TSX: TVE
CALGARY, AB, Oct. 22, 2020
/CNW/ - Tamarack Valley Energy Ltd. ("Tamarack" or the "Company")
is pleased to announce the completion of its inaugural
Sustainability Report, outlining the Company's continued focus on
environmental, social and governance ("ESG") practices and the
increasingly vital role these factors play in Tamarack's strategy.
The Company has set commitments and goals related to the focus
areas of governance, health and safety, community engagement,
indigenous partnerships, people, land and biodiversity
preservation, water management and emissions management.
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"We are particularly proud of our ESG team and the progress they
have made in advancing our internal practices, which aim to balance
the well-being of the planet, people and prosperity for all
stakeholders," said Brian Schmidt
(Aakaikkitstaki), Tamarack's President and CEO. "This report
articulates the significant progress Tamarack has made as a leader
in responsible operations as well as our efforts to improve
performance every year through enhancing sustainability and
developing long-standing community and Indigenous partnerships, all
while being a wholly-accountable corporate citizen."
Highlights of Tamarack's 2020 Sustainability Report
include:
- A commitment to reducing Greenhouse Gas Emissions (GHG) and
providing a highly responsible, low-emission energy option that is
highlighted by a Scope 1 and 2 emissions intensity reduction target
of 25% by 2025;
- A 46% reduction in methane emissions from 2017 to 2019 with a
methane intensity reduction target of 60% by 2025;
- 100% use of non-fresh water in completions and enhanced oil
recovery within our Veteran light oil program;
- Active partnerships with Indigenous stakeholders and support
for the preservation of culture and knowledge sharing; Tamarack's
CEO, Brian Schmidt, is an avid
supporter of both local and national Indigenous organizations and
an Honorary Chief of the Blood Tribe;
- Meaningful and ongoing community engagement, including support
for local community vitality through sponsorships, scholarships and
charity initiatives along with job creation and support of local
businesses;
- Development of clear, measurable targets tied to employee and
executive compensation and focused on key issues that are relevant
to all stakeholders, with compensation tied to ESG goals beginning
in 2020; and
- Assigning governance responsibility at the highest level of the
organization through both our Environment, Safety and
Sustainability and Compensation and Governance committee
mandates.
Tamarack's 2020 Sustainability Report covers performance metrics
for the 2017 to 2019 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
the following link:
http://www.tamarackvalley.ca/sustainabilityreport/
About Tamarack Valley Energy Ltd.
Tamarack is an oil and gas exploration and production company
committed to rate-of-return focused growth and the identification,
evaluation and operation of resource plays in the Western Canadian
Sedimentary Basin. Tamarack's strategic direction is focused on two
key principles: (i) targeting repeatable and relatively predictable
plays that provide long-life reserves; and (ii) using a rigorous,
proven modeling process to carefully manage risk and identify
opportunities. The Company has an extensive inventory of low-risk,
oil development drilling locations focused primarily in the Cardium
and Viking fairways in Alberta
that can achieve sustainable growth under low commodity prices.
With this type of portfolio and an experienced and committed
management team, Tamarack intends to continue delivering on its
strategy to maximize shareholder returns while managing its balance
sheet.
SOURCE Tamarack Valley Energy