Tamarack Valley Energy Ltd.’s groundbreaking partnership with 12 First Nation and Métis communities, marks a significant milestone in sustainable economic development. Through a series of definitive agreements, the Indigenous Communities, represented by the newly formed Wapiscanis Waseskwan Nipiy Holding Limited Partnership (WWN), will acquire an 85% non-operated working interest in the Clearwater Infrastructure Limited Partnership (CIP), alongside Tamarack’s transfer of certain Clearwater midstream assets.
This pioneering partnership, expected to close by December 15, 2023, not only solidifies Tamarack’s commitment to fostering shared value through collaboration but also ensures long-term economic benefits for Indigenous Communities in proximity to Tamarack’s Clearwater assets. Chief Gilbert Okemow of Peerless Trout First Nation expressed excitement about the opportunity, highlighting the potential for significant revenues and invaluable business experience for Indigenous communities.
Brian Schmidt, President and CEO of Tamarack, emphasized the significance of this venture in strengthening existing relationships, building Indigenous business capacity, and fostering continued alignment with Indigenous Communities. The partnership represents a strategic move towards creating shared prosperity and sustainable growth for generations to come.
Chana Martineau, CEO of AIOC, praised the transaction as a pivotal moment in cultivating impactful partnerships with Indigenous communities, underscoring its role in driving lasting prosperity and inclusive economic growth. The Clearwater Infrastructure Limited Partnership, bolstered by Tamarack’s 16-year take-or-pay commitment and strategic infrastructure transfers, promises stable and predictable revenues for Indigenous Communities while accelerating Tamarack’s debt repayment and shareholder returns.
The transaction not only signifies a significant leap in collaborative economic development but also underscores the transformative potential of partnerships between industry leaders and Indigenous communities, positioning Tamarack as a pioneer in driving positive change and sustainable development in the region.
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