Tamarack Valley Energy Announces Unplanned Outage in the Nipisi Area

Press Release

Calgary, Alberta – April 15, 2024 – On Saturday, April 13, 2024, there was an unplanned event at a third-party gas plant at Mitsue, Alberta. This plant processes Tamarack Valley Energy Ltd.’s (“Tamarack” or the “Company”) (TSX: TVE) solution gas from various batteries in the Nipisi area. Due to flaring limitations set by the Alberta Energy Regulator (the “AER”), Tamarack has temporarily shut in approximately 6,200 boe/d of production which is comprised of 5,250 bbl/d of oil, 50 bbl/d of NGLs and 5,700 mcf/d of natural gas.

Tamarack is evaluating several alternatives that may enable the Company to accelerate bringing production back on-stream as the operator is currently evaluating the timeline to return the facility to operation. Tamarack will provide a status update regarding production as additional information becomes available.

About Tamarack Valley Energy Ltd.

Tamarack is an oil and gas exploration and production company committed to creating long-term value for its shareholders through sustainