Tamarack Receives Shareholder Written Consent for Acquisition of Anegada Oil Corp.

Source: www.gulfoilandgas.com 4/28/2021, Location: North America

Tamarack Valley Energy Ltd. has received written consents from shareholders holding a majority of the issued and outstanding common shares of Tamarack ("Tamarack Shares") approving the Company's previously announced acquisition of Anegada Oil Corp. ("Anegada"), a privately held pure play Charlie Lake light-oil producer (the "Acquisition").

As partial consideration for the Acquisition, Tamarack will issue 105,341,880 Tamarack Shares to the shareholders of Anegada. As a result, upon closing of the Acquisition, the former shareholders of Anegada will own or control, directly or indirectly, approximately 26% of the issued and outstanding Tamarack Shares1. No new insiders will be created as a result of the Acquisition and no insiders of Tamarack have any direct or indirect interest in the Acquisition.

In accordance with the policies of the Toronto Stock Exchange (the "TSX"), the approval of Tamarack's shareholders is required for the Acquisition as it will result in the issuance of greater than 25% of the issued and outstanding Tamarack Shares as calculated on the date of announcement of the Acquisition. Tamarack has now received written consents from shareholders holding in excess of 51% of the issued and outstanding Tamarack Shares indicating that such shareholders consent to, and approve, the Acquisition, including the issuance of 105,341,880 Tamarack Shares pursuant to the Acquisition. As a result, Tamarack will not hold the special meeting of its shareholders that it anticipated would be held on May 28, 2021.

Tamarack and Anegada have made the necessary filings with the Competition Bureau under the Competition Act (Canada) with respect to the Acquisition and, as the Competition Bureau is treating the Acquisition as a "non-complex" transaction, it is anticipated that the required approval will be received on or about May 4, 2021. Following receipt of the Competition Act approval, the parties intend to work expeditiously towards closing the Acquisition and anticipate closing the Acquisition on or about May 31, 2021.


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