Tamarack has grown by making three expensive and aggressive acquisitions in 2022 spending $1.44B in the Clearwater area. Under our SER Quality Scoring system we have downgraded TVE from an A to a C – a challenged entity due to the high debt load after its acquisitions in 2022. Debt is now up to $1.36B from $287M at the end of Q3/22. The share count has exploded as well rising from 226.2M shares during 2020 to 566.4M shares currently or up 150%. We are concerned that management is size-focused versus being able to grow internally and is betting the company that the Clearwater play area is all high quality land and that commodity prices will stay high. That gamble if it works, would allow them to pay down their large debt load quickly. I am not so convinced this gamble will work. Production in Q4/22 rose to 64,344 boe/d from 40,384 boe/d in Q4/21 and from 43,476 boe/d in Q3/22. Funds flow from operations in Q4/22 came in at $197M or $0.36 per share versus $178M or $0.40 per share in Q3/22. For all of 2022 funds flow was $727M ($1.58 per share) compared to $340M ($0.96 per share) in 2021. TVE is forecasting production to average 68,000 – 72,000 boe/d with capex of between $425 to $475M.