traded at $4.73 on the TSX.
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