TSX: TVE
CALGARY,
AB, Dec. 20, 2022 /CNW/ - Tamarack Valley
Energy Ltd. ("Tamarack" or the "Company") is pleased to announce
the release of its third annual Sustainability Report, outlining
the Company's progress on environmental, social and governance
(ESG) practices in 2021 and early 2022 and how these factors help
guide Tamarack's strategy. The Company has made significant
advancements on 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 continued evolution of our ESG program
in the last two years" 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 demonstrated our commitment to
accountability and transparency through the utilization of
sustainability linked debt. We remain committed to ensuring
long-term sustainability while driving positive results for
shareholders, our communities and the environment."
Highlights of Tamarack's 2022
Sustainability Report include:
- Significant progress towards the Company's clear, measurable
goals and targets, including achievement of more than 50% of goals
to date – on time or ahead of schedule;
- Demonstrated commitment to accountability and transparency
through the conversion of debt to sustainability linked loans and
instruments, as well as third-party assurance of key ESG
metrics;
- Achieved original emissions and methane intensity reduction
goals of 25% and 60%, respectively, over the 2017 baseline and set
new ambitious reductions goals;
- Continued partnership with Indigenous stakeholders including
two new partnership agreements with the Peavine Metis settlement to
provide community support as part of a Clearwater development program;
- Minimized fresh water use through continued utilization of
non-fresh water in completion and enhanced oil recovery activities
with non-fresh water innovations in the Viking, Clearwater and Eyehill Sparky assets;
- Increased investment in abandonment, remediation and
reclamation activities through Tamarack funded expenditures
equivalent to 5.7% of inactive liabilities or approximately 130% of
the voluntary regulatory program spend, with additional funds
deployed through the SRP program, exceeding our goal for 2021 and
prompting a goal reset of greater that 150% for 2022; and
- Furthered diversity in the workforce, with increased ethnic
(9.6%) and Indigenous (4.4%) representation in the Company's
contractor and employee base with an increase in gender diversity
at the professional, executive and board level.
We acknowledge the two tragic contractor fatalities that
occurred on November 12, 2022. The
Tamarack family is deeply saddened by this tragedy and extends our
deepest sympathies to the families of these individuals. Tamarack
is taking this event very seriously and conducting a full
investigation to identify all causes and further preventative
measures to implement in our safety program.
Tamarack's 2022 Sustainability Report covers performance metrics
for the 2019 to 2021 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
www.tamarackvalley.ca.
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, Clearwater and EOR plays in Alberta. Operating as a responsible corporate
citizen is a key focus to ensure we deliver on our environmental,
social and governance (ESG) commitments and goals. For more
information, please visit the Company's website at
www.tamarackvalley.ca.
SOURCE Tamarack Valley Energy
