RE:Q1 Financials Return of Capital
Base Dividend
In accordance with the Company's dividend program, monthly dividends of $0.0083/share were declared January – April 2022. Effective the June 2022 dividend declaration, the Company expects to increase the monthly dividend to $0.0100/share per month or ~20% (as previously announced on April 21st) in conjunction with the closing of the acquisition of Rolling Hills Energy Ltd. The base dividend increase has been driven by improved sustainable free funds flow(1) along with the Crestwynd Exploration Ltd. and Rolling Hills acquisitions which are accretive at flat pricing of US$55/bbl WTI and $2.50/GJ AECO.
Enhanced Return
The Company remains committed to balancing long-term sustainable free funds flow(1) growth with returning capital to shareholders. Based on the forecasted commodity price outlook, Tamarack anticipates the declaration of an enhanced return, through special dividend and/or share buybacks, in Q3 2022 for free funds flow(1) from Q2 2022.