TSX: TVE
CALGARY, AB, Dec. 2, 2021 /CNW/ - Tamarack Valley Energy Ltd.
("Tamarack" or the "Company") is pleased to announce the release of
its second annual Sustainability Report, outlining the Company's
progress on environmental, social and governance ("ESG") practices
and how these factors help guide Tamarack's strategy. The Company
has made significant progress on previously identified commitments
and goals related to the focus areas of ethical governance;
stakeholder engagement; biodiversity and water management; and
emissions management.
"We are pleased with the progress our organization has made in
the last year, building on the foundation that was set in the first
year of our program" said Brian
Schmidt (Aakaikkitstaki), Tamarack's President and CEO.
"This report highlights how Tamarack continues to be a leader in
responsible development with a focus on the environment, while
simultaneously strengthening Indigenous and stakeholder
relationships. We have further incorporated ESG goals into our
executive and employee compensation with a path to further increase
and integrate ESG in our incentive structures"
Highlights of Tamarack's 2021 Sustainability Report
include:
- Significant progress towards the Company's clear, measurable
goals and targets, including achievement of approximately 20% of
goals to date – on time or ahead of schedule;
- Integration of ESG key performances indicators ("KPIs") into
acquisition criteria with highlights of the positive impact of
acquisitions and capital planning on the economic and environmental
profile of the Company's assets;
- Continued partnership with Indigenous stakeholders including
support for the Indian Resources Council to secure dedicated Site
Rehabilitation Program (SRP) funding for Indigenous lands in
addition to support for Kainai Resources Inc. to support
stewardship and employment efforts, with a focus on asset
retirement projects;
- Reduced fresh water utilization through the use of non-fresh
water in completion and enhanced oil recovery activities, with 100%
utilization in the Viking asset and application of non-fresh water
innovations to Clearwater and
Sparky assets;
- Increased investment in abandonment, remediation and
reclamation activities through expenditures equivalent to 3.97% of
inactive liabilities in 2019 growing to 5.59% in 2020, with full
utilization of all accessible government funding, including the SRP
program; and
- Continuous improvement of governance and management systems to
increase the transparency and robustness of the Company's
sustainability program.
Tamarack's 2021 Sustainability Report covers performance metrics
for the 2018 to 2020 calendar years and aligns with guidance set
forth by the Sustainability Accounting Standards Board (SASB), the
Task Force on Climate-related Financial Disclosure (TCFD) and the
Global Reporting Initiative (GRI) with consideration for the United
Nations Sustainable Development Goals (UN SDG).
The full Report can be accessed through the Company's website at
https://www.tamarackvalley.ca/ESG.pdf.
About Tamarack Valley Energy Ltd.
Tamarack is an oil and gas exploration and production company
committed to free funds flow generation and financial stability
through the identification, evaluation and operation of resource
plays in the Western Canadian Sedimentary Basin. Tamarack's
strategic direction is focused on three key principles: (i)
targeting repeatable and relatively predictable plays that provide
long-life reserves; (ii) using a rigorous, proven modeling process
to carefully manage risk and identify opportunities; and (iii)
operating as a responsible corporate citizen with a focus on
environmental, social and governance (ESG) commitments and goals.
The Company has an extensive inventory of low-risk, oil development
drilling locations focused primarily on Charlie Lake, Clearwater and EOR plays in Alberta that are economic over a range of oil
and natural gas prices. With this type of portfolio and an
experienced and committed management team, Tamarack intends to
continue delivering on its strategy to maximize shareholder returns
while managing its balance sheet.
SOURCE Tamarack Valley Energy