Tamarack and Headwater to Transfer Non-Core Assets to Tributary Exploration

As part of the Tamarack–Headwater arrangement, certain non-core exploration and production assets are to be transferred into newly formed Tributary Exploration, which will be led by Headwater's current management team. Tamarack and Headwater shareholders are expected to receive shares in Tributary, providing continued exposure to the assets while separating them from the combined oil producer; the transfer is contingent on completion of the main transaction.