Satellos Appoints Dr. Wildon Farwell as Chief Medical Officer
TORONTO — Satellos Bioscience Inc. (TSX: MSCL, OTCQB: MSCLF) (' Satellos ' or the ' Company '), a biotech company developing new small molecule therapeutic approaches to improve the treatment of muscle diseases, today announced the appointment of Wildon Farwell, M.D., MPH, as chief medical officer ('CMO'). Dr. Farwell joins Satellos from Dyne Therapeutics (Nasdaq: DYN), where he most recently served as CMO and medical advisor.
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'We are thrilled to welcome Dr. Farwell as our CMO,' said Frank Gleeson, Satellos co-founder and CEO. 'He brings deep expertise in global clinical development — particularly in neuromuscular and rare diseases — and a strong track record of successfully advancing novel therapies through regulatory approval. His experience will be invaluable as we move SAT-3247 into a global, randomized, placebo-controlled Phase 2 clinical trial in children living with DMD, with the goal of delivering a transformative treatment.'
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At Dyne, Dr. Farwell built the development organization, led the protocol development and regulatory submissions for their Duchenne muscular dystrophy (DMD) and myotonic dystrophy type 1 (DM1) programs, oversaw the conduct of multiple potentially registrational clinical studies, and contributed to several successful capital raises. Before joining Dyne, he spent a decade at Biogen in increasing leadership roles, including vice president of Late-Stage Clinical Development and global medical head of Neuromuscular Diseases. During his time at Biogen, Dr. Farwell led the development and lifecycle management of SPINRAZA®, the first approved treatment for spinal muscular atrophy. He also initiated late-stage development of QALSODY®, an investigational therapy for amyotrophic lateral sclerosis. Dr. Farwell also led biomarker development and pharmacovigilance for therapies across multiple indications. Prior to moving into industry, Dr. Farwell served as an assistant professor of medicine at Harvard Medical School and was a physician at Brigham and Women's Hospital and the VA Boston Healthcare System. He earned his medical degree from the University of Missouri School of Medicine and holds a Master of Public Health in clinical effectiveness from the Harvard T.H. Chan School of Public Health.
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'I'm honored to join Satellos at such a pivotal point in its growth,' said Dr. Farwell. 'Throughout my career, I've been fortunate to lead the development of several therapies that have had profound impacts on the lives of specific populations of people with serious neuromuscular diseases. Now, working to advance SAT-3247 and support Satellos' novel approach to muscle regeneration represents a natural and meaningful next chapter. I look forward to working with the team to drive clinical progress and bring forward a treatment that may have a profound impact across a broad population of people living with Duchenne and other serious muscle diseases.'
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Dr. Farwell succeeds Jordan Dubow, MD, who has served as Satellos' part-time CMO since January 2024. Dr. Dubow will continue to serve as a consultant to Satellos and chair of its Clinical Advisory Board.
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About Satellos Bioscience Inc.
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Satellos is a clinical-stage drug development company focused on restoring natural muscle repair and regeneration in degenerative muscle diseases. Through its research, Satellos has developed SAT-3247, a first-of-its-kind, orally administered small molecule drug designed to address deficits in muscle repair and regeneration. SAT-3247 targets AAK1, a key protein that Satellos has identified as capable of replacing the signal normally provided by dystrophin in muscle stem cells to effect repair and regeneration. By restoring this missing dystrophin signal in DMD, SAT-3247 enables muscle stem cells to divide properly and more efficiently, promoting natural muscle repair and regeneration. SAT-3247 is currently in clinical development as a potential disease-modifying treatment initially for DMD. Satellos also is leveraging its proprietary discovery platform MyoReGenX™ to identify additional muscle diseases or injury conditions where restoring muscle repair and regeneration may have therapeutic benefit and represent future clinical development opportunities. For more information, visit www.satellos.com.
