A 184-square-mile tract of Alberta production and drilling rights fetched C$1.4 billion ($1.1 billion) in a takeover announced Monday by Calgary-based Tamarack Valley Energy Ltd.

Tamarack

The acquisitive exploration and production (E&P) company is buying Deltastream Energy Corp., to capture more Clearwater stakes. The formation northeast of the provincial capital in Edmonton is one of the most economic oil and natural gas liquids (NGL) properties in North America, according to Tamarack.

“This transaction builds on the company’s core position in the Clearwater, which is recognized as North America’s most economic play,” said President Brian Schmidt. “Deltastream brings scale and a leading economic development drilling inventory, comprised of high quality, long life assets with...