The merger is in the calendar. It is not closed
Tamarack Valley Energy Ltd. (TSX: TVE) and Headwater Exploration Inc. (TSX: HWX) have not posted a follow-up since the September 8 arrangement agreement. That release valued the all-stock combination at $10 billion. Headwater holders get one Tamarack share per Headwater share. Tamarack is to issue 237.8 million shares. Pro forma ownership was given as 66.5 percent Tamarack and 33.5 percent Headwater.
Both boards said a joint information circular is expected to be mailed in October 2026. Special meetings are expected in November 2026. Closing still needs two-thirds votes, the specified Headwater majority, court approval, and regulatory clearance. The arrangement agreement is the SEDAR+ document until the circular lands.
Tamarack said it plans to raise the quarterly dividend 20 percent to $0.06 a share, annualized $0.24, starting December 2026, contingent on closing. Run-rate Clearwater production was described as more than 80,000 boe a day after close. None of that prints on today's tape. The circular is the next dated paper.