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This press release includes forward-looking information or forward-looking statements within the meaning of applicable securities laws regarding Satellos and its business, which may include, but are not limited to, statements regarding the potential for SAT-3247 to represent a disease modifying approach to the therapeutic treatment of people living with Duchenne; anticipated benefits to patients from a small molecule treatment for Duchenne; the advancement SAT-3247 through clinical trials; the pharmacodynamic properties and mechanism-of-action of SAT-3247; the potential of our approach in other degenerative muscle diseases; its/their prospective impact on Duchenne patients, patients with other degenerative muscle disease or muscle injury or trauma, and on muscle regeneration generally; and Satellos' technologies and drug development plans. All statements that are, or information which is, not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, occurrences or developments, are 'forward-looking information or statements.' Often but not always, forward-looking information or statements can be identified by the use of words such as 'shall', 'intends', 'believe', 'plan', 'expect', 'intend', 'estimate', 'anticipate', 'potential', 'prospective' , 'assert' or any variations (including negative or plural variations) of such words and phrases, or state that certain actions, events or results 'may', 'might', 'can', 'could', 'would' or 'will' be taken, occur, lead to, result in, or, be achieved. Such statements are based on the current expectations and views of future events of the management of the Company. They are based on assumptions and subject to risks and uncertainties. Although management believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release, may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, including, without limitation, risks relating to the pharmaceutical and bioscience industry (including the risks associated with preclinical and clinical trials and regulatory approvals), and the research and development of therapeutics, the results of preclinical and clinical trials, general market conditions and equity markets, economic factors and management's ability to manage and to operate the business of the Company generally, including inflation and the costs of operating a biopharma business, and those risks listed in the 'Risk Factors' section of Satellos' Annual Information Form dated March 26, 2025 (which is located on Satellos' profile at www.sedarplus.ca). Although Satellos has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Satellos does not undertake any obligation to publicly update or revise any forward-looking statement, whether resulting from new information, future events, or otherwise.
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Tamarack Valley Energy Announces Q2 Results, Record Quarterly Production, Positive Guidance Update; Strategic Clearwater Tuck-in Acquisition and Executive Appointment
CALGARY, AB, July 30, 2025 /CNW/ - Tamarack Valley Energy Ltd. (" Tamarack" or the " Company") (TSX: TVE) is pleased to announce its financial and operating results for the three, and six months ended June 30, 2025. Selected financial and operating information should be read with Tamarack's unaudited consolidated financial statements and related management's discussion and analysis ("MD&A") for the three, and six months ended June 30, 2025, which are available on SEDAR+ at and on Tamarack's website at Production achieved another record high in Q2/25, averaging 70,260 boe/d (1) and representing a 19% YoY increase on a per share basis. This, combined with improved costs and capital efficiencies, drove strong free funds flow ("FFF") (2) generation. In conjunction with share buybacks, Tamarack is compounding per share value creation for shareholders. Overall program success continues to drive production higher with capital trending lower resulting in a positive update to Tamarack's corporate guidance. Reflecting improved efficiencies, full year 2025 production guidance is increased by 3% to 67,000 – 69,000 boe/d (3) and capital spending is reduced by 7%. At the same time, strength in funds flow is supported by lower net production and interest expenses with guidance demonstrating savings of 5% and 6% respectively. Q2 2025 Financial and Operational Highlights Production Outperformance – Q2/25 production averaged 70,260 boe/d (1), highlighted by 4% growth in heavy oil volumes vs. Q1/25, reflecting ongoing development and waterflood success. Free Funds Flow (2) Per Share Generation – Delivered Q2/25 adjusted funds flow ("AFF") (2) of $197MM or $0.39/share and FFF (2) of $133MM or $0.26/share. Increased Shareholder Returns – Bought back 10.1MM common shares in Q2/25, year-to-date Tamarack has repurchased 22.6MM common shares, or 4% of the share float at 2024 YE, at an average price of ~$4.33/share. Together with declared dividends, Tamarack returned $137MM to shareholders in H1/25. Capital Investment and Efficiencies – Capital expenditures of $63MM reflected strong production performance and continued capital efficiency gains. During the quarter Tamarack drilled 19 Clearwater heavy oil wells and 11 water injection wells. Balance Sheet Strength – Tamarack's Q2/25 net debt (2) is 19% lower than Q2/24. On a 12-month trailing basis the net debt to EBITDA (2) multiple at the end of the quarter was 0.7x. Positive 2025 Guidance Updates – Reflecting success of the development and waterflood programs along with ongoing capital efficiency gains, net of acquisitions and divestment, the Company is