06:51 AM EDT, 07/30/2025 (MT Newswires) -- Tamarack Valley Energy ( TNEYF ) on Wednesday reported lower adjusted funds flow in the second quarter as oil and natural gas sales declined.

Adjusted funds flow was $197 million, or $0.39 per share, down from $225.6 million, or $0.41 per share.

Oil and natural gas sales fell to $408.3 million from $461.5 million. Net income slightly decreased to $86.2 million, or $0.17 per share, from $94.9 million, or $0.17 per share.

The company produced 70,260 barrels of oil equivalent per day, up 10% from 64,143 boe/d and a record high for the company.

Tamarack revised upward its full-year 2025 production guidance by 3% to 67,000 to 69,000 boe/d. The previous guidance was 65,000 to 67,000 boe/d.

The company also reduced capital spending guidance for 2025 by 7% to $400 million to $420 million, from the previous guidance of $430 million to $450 million. The decrease was attributed to capital efficiency gains from expanded multi-well-pad development and waterflood outperformance.

Tamarack also announced an acquisition of all issued and outstanding shares of a private company, referred to as PrivateCo, for $51.5 million in cash. The deal will add 1,100 barrels per day of Clearwater heavy oil production through the rest of 2025. Tamarack now holds a 100% working interest ownership and operatorship across its Nipisi position.

In addition, the company promoted Steve Buytels to president and CFO. Founder Brian Schmidt will remain as the CEO.