Oil and gas company Tamarack Valley Energy (TVE:Venture) recently released an operational update, which indicated that the firm had third quarter production of 1,100 barrels of oil equivalent per day and recently added 10 sections of oil-containing land. Dundee Securities said that these results surpassed its expectations and that Tamarack should be owned by those looking to invest in small cap companies in the sector.
During a 14-day test period, the oil and gas company's 3-35 Buck Lake Cardium well produced an average of 1,239 barrels of oil equivalent per day (36 percent liquids). At the time of the report, production was 983 barrels of oil equivalent per day (30 percent liquids).
The Saskatchewan heavy oil program resulted in the addition of 10.4 net sections as a result of recent land acquisitions and a new contract with First Nations. The company plans to drill between two and four additional wells before the year is over.
Tamarack Valley Energy closed at C$0.33 on October 28 and hit a 52-week high/low of C$0.65 and C$0.21, respectively.