increasing 2025 production guidance by 3% and reducing the capital exploration and development outlook by 7%. Successful Bond Offering Enhances Capital Structure – On July 25, 2025, Tamarack completed a $325MM offering of 6.875%, 5-year term unsecured senior notes. A portion of the net proceeds were used to redeem ~$100MM of the Company's outstanding $300MM 7.25% senior unsecured notes with the balance applied to the existing covenant-based facility. Strategic Clearwater Consolidation – On July 29, 2025, Tamarack closed the $51.5MM corporate acquisition of a private company ("PrivateCo"), adding 1,100 bbl/d of Clearwater production through the balance of 2025, and >114 net sections of Clearwater lands. Q2 2025 Financial & Operating Results Three months ended Six months ended June 30 2025 2024 % change 2025 2024 % change ($ thousands, except per share amounts) Oil and natural gas sales $ 408,267 $ 461,479 (12) $ 852,555 $ 854,815 - Cash provided by operating activities 189,579 225,370 (16) 377,132 390,571 (3) Per share – basic (2) 0.38 0.41 (7) 0.74 0.71 4 Per share – diluted (2) 0.37 0.41 (10) 0.73 0.71 3 Adjusted funds flow (2) 197,037 225,554 (13) 423,183 407,110 4 Per share – basic (2) 0.39 0.41 (5) 0.83 0.74 12 Per share – diluted (2) 0.39 0.41 (5) 0.82 0.74 11 Free funds flow (2) 133,114 137,194 (3) 223,807 189,005 18 Per share – basic (2) 0.26 0.25 4 0.44 0.34 29 Per share – diluted (2) 0.26 0.25 4 0.44 0.34 29 Net income (loss) 86,237 94,887 (9) 150,495 62,143 142 Per share – basic 0.17 0.17 - 0.30 0.11 173 Per share – diluted 0.17 0.17 - 0.29 0.11 164 Net debt (2) 711,132 882,669 (19) 711,132 882,669 (19) Investments in oil and natural gas assets 63,166 86,341 (27) 195,897 214,562 (9) Weighted average shares outstanding Basic 503,447 548,012 (8) 509,346 548,449 (7) Diluted 508,268 551,763 (8) 514,244 551,880 (7) Average daily production Heavy oil (bbls/d) 42,004 37,660 12 41,198 36,957 11 Light oil (bbls/d) 14,149 14,807 (4) 14,177 15,039 (6) NGL (bbls/d) 3,120 2,533 23 3,064 2,229 37 Natural gas (mcf/d) 65,922 54,856 20 63,284 53,144 19 Total (boe/d) 70,260 64,143 10 68,986 63,082 9 Average sale prices Heavy oil ($/bbl) $ 73.58 $ 88.23 (17) $ 78.19 $ 82.41 (5) Light oil ($/bbl) 82.76 106.24 (22) 87.75 96.23 (9) NGL ($/bbl) 29.97 36.58 (18) 32.49 39.15 (17) Natural gas ($/mcf) 2.00 1.51 32 2.30 2.20 5 Total ($/boe) 63.85 79.06 (19) 68.28 74.45 (8) Benchmark pricing West Texas Intermediate (US$/bbl) 63.74 80.57 (21) 67.58 78.77 (14) Western Canadian Select (WCS) (C$/bbl) 73.96 91.63 (19) 79.13 84.70 (7) WCS differential (US$/bbl) 10.27 13.61 (25) 11.47 16.46 (30) Edmonton Par (Cdn$/bbl) 84.25 105.28 (20) 89.79 98.72 (9) Edmonton Par differential (US$/bbl) 2.84 3.63 (22) 3.91 6.14 (36) Foreign Exchange (USD to CAD) 1.38 1.37 1 1.41 1.36 4 Operating netback ($/Boe) Oil and natural gas sales 63.85 79.06 (19) 68.28 74.45 (8) Royalty expenses (12.15) (14.67) (17) (13.11) (14.08) (7) Net production expenses (2) (8.01) (9.84) (19) (7.89) (9.95) (21) Transportation expenses (3.54) (3.93) (10) (3.61) (4.05) (11) Operating field netback ($/Boe) (2) 40.15 50.62 (21) 43.67 46.37 (6) Realized commodity hedging gain (loss) 0.11 (0.67) nm (0.79) (0.16) 394 Operating netback ($/Boe) (2) $ 40.26 $ 49.95 (19) $ 42.88 $ 46.21 (7) Adjusted funds flow ($/Boe) (2) $ 30.82 $ 38.64 (20) $ 33.89 $ 35.46 (4) 2025 Guidance Update Reflecting core asset performance, along with net acquisition and divestiture ("A&D") activities, Tamarack's 2025 guidance is revised upward. Full-year production guidance range is increased by 3%, to 67,000 - 69,000 boe/d (3) which includes previously disclosed planned turnarounds during Q3/25. The third-party CSV Albright gas processing facility is in the final stages of commissioning, and it is anticipated that start-up is imminent. Tamarack has completed all work required to send gas volumes to the new CSV Albright facility which is expected to improve the Company's field egress capacity from Charlie Lake and support ongoing development of the assets. Ongoing capital efficiency gains from expanded multi-well-pad development and waterflood outperformance have resulted in capital investment guidance improving by 7% for 2025, which includes the expanded Clearwater waterflood investment previously announced. Strong execution of the 2025 capital program, together with net A&D activity, has Tamarack on track to achieve its $500MM net debt (2) target in 2027. Net 2025 production expense per boe guidance is reduced by 5%, reflecting continued improvements to lifting costs and higher production. Net production expense also reflects the H1/25 disposition of non-core assets, which carried higher relative per boe costs vs. Tamarack's corporate average on retained assets. Transportation expense guidance was narrowed for the full year reflecting the ongoing impact of infrastructure investments and reduced trucking activities. The Company has reduced interest expense guidance by 6% for 2025 owing to lower variable interest rates and overall lower net debt. The Company's updated 2025 guidance is summarized in the table below. Operations Update Clearwater Clearwater production increased by 16% YoY to average 46,486 boe/d (11) (91% oil & liquids) in Q2/25, reflecting success of our development program and continued strong response from ongoing expansion of the waterflood program. Through Q2/25, Tamarack drilled 13 Clearwater injection wells and converted five wells to injection. In H2/25, Tamarack plans to drill 45 primary wells, nine injectors and to convert an additional 10 wells to injection. This will support plans to grow water injection to >30,000 bbl/d by the