Tamarack Valley announced the close of its Deltastream acquisition (note here), alongside the close of its three-year sustainability- linked lending facility which was increased to $700 million along with the $260 million two-year secured amortizing term loan. Tamarack also announced some leadership changes, including the resignation of Mr. Ian Currie from the Board of Directors, and appointment of Ms. Kathleen Hogenson. The company also appointed Ms. Lynne Chrumka as VP, Exploration. We view the update constructively as the transaction closed in line with expectations, with the company increasing diversity amongst the leadership team. Please see below for additional details.
Details:
• Updates to Board of Directors. Mr. Ian Currie has resigned from the board, effective October 13, 2022. Mr. Currie remains President & CEO of privately-held Spur Petroleum, one of the largest Clearwater producers as shown in our latest Clearwater monthly report (note here). As a result, Ms. Kathleen Hogenson has been appointed to the Board of Directors. Ms. Hogenson currently serves as President & CEO of Zone Oil & Gas, LCC and serves in various committee chair roles on the boards for Verisk Analytics and First Quantum Minerals. Tamarack's board of 7 directors now features 2 female directors, just shy of the company's 30% board gender diversity target
• Ms. Lynne Chrumka appointed as VP, Exploration. Ms. Chrumka holds over 25 years of industry experience, and most recently held the position of VP, Geosciences at ARC Resources and Seven Generations Energy. Tamarack's senior management team consists of 8 members, of which there are now 3 female members.