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CALGARY — Tamarack Valley Energy Ltd. has signed a deal to buy Deltastream Energy Corp. for $1.425 billion.

Under the agreement for the privately held company, Tamarack will pay $825 million in cash, $300 million in the form of a deferred acquisition payment and $300 million in equity comprised of about 80 million Tamarack shares.

Deltastream is a Clearwater oil producer.

Tamarack says the acquisition will add about 23,000 barrels of oil equivalent per day of production in 2023.

In conjunction with the acquisition, Tamarack also says it will increase its monthly dividend by 25 per cent.

The company says it will pay 1.25 cents per share, up from a penny per share, starting with its November dividend, payable in December.

This report by The Canadian Press was first published Sept. 12, 2022.

Companies in this story: (TSX:TVE)

The Canadian Press

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The Canadian Press

The Canadian Press is Canada's trusted news source and leader in providing real-time, bilingual multimedia stories across print, broadcast and digital platforms. Energeticcity.ca subscribes to Canadian Press articles about British Columbia news and Energy news.