end of the year, representing a 200% YoY increase. Clearwater waterflood response across our acreage continues to outperform with total heavy oil uplift from waterflood now exceeding 3,750 bbl/d, representing ~9% of Q2/25 Clearwater heavy oil production. Recently, Tamarack's 15-02-075-25W4 and 16-02-075-25W4 Marten Hills patterns have shown strong incremental response and are currently producing at >725 bbl/d and >750 bbl/d respectively. This represents an uplift of >1,300 bbl/d compared to the combined primary baseline of ~80 bbl/d from only two waterflood patterns. In June, after 6.5 years on-stream, these patterns ranked as the top two Clearwater multi-lateral producers of the month, underscoring the robust potential of the Clearwater waterflood. The Company plans to convert an additional three injectors offsetting the Marten Hills patterns in H2/25 as part of the ten well injector conversion program. Tamarack's 102/01-11-074-25W4 W-pattern also continues to outperform expectations and is now producing at more than 250 bbl/d above its primary baseline of 75 bbl/d. Charlie Lake Tamarack's Charlie Lake assets, situated within the Peace River Arch fairway, delivered average production of 18,940 boe/d (12) (68% oil & liquids) for the quarter, demonstrating growth of 7% vs. Q1/25. This represents the asset's highest quarterly production to date and a YoY increase of 1,040 boe/d (13), made possible by strong results from the 12 (10.8 net) horizontal Charlie Lake wells brought onstream throughout Q1/25. Tamarack is prepared to commence delivery of gas to the CSV Albright plant in support of the imminent start-up and ramping up of operations at that facility by the third-party operator. Given delays experienced with this facility start-up year-to-date, temporary alternate egress arrangements remain in place, and the 2025 average Charlie Lake production outlook remains unchanged. The Company resumed drilling activities in early July, with plans to run a continuous one rig program for H2/25, after pausing activity for break up in Q2/25. Charlie Lake production is expected to moderate through the balance of the year with capital largely focused on Clearwater development. Tamarack retains significant capital allocation optionality with respect to the Charlie Lake, having now secured sufficient processing and egress capacity to support ongoing operations while also facilitating potential additional growth across the region. Strategic Clearwater Acquisition Tamarack acquired all issued and outstanding shares of PrivateCo for cash consideration of $51.5MM, on July 29, 2025. The acquisition will add 1,100 bbl/d of Clearwater heavy oil production through the balance of the year. The synergistic tuck-in enhances Tamarack's contiguous footprint within the Clearwater fairway, increasing Clearwater land holdings by >114 net sections or 17% (14), while consolidating joint interests partner lands offering both full cycle development cost and capital synergies. Tamarack now holds a 100% working interest ownership and operatorship across its Nipisi position. This acreage adds proven stacked Clearwater inventory, increased resource capture with waterflood upside, along with step-out and exploration opportunities at West Nipisi. Executive Appointment Tamarack is pleased to announce that Mr. Steve Buytels is promoted to President and Chief Financial Officer. Since joining the Company in 2020, Mr. Buytels has been a key contributor to Tamarack's transformation to a highly profitable company with dominant positions in two of North America's top oil and gas plays. We look forward to ongoing success under his continued guidance moving forward. As Tamarack's founder, Mr. Schmidt will continue as the Chief Executive Officer, which is consistent with the Board's succession planning to insure predictable and consistent corporate performance. Risk Management The Company takes a systematic approach to managing commodity price risk and volatility to ensure sustaining capital, debt servicing requirements and the base dividend are protected through a prudent hedging management program. For the remainder of 2025, approximately ~49% of net after royalty oil production is hedged against WTI with an average floor price of ~US$57/bbl with structures that allow for upside price participation averaging ~US$79/bbl. Our strategy provides protection to the downside while retaining upside exposure. Additional details of the current hedges in place can be found in the corporate presentation on the Company website ( We would like to thank our employees, shareholders and other stakeholders for their ongoing support. Tamarack continues to execute its five-year plan, with success and results driven by the dedication and hard work of our employees. We look forward to continuing to develop our high-quality assets to create long-term, sustainable shareholder value. About Tamarack Valley Energy Ltd. Tamarack is an oil and gas exploration and production company committed to creating long-term value for its shareholders through sustainable free funds flow generation, financial stability and the return of capital. The Company has an extensive inventory of low-risk, oil development drilling locations focused primarily on Charlie Lake and Clearwater plays in Alberta while also pursuing EOR upside in these core areas. For more information, please visit the Company's website at Abbreviations Notes to Press Release 1) 70,260 boe/d: 14,149 bbl/d light/medium oil, 42,004 bbl/d heavy oil, 3,120 bbl/d NGL, 65,922 mcf/d natural gas. 2) See "Specified Financial Measures". 3) 67,000 – 69,000 boe/d: 41,150-42,350 bbl/d heavy oil, 13,300-13,700 bbl/d light/medium oil, 2,300-2,360 bbl/d NGL and 61,550-63,550 mcf/d natural gas. 4) 2025 annual guidance numbers are based on 2025 Budget average pricing assumptions of: 5) 65,000 – 67,000 boe/d: 39,150-40,350 bbl/d heavy oil, 13,300-13,700 bbl/d light/medium oil, 2,300-2,360 bbl/d NGL and 61,550-63,550 mcf/d natural gas. 6) Oil wellhead deductions for grade specific trading differential (ex CHV), blending requirements, quality differential, and pipeline tolls if Tamarack is not marketing (lease transactions). 7) Production expense budget includes the "CIP" fee for service and minimal carbon tax. 8) G&A noted excludes the effect of cash settled stock-based compensation. 9) Budgeted interest includes CIP take-or-pay capital fee. 10) Tamarack estimates a tax rate as a percentage of adjusted funds flow. 11) 46,486 boe/d: 56 bbl/d light & medium oil, 42,004 bbl/d heavy oil, 256 bbl/d NGL, 65,922 mcf/d natural gas. 12) 18,940 boe/d: 9,990 bbl/d light/medium oil, 2,800 bbl/d NGL and 36,900 mcf/d natural gas. 13) 1,040 boe/d: 155 bbl/d light/medium oil, 500 bbl/d NGL and 2,300 mcf/d natural gas. 14) Clearwater landholding increase is relative to assets held as at June 30, 2025. Reader Advisories Notes to Press Release Disclosure of Oil and Gas Information Unit Cost Calculation. For the purpose of calculating unit costs, natural gas volumes have been converted to a boe using six thousand cubic feet equal to one barrel unless otherwise stated. A boe conversion ratio of 6:1 is based upon an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. This conversion conforms with Canadian Securities Administrators' National Instrument 51 101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Boe may be misleading, particularly if used in isolation. Product Types. References in this press release to "crude oil" or "oil" refers to light, medium and heavy crude oil product types as defined by NI 51-101. References to "NGL" throughout this press release comprise pentane, butane, propane, and ethane, being all NGL as defined by NI 51-101. References to "natural gas" throughout this press release refers to conventional natural gas as defined by NI 51-101. Forward Looking Information This news release contains certain forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. Forward-looking statements are often, but not always, identified by the use of words such as "guidance", "outlook", "anticipate", "target", "plan", "continue", "intend", "consider", "estimate", "expect", "may", "will", "should", "could" or similar words suggesting future outcomes. More particularly, this news release contains statements concerning: Tamarack's business strategy, objectives, strength and focus; the Company's exploration and development plans and strategies; the corporate acquisition of a private company (the "PrivateCo"), including anticipated benefits and strategic rationale; dividends, share buybacks and debt reduction; the revised 2025 budget, outlook and guidance, including Tamarack's continued capital flexibility under its 2025 capital program; anticipated operational results for the remainder of 2025 including, but not limited to, estimated or anticipated production levels, capital expenditures, drilling and conversion plans and infrastructure initiatives and anticipated margin improvements; the new CSV Albright sour gas plant in the Charlie Lake, including expectations regarding improved field egress capacity; expectations regarding commodity prices; the performance characteristics of the Company's oil and natural gas properties; EOR, including the acceleration of waterflood initiatives and decline mitigation; the ability of the Company to achieve drilling success consistent with management's expectations; risk management activities, including hedging positions and targets; and the source of funding for the Company's activities, including development costs. Future dividend payments and share buybacks, if any, and the level thereof, are uncertain, as the Company's return of capital framework and the funds available for such activities from time to time is dependent upon, among other things, free funds flow financial requirements for the Company's operations and the execution of its growth strategy, fluctuations in working capital and the timing and amount of capital expenditures, debt service requirements and other factors beyond the Company's control. Further, the ability of Tamarack to pay dividends and buyback shares will be subject to applicable laws (including the satisfaction of the solvency test contained in applicable corporate legislation) and contractual restrictions contained in the instruments governing its indebtedness, including its credit facility. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Tamarack, including those relating to: the business plan of Tamarack; the assets acquired pursuant to the Acquisition; the timing of and success of future drilling, conversion, development and completion activities; the geological characteristics of Tamarack's properties; prevailing commodity prices, price volatility, price differentials and the actual prices received for the Company's products; the availability and performance of drilling rigs, facilities, pipelines and other oilfield services; the timing of past operations and activities in the planned areas of focus; the performance of new and existing wells; the application of existing drilling and fracturing techniques; the Company's ability to secure sufficient amounts of water; prevailing weather and break-up conditions; royalty regimes and exchange rates; impact of inflation on costs; the application of