Alberta-focused mid-cap heavy-oil producer built around the Clearwater fairway (Marten Hills, Nipisi, West Marten Hills) plus, until mid-2026, Charlie Lake light oil. FY2025 output averaged 68.2 Mboe/d (~62% oil & NGLs). Founder-led by CEO Brian Schmidt with an emphasis on low-decline waterflood/EOR development and shareholder returns.
FY2025: revenue ~C$1.61B, adjusted funds flow C$796M, free cash flow C$390M, EBITDA ~C$878M, with a small net loss (C$36M) on non-cash charges. Total proved (1P) reserves 174 MMboe (before-tax NPV10 ~C$2.2B); 2P 282 MMboe. In May 2026 TVE agreed to sell Charlie Lake for C$804M (closed June 16, 2026), becoming a pure-play Clearwater producer with a net cash position (>C$125M pro-forma) and a 25% dividend increase to C$0.20/share annualized.
Its EV/EBITDA of 9.2x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 5.7% is lower than the 6.5% median, and at $30.80/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Tamarack Valley Energy Ltd. scores 49/100, strongest on growth (81/100). Sub-scores: value 24, quality 54, growth 81, risk 35 (higher = riskier).
Tamarack Valley Energy Ltd. holds approximately 0.17 billion boe of proved (1P) reserves with FY2025 production of about 68 thousand boe/d (85% liquids), a reserve life of roughly 7.0 years. Break-even: ~$40 (WTI FCF breakeven) — Low-decline Clearwater waterflood/EOR base and low operating costs give a sustaining (maintenance capex + base dividend) breakeven near US$35 WTI; corporate FCF breakeven sits in the low-$40s. Heavy-oil WCS differentials are the main swing factor.
For Tamarack Valley Energy Ltd., no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Canada | 100% | 8 | Stable; pipeline egress constraints, oil-sands emissions policy. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Clearwater - Marten Hills | Canada | Heavy oil | Original Clearwater play; multilateral wells, low-decline |
| Clearwater - Nipisi | Canada | Heavy oil | Core Clearwater waterflood area |
| Clearwater - West Marten Hills / Jarvie | Canada | Heavy oil | Growth Clearwater fairway |
| Clearwater - Peavine / Seal | Canada | Heavy oil | Emerging Clearwater trends |
| Clearwater waterflood / EOR | Canada | EOR | Waterflood & polymer flood lifting recovery factors |
| Clearwater - Perryvale / Rich Valley | Canada | Heavy oil | Newer Clearwater development area |
| Charlie Lake (Wembley/Deep Basin) | Canada | Light oil / liquids | ~18 Mboe/d; divested June 2026 for C$804M |
| Non-core Southern AB / Cardium | Canada | Light oil / gas | Divested 2025-26 to become pure-play Clearwater |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 28 | 44 | 62 | 65 | 68 |
| Proved reserves (bnboe) | 0.10 | 0.14 | 0.16 | 0.17 | 0.17 |
| Revenue ($bn) | 0.5 | 1.2 | 1.1 | 1.1 | 1.2 |
| EBITDA ($bn) | 0.3 | 0.7 | 0.6 | 0.6 | 0.6 |
| Net income ($bn) | 0.1 | 0.3 | 0.1 | 0.1 | -0.0 |
| Free cash flow ($bn) | 0.1 | 0.3 | 0.2 | 0.3 | 0.3 |
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✓ FY2025 figures verified against primary sources: