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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost 52 cents to $48.85 on the New York Merc, while Brent for August lost three cents to $50.62 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.15 to WTI ($35.70), unchanged. Natural gas for July added 2.1 cents to $2.768. The TSX energy index added a fraction to close at 188.06.

Tamarack Valley Energy Ltd. (TVE) lost 12 cents to $3.67 on 3.14 million shares, after announcing two new acquisitions, one in an existing core area of Alberta and the other in a new one. The acquired assets will cost $85-million and add production of 1,900 barrels of oil equivalent a day. Almost half of that production, or 850 barrels a day, will come from assets in Tamarack's Redwater Viking and Wilson Creek Cardium areas of central Alberta. As core areas go, these are relatively new and Tamarack is still eagerly picking up land. It entered the Redwater Viking in 2012 and doubled its landholdings there through the takeover of Sure Energy in 2013. Around the same time as the takeover, it made its first major move into the Alberta Cardium by farming into the greater Pembina area, including Wilson Creek, where it drilled its first two farm-in wells. It liked Wilson Creek so much that it bought nearly $170-million worth of assets there in 2014 and another $54-million in 2015. Now both Redwater and Wilson Creek will get a boost from Tamarack's latest acquisition. The company is also expanding into a new area, the Penny Barons light oil pool in Southern Alberta, near Lethbridge. Public data show that operators in this area include TORC Oil & Gas Ltd. (TOG: $8.45), Bonavista Energy Corp. (BNP: $3.38) and LGX Oil & Gas Ltd. (OIL: $0.005 halted) (which has been in receivership for the last two weeks), though there does not appear to have been much drilling since late 2014. Tamarack does not identify the seller of the assets it is acquiring. It says the assets have been under waterflood for 15 years and are currently producing 1,050 barrels a day. Thanks to the two acquisitions, Tamarack has increased this year's full-year production guidance to a range of 9,700 to 10,000 barrels a day from a range of 8,700 to 9,700, and boosted its year-end guidance to 11,000 barrels a day from a range of 8,600 to 9,800. It has also tightened its budget to a range of $45-million to $53-million from a range of $40-million to $57-million.

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