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tamarack valley ENERGY TSX : TVE Tamarack Valley Energy Ltd. Announces Second Quarter Financial Results , - Operational Update & Executive Changes Calgary , Alberta – July 27 , 2021 – Tamarack Valley Energy Ltd. ( " Tamarack ” or the “ Company ” ) is pleased to announce its financial and operating results for the three and six months ended June 30 , 2021. Selected financial and operational information is outlined below and should be read in conjunction with Tamarack's unaudited condensed consolidated interim financial statements for the three and six months ended June 30 , 2021 and related management's discussion and analysis ( " MD & A " ) which are available on SEDAR at www.sedar.com and on Tamarack's website at www.tamarackvalley.ca . Brian Schmidt , President and CEO of Tamarack commented : " We are proud to report another very strong quarter driven by the successful integration of Anegada Oil Corp. ( " Anegada " ) along with the continued execution of our Clearwater and Waterflood operations . The Anegada acquisition complements our balanced asset portfolio and provides further upside and resiliency to our free adjusted funds flow ( 1 ) and potential return of capital profile . In addition , we remain focused on advancing the 2021 initiatives and targets set within our robust environmental , social and governance ( " ESG " ) reporting . " Q2 2021 Financial and Operating Highlights . • • • Successfully closed the acquisition of Anegada on June 1 , 2021 , providing the Company an entrance into the Charlie Lake light oil play ( " Charlie Lake " ) , one of the most profitable oil plays in North America . The Company's syndicate of lenders increased the Company's credit facilities to $ 600 million and extended the revolving period to May 31 , 2022 . Achieved quarterly production volumes of 32,416 boe / d ( 2 ) in Q2 / 21 , representing a 54 % increase compared to the same period in 2020 . Generated adjusted funds flow ( 1 ) of $ 71.7 million in Q2 / 21 ( $ 0.21 per share basic and diluted ) compared to $ 21.0 million in the same period in 2020 ( $ 0.09 per share basic and diluted ) . Generated free adjusted funds flow ( 1 ) , excluding acquisition expenditures , of $ 40.9 million and net income of $ 230.2 million during the quarter . Invested $ 30.8 million in exploration and development capital expenditures , excluding acquisitions , during the second quarter of 2021 , which contributed to the drilling of 20 ( 20.0 net ) wells , comprised of 10 ( 10.0 net ) Viking oil wells , 8 ( 8.0 net ) Clearwater oil wells and 2 ( 2.0 net ) Charlie Lake oil wells . Exited the second quarter with $ 506 million of net debt ; with a forecasted year end 2021 net debt to Q4 annualized adjusted funds flow ( 1 ) of less than 1.2x . Charlie Lake Update Tamarack brought on its first two operated Charlie Lake light oil wells in June ( 12-16-071-08W6 and 02 / 16-22-073- 07W6 ) with IP30 rates of approximately 1,367 boe / d ( 3 ) ( 1,157 bopd ) and 1,048 boe / d ( 4 ) ( 650 bopd ) , respectively . This compares to the internal TVE Tier 8 development type curve of 482 bbls / d . Production for June and July was impacted by third party plant outages due to the extreme temperatures that plagued the province . However , the