On September 12, 2022, Tamarack Valley Energy Ltd. ("Tamarack") announced that it will acquire Deltastream Energy Corporation for a net consideration of $1.425 billion, comprising $825 million in cash, $300 million in a deferred acquisition payment (DAP), and $300 million in equity through approximately 80 million Tamarack shares priced at $3.75 each. To finance the acquisition, Tamarack will expand its sustainability-linked revolving credit facility and will also utilize a $275 million term loan, a $125 million equity offering, and a proposed $75 million of Tamarack's 7.25% senior unsecured sustainability-linked notes. Post-acquisition, ARC Financial, a major Deltastream shareholder, will have its Tamarack shares subjected to escrow periods. Tamarack has also announced a 25% dividend increase, reflecting improved sustainable FFF(2) per share. After the acquisition, the company aims to allocate up to 25% of excess funds flow(2) to share buybacks or special dividends and eventually hopes to return up to 75% of excess funds flow to investors once specific debt targets are met. Regarding advisors: RBC Capital Markets is the exclusive financial advisor for Tamarack, with CIBC Capital Markets and Peters & Co. Limited as strategic advisors. Tudor Pickering Holt & Co. and National Bank Financial Inc. are co-financial advisors for Deltastream. Tamarack's legal counsel is Stikeman Elliott LLP, and Deltastream's is Norton Rose Fulbright Canada LLP. The acquisition is expected to close by the end of October.