A 155 square-mile package of northern Alberta oil production and drilling targets is changing hands in a C$184.7 million ($147.7 million) corporate takeover by Tamarack Valley Energy Ltd. announced Wednesday. 

Alberta Crude Production

Tamarack agreed to pay C$92.6 million ($74 million) in cash and trade 26.3 million shares valued at C$3.50/share ($2.80) for privately owned Crestwynd Exploration Ltd. 

Crestwynd was incorporated in 2017 and concentrates its focus on Western Canada. The Crestwynd assets in the Clearwater area northeast of the Alberta capital in Edmonton are forecast to produce 4,500 boe/d in 2022, or 11% of Tamarack’s 41,256 boe/d production in 3Q2021. 

Tamarack said 209 identified drilling locations on one-half of the 99,360 acres in the acquired properties would sustain their...