Tamarack Valley Energy buying Deltastream for $1.43B, plans dividend hike

Tamarack Valley Energy Ltd. announced it’s buying Deltastream Energy Corp. to expand its reach in Alberta’s Clearwater oil play.

Shortly after the takeover was announced, Topaz Energy Corp. announced it entered into an agreement to acquire a five per cent overriding royalty on all of Deltastream’s Clearwater production for $263.5 million. It said the royalty acquisition is expected to close on Sept. 29.

Topaz also announced it will raise its quarterly dividend seven per cent to $0.30 per share from $0.28.