07:00 AM EST, 02/12/2025 (MT Newswires) -- Tamarack Valley Energy ( TNEYF ) on Wednesday said 2024 proved developed producing reserves rose 22% per share and total proved plus probable reserves climbed 19% per share.

The 66,104 barrels of oil equivalent per day produced in the fourth-quarter, of which 85% was oil and liquids, exceeded the company's expectations. The result was driven by success in the Clearwater operations.

Annual 2024 production averaged 64,331 boe/d, of which 85% was oil and liquids. Tamarack's full year capital expenditures were in line with guidance of $440 million.

The company also said it agreed to sell its Penny Barons assets in southern Alberta for $28 million. The deal, struck in the fourth quarter, is scheduled to close in early this year. Proceeds from the sale will be initially used to reduce debt.