09:21 AM EDT, 08/01/2024 (MT Newswires) -- Tamarack Valley Energy ( TNEYF ) said Thursday that its net income and revenue jumped in the second quarter.

The company posted a net income of $94.9 million, or $0.17 per share, climbing from $25.7 million, or $0.05 per share.

Total oil and natural gas revenue surged to $461.5 million from $399.2 million.

Average daily production stood at 64,143 barrels of oil equivalent per day (boe/d), down from 66,738 boe/d.

Tamarack said it reduced net debt by 36% to $491 million, with its exit net debt now at $883 million or within its $500 million to $900 million net debt range.

"Tamarack has been steadfast in our commitment to reducing debt, demonstrating operational excellence and delivering on our return of capital framework for shareholders," President and CEO Brian Schmidt said.