regulatory and licensing requirements; the continued availability of capital and skilled personnel; the ability to maintain or grow the banking facilities; the accuracy of Tamarack's geological interpretation of its drilling and land opportunities, including the ability of seismic activity to enhance such interpretation; and Tamarack's ability to execute its plans and strategies. Although management considers these assumptions to be reasonable based on information currently available, undue reliance should not be placed on the forward-looking statements because Tamarack can give no assurances that they may prove to be correct. By their very nature, forward-looking statements are subject to certain risks and uncertainties (both general and specific) that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: risks with respect to unplanned third party pipeline outages and risks relating to inclement and severe weather events and natural disasters, such as fire, drought and flooding, including in respect of safety, asset integrity and shutting-in production; the risk that future dividend payments thereunder are reduced, suspended or cancelled; incorrect assessments of the value of benefits to be obtained from exploration and development programs; risks associated with the oil and gas industry in general (e.g. operational risks in development, exploration and production; and delays or changes in plans with respect to exploration or development projects or capital expenditures); the risk that (i) ongoing negotiations between the U.S. and Canadian governments are not successful and one or both of such governments maintain tariffs, increase the rate or scope of tariffs, or impose new tariffs on the import of goods from one country to the other, including on oil and natural gas, (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas, and (iii) the tariffs imposed by the U.S. on other countries and responses thereto could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the Company; commodity prices, including the impact of the actions of OPEC and OPEC+ members; the uncertainty of estimates and projections relating to production, cash generation, costs and expenses, including increased operating and capital costs due to inflationary pressures; health, safety, litigation and environmental risks; access to capital; and pandemics. In addition, ongoing military actions in the Middle East and between Russia and Ukraine have the potential to threaten the supply of oil and gas from those regions. The long-term impacts of the actions between these nations remains uncertain. Due to the nature of the oil and natural gas industry, drilling plans and operational activities may be delayed or modified to respond to market conditions, results of past operations, regulatory approvals or availability of services causing results to be delayed. Please refer to the most recent annual information form of the Company and the MD&A, for additional risk factors relating to Tamarack, which can be accessed either on Tamarack's website at or under the Company's profile on The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement. This news release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about generating sustainable long-term growth in free funds flow, dividends, share buybacks, debt reduction (including achieving $500MM net debt target in 2027), prospective results of operations and production (including annual average production, average oil & NGL weighting), hedging, operating costs, the revised 2025 capital guidance, 2025 annual budget and budget pricing, balance sheet strength, adjusted funds flow and free funds flow and components thereof, including pro forma the completion of the Acquisition, all of which are subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraphs. FOFI contained in this document was approved by management as of the date of this document and was provided for the purpose of providing further information about Tamarack's future business operations. Tamarack and its management believe that FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments, and represent, to the best of management's knowledge and opinion, the Company's expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. Tamarack disclaims any intention or obligation to update or revise any FOFI contained in this document, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this document should not be used for purposes other than for which it is disclosed herein. Changes in forecast commodity prices, differences in the timing of capital expenditures, and variances in average production estimates can have a significant impact on the key performance measures included in Tamarack's revised guidance. The Company's actual results may differ materially from these estimates. Specified Financial Measures This press release includes various specified financial measures, including non-IFRS financial measures, non-IFRS financial ratios, capital management measures and supplemental financial measures as further described herein. These measures do not have a standardized meaning prescribed by International Financial Reporting Standards ("IFRS") and, therefore, may not be comparable with the calculation of similar measures by other companies. "Adjusted funds flow (capital management measure)" is calculated by taking cash-flow from operating activities, on a periodic basis, deducting current income tax expense and interest expense (excluding fees) and adding back income tax paid, interest paid, changes in non-cash working capital, expenditures on decommissioning obligations and transaction costs settled