05:26 AM EDT, 09/18/2024 (MT Newswires) -- Tamarack Valley Energy ( TNEYF ) and Wapiscanis Waseskwan Nipiy Holding Limited Partnership (WWN) have expanded the Clearwater Infrastructure Limited Partnership (CIP) to include Bigstone Cree Nation as the 13th member of WWN.

In connection with Bigstone's entry into WWN, Tamarack transferred an additional $50.8 million of Clearwater midstream assets into CIP for cash consideration of $43.2 million and maintains a 15% operated working interest in CIP.

The expansion reflects Tamarack's commitment to the long-term relationship with Indigenous communities where it is developing its Clearwater assets, the company said.

Part of the proceeds from the expansion will be directed to the company's capital program.

Capital guidance was maintained at $390 million to $440 million. The company is expected to finish the year at the upper end of the range.

Annual production is expected to trend toward the high end of the range of 61,000 to 63,000 barrels of oil equivalent per day due to strong performance at the Clearwater and Charlie Lake assets.

Tamarack's board also declared a monthly cash dividend on its common shares of $0.0125 per share, payable on Oct. 15 to shareholders of record at the close of business on Sept. 30.