Tamarack Valley Energy Ltd. is growing its footprint in oil-rich territory east of the Alberta capital in Edmonton with a deal to acquire Rolling Hills Energy Ltd., a privately owned specialist in the area.

Tamarack Valley operations

In its second corporate takeover since December, Tamarack said it entered into a definitive agreement to purchase Rolling Hills for C$93 million ($74.4 million), split evenly between cash and shares. The acquisition, along with a separate agreement with a native community, has boosted Tamarack’s increased drilling rights to 593 square miles.

The Rolling Hills asset package included 54 square miles of the prolific Clearwater geological formation, combined production of oil and natural gas equivalent of 2,100 boe/d and an initial batch of 70 additional drilling...