Good pricing Heavy and Light !Realizations - Tamarack has continued to attain higher margins through improved heavy oil price realizations from ongoing marketing initiatives and an improved commodity price environment. In the second quarter of 2024,
the Company’s heavy oil price differential, net of transportation expenses(1) relative to the Hardisty Heavy benchmark price was $7.98 per boe, compared to the second quarter 2023 differential of $11.02 per boe, reflecting a 28% quarter-over-quarter improvement.
Tamarack’s light oil price differential, net of transportation expenses(1) relative to the Edmonton Par benchmark price also
saw a 59% improvement quarterover-quarter due to a positive pipeline adjustment from the first quarter.
Overall, the Company’s average realized price of $79.04 per boe in the second quarter of 2024 improved by 20% compared the same period in the prior year, reflecting improved benchmark commodity prices, higher oil-weighted production, lower wellhead deductions, and higher foreign exchange rates on U.S. denominated sales contracts.