29 Jul Griffon Partners Closes Acquisition of Upstream Oil and Gas Assets from Tamarack Valley Energy Ltd. 

Calgary, Canada, July 28, 2022 – Griffon Partners Capital Management (“Griffon Partners”) announces the successful closing of a strategic acquisition of certain Viking assets which are primarily located in Saskatchewan, from Tamarack Valley Energy Ltd. (“Tamarack”) for CAD$70mm. This transaction adds approximately 2,000 boe/d (50% oil and natural gas liquids) of production to the Griffon Partners portfolio.

Strategic Rationale

The acquisition of the Viking assets demonstrates Griffon Partners’ ability to transact against a backdrop of unpredictable capital market conditions and a volatile energy pricing. This entry into conventional oil and gas production builds upon the JACOS acquisition (thermal oil production) which was completed in September 2021.

Griffon Partners is committed to building a portfolio of strategic assets that generate substantial free cash flows over their lifetime meeting market demand for traditional energy in the years to come.

Outlook

Griffon Partners has appointed a management team led by Daryl Stepanic, a Partner in our Calgary office, and formerly VP of Business Development & Frontier Canada with ConocoPhillips. Mr. Stepanic commented, “I am delighted with this acquisition and the strategic growth phase Griffon Partners is currently experiencing. The Viking assets fit well within our investment rationale and present a significant organic growth opportunity from the identified proven undeveloped inventory. Our asset development team plans to increase production by 50% from these assets by the end of next year.”

Griffon Partners Founder, Jonathan Klesch, commented, “We are excited about conventional upstream energy and this transaction, our first wholly owned upstream asset, demonstrates both our commitment to the sector and our ability to transact in adverse market conditions. The Griffon Partners team is already working to ensure a smooth integration of these assets while maintaining the momentum we have in our pipeline of potential deals. Griffon is working on a range of potential transactions today and, as we have shown with this deal, great transactions can be completed even when markets are tumultuous.”

Griffon Partners, continues to seek investment opportunities in oil and gas, as well as other natural resources, both within Canada and internationally.