Is Tamarack Valley Energy (TVE) halal?

Tamarack Valley Energy (TSX: TVE) is a pure-play Clearwater heavy-oil producer — a permissible business — with interest-bearing debt of about C$319.6 million, about 5.1% of its ~C$6.27 billion market cap, and no disclosed interest income. This screener is a PASS.

The two-gate Shariah screen

Every screener on this site runs the same two gates: first, the business must be halal (no conventional insurance, banking, alcohol, gambling, weapons manufacturing, and the like); second, the financial ratios must clear (debt under roughly 33% of market cap, non-compliant income under roughly 5%).

Gate one: the business — permissible oil production

Tamarack Valley Energy, based in Calgary, Alberta, is an oil and gas exploration, development, and production company in the Western Canadian Sedimentary Basin. Following the sale of its Charlie Lake assets on June 15, 2026 (gross cash of $803.8 million), Tamarack is a pure-play Clearwater heavy-oil producer, developing positions at Nipisi, Marten Hills, and South Clearwater in northern Alberta; Q2 2026 production averaged 69,229 boe/d (about 92% liquids). No haram business segments were found, so the business gate passes. (Material subsequent event: on September 8, 2026, Tamarack announced an all-stock ~C$10 billion strategic combination with Headwater Exploration, targeted to close in mid-Q4 2026; these ratios are on the pre-merger Q2 2026 basis.)

Gate two: the ratios — both ratios clear

At June 30, 2026 (Q2 2026 interim financial statements, July 28, 2026): total interest-bearing debt of C$319.6 million — entirely the carrying amount of the 2030 Notes (6.875% senior unsecured notes, $325 million principal), after the 2027 Notes were redeemed in full on May 11, 2026 and the credit facility was fully repaid ($875 million undrawn at quarter-end). With a market cap of about C$6.27 billion (C$13.02 per share on September 29, 2026; about 478 million weighted-average basic shares), debt is about 5.1% of market cap — well under the ~33% ceiling. The company is in a net-cash position (cash of C$508.3 million, about 8.1% of market cap). The Q2 2026 income statement contains no finance-income or interest-income line — interest income is $0, or 0.0% of revenue of C$494.0 million (before risk management) — under the ~5% ceiling. Tamarack raised its dividend 25% to $0.05 per quarter effective Q3 2026.

What other screeners say

No coverage pages for TVE were found on Zoya, Musaffa, or ShariaPortfolio in targeted searches as of September 2026.

The bottom line

This screener gives Tamarack Valley Energy (TSX: TVE) a PASS. A permissible pure-play Clearwater oil business with debt at about 5.1% of market cap and no disclosed interest income. Note the pending ~C$10 billion all-stock combination with Headwater Exploration (announced September 8, 2026) — re-check after closing. Consult a qualified scholar. Snapshot dated September 29, 2026; re-checked quarterly after earnings.

Sources

Frequently asked questions

Is Tamarack Valley Energy halal?

This screener gives it a PASS. Tamarack Valley Energy (TSX: TVE) is a pure-play Clearwater heavy-oil producer — a permissible business — with interest-bearing debt of about C$319.6 million, about 5.1% of its market cap of about C$6.27 billion (under the ~33% ceiling), and no disclosed interest income. Consult a qualified scholar.

Why does Tamarack Valley Energy pass the screener?

The business gate passes: Tamarack is an oil and gas producer with no haram business segments. The ratio gate passes on both counts: at June 30, 2026, interest-bearing debt of C$319.6 million (entirely the 2030 Notes, after the 2027 Notes were redeemed in full and the credit facility was repaid) against a market cap of about C$6.27 billion is about 5.1% — well under the ~33% ceiling. The Q2 2026 income statement contains no finance-income or interest-income line, so interest income is $0 — 0.0% of revenue, under the ~5% ceiling.

What are Tamarack Valley Energy’s debt and market-cap figures?

At June 30, 2026 (Q2 2026 interim financial statements, July 28, 2026): total interest-bearing debt of C$319.6 million — the carrying amount of the 2030 Notes ($325 million principal); the 2027 Notes were redeemed in full on May 11, 2026, and the credit facility was fully repaid ($875 million undrawn). Market cap is about C$6.27 billion (C$13.02 per share on September 29, 2026; about 478 million weighted-average basic shares). Debt is about 5.1% of market cap; cash of C$508.3 million is about 8.1% of market cap — the company is in a net-cash position.

What does Tamarack Valley Energy do?

Tamarack Valley Energy, based in Calgary, Alberta, is an oil and gas exploration, development, and production company in the Western Canadian Sedimentary Basin. Following the sale of its Charlie Lake assets on June 15, 2026, it is a pure-play Clearwater heavy-oil producer (Nipisi, Marten Hills, South Clearwater); Q2 2026 production averaged 69,229 boe/d, about 92% liquids. On September 8, 2026, it announced an all-stock ~C$10 billion strategic combination with Headwater Exploration, targeted to close in mid-Q4 2026.

What do Zoya, Musaffa, and ShariaPortfolio say about TVE?

No coverage pages for TVE were found on Zoya, Musaffa, or ShariaPortfolio in targeted searches as of September 2026.