during the applicable period. Tamarack believes the timing of collection, payment or incurrence of these items is variable and that adjusting for estimated current income taxes and interest in the period expensed is a better indication of the adjusted funds generated by the Company. Expenditures on decommissioning obligations may vary from period to period depending on capital programs and the maturity of the Company's operating areas. Expenditures on decommissioning obligations are managed through the capital budgeting process which considers available adjusted funds flow. Tamarack uses adjusted funds flow as a key measure to demonstrate the Company's ability to generate funds to repay debt, pay dividends and fund future capital investment. Adjusted funds flow per share is calculated using the same weighted average basic and diluted shares that are used in calculating income per share, which results in the measure being considered a supplemental financial measure. Adjusted funds flow can also be calculated on a per boe basis, which results in the measure being considered a supplemental financial measure. " Differential including transportation expense" The calculation of the Company's heavy oil differential including transportation expenses is presented in the "Oil and natural gas sales" section of the MD&A and is determined by comparing the Company's realized price to the published benchmark price, plus transportation expenses. The Company and others utilize these performance measures to assess the value of net revenue received by Tamarack for each barrel sold relative to the published market price during that period. " EBITDA (non-IFRS financial measure)" is calculated as consolidated net income (loss) before interest and financing expenses, income taxes, depletion, depreciation and amortization, adjusted for certain non-cash, extraordinary and non-recurring items primarily relating to unrealized gains and losses on financial instruments and impairment losses. The Company considers this metric as key measures that demonstrate the ability of the Company's continuing operations to generate the cash flow necessary to maintain production at current levels and fund future growth through capital investment and to service and repay debt. The most directly comparable IFRS measure to EBITDA is cash provided by operating activities. " Free funds flow (capital management measure)" is calculated by taking adjusted funds flow and subtracting capital expenditures, excluding acquisitions and dispositions. Management believes that free funds flow provides a useful measure to determine Tamarack's ability to improve returns and manage long-term value of the business. "Net debt (capital management measure)" is calculated as credit facilities plus senior unsecured notes, plus deferred acquisition payment notes, plus working capital surplus or deficiency, plus other liability, including the fair value of cross-currency swaps, plus government loans, plus facilities acquisition payments, less notes receivable and excluding the current portion of fair value of financial instruments, decommissioning obligations, lease liabilities and the cash award incentive plan liability. " Net Debt to EBITDA (capital management measure)" is calculated as net debt at a point in time divided by EBITDA. Management considers Net Debt to EBITDA an important measure as it is a key metric to identify the Company's ability to fund financing expenses, net debt reductions and other obligations. When this measure is presented quarterly, EBITDA is annualized by multiplying by four. When this measure is presented on a trailing twelve-month basis, EBITDA for the twelve months preceding the net debt date is used in the calculation. " Net Production Expenses, Operating Netback and Operating Field Netback (Non-IFRS Financial Measures, and Non-IFRS Financial Ratios if calculated on a per boe basis)" – Management uses certain industry benchmarks, such as net production expenses, operating netback and operating field netback, to analyze financial and operating performance. " Net Production Expenses" are determined by deducting processing income primarily generated by processing third party volumes at processing facilities where the Company has an ownership interest. Under IFRS this source of funds is required to be reported as income. Where the Company has excess capacity at one of its facilities, it will process third party volumes as a means to reduce the cost of operating/owning the facility, and as such third-party processing revenue is netted against production expenses in the MD&A. " Operating Netback" equals total petroleum and natural gas sales (net of blending), including realized gains and losses on commodity and foreign exchange derivative contracts, less royalties, net production expenses and transportation expense. " Operating Field Netback" equals total petroleum and natural gas sales, less royalties, net production expenses and transportation expense. These metrics can also be calculated on a per boe basis, which results in them being considered a non-IFRS financial ratio. Management considers operating netback and operating field netback important measures to evaluate Tamarack's operational performance, as it demonstrates field level profitability relative to current commodity prices. Please refer to the MD&A for additional information relating to specified financial measures including non-IFRS financial measures, non-IFRS financial ratios and capital management measures. The MD&A can be accessed either on Tamarack's website at or under the Company's profile on SOURCE Tamarack Valley Energy Ltd.
The Market Online
25 minutes ago
- The Market Online
Three TSX stocks that can weather interest rate uncertainty
But the calm may not last. South of the border, tensions are rising between U.S. President Donald Trump and Fed Chair Jerome Powell. Trump is pushing hard for rate cuts to stimulate growth ahead of the election, while Powell remains cautious, citing inflation risks. Historically, Canada often moves in step with U.S. monetary policy, leaving Canadian investors wondering how to position their portfolios. This article is a journalistic opinion piece which has been written based on independent research. It is intended to inform investors and should not be taken as a recommendation or financial advice. In this uncertain environment, some companies stand out for their resilience to interest rate fluctuations. Here are three Canadian stocks that offer stability, strong fundamentals, and limited exposure to rate-driven volatility: Andlauer Healthcare Group (TSX:AND) Sector: Healthcare logistics Andlauer specializes in transporting pharmaceuticals, medical devices, and other healthcare products across Canada. Its services are essential, highly regulated, and largely insulated from economic cycles. Because healthcare demand remains steady regardless of interest rates, Andlauer's revenue base is stable. The company also benefits from long-term contracts and a strong logistics network, making it a defensive play in any rate environment. Andlauer stock (TSX:AND) is up 25.59 per cent since the year began. Thomson Reuters (TSX:TRI) Sector: Information services Thomson Reuters provides legal, tax, and financial data services to professionals and institutions worldwide. Its subscription-based model ensures predictable, recurring revenue—an attractive feature when interest rates are in flux. The company's tools are mission-critical for clients, meaning demand remains strong even during economic slowdowns. With a global footprint and strong cash flow, Thomson Reuters is well-positioned to weather monetary policy shifts on either side of the border. Thomson Reuters stock (TSX:TRI) is up 25.51 per cent since the year began. B2Gold (TSX:BTO) Sector: Gold mining Gold stocks often move inversely to interest rates and inflation expectations, and B2Gold is no exception. The company operates low-cost mines in Mali, Namibia, and the Philippines, and it boasts no net debt and strong free cash flow. With a dividend yield around 6.4%, B2Gold offers both income and inflation protection. If rates fall, gold prices typically rise—giving B2Gold a potential tailwind. But even in a flat or rising rate environment, its efficient operations and global diversification make it a solid hold. B2Gold stock (TSX:BTO) is up 34.38 per cent since the year began. While rate policy remains a wildcard, these three Canadian companies offer investors a measure of certainty. Whether rates rise, fall, or stay flat, these three companies are built to perform. Join the discussion: Find out what the Bullboards are saying about Andlauer, B2Gold Corp., and Thomson Reuters, then check out Stockhouse's stock forums and message boards. Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein. For full disclaimer information, please click here .
Toronto Star
2 hours ago
- Toronto Star
Rakovina Therapeutics Highlights Long-Standing Collaboration with the University of British Columbia and the Vancouver Prostate Centre
VANCOUVER, British Columbia, July 30, 2025 (GLOBE NEWSWIRE) — Rakovina Therapeutics Inc. ('Rakovina' or the 'Company') (TSX-V: RKV) (FSE: 7JO0), a biopharmaceutical company advancing cancer therapies through AI-powered drug discovery, is pleased to highlight its long-standing collaboration with the University of British Columbia (UBC) and its affiliated Vancouver Prostate Centre (VPC), one of Canada's leading cancer research institutions. Rakovina's collaboration with the Vancouver Prostate Centre and UBC ensures that compound testing and validation are conducted within one of the world's most respected cancer facilities. This agreement with UBC enables close collaboration with leading cancer scientists using UBC's state-of-the-art lab infrastructure, both accelerating and de-risking the translation of scientific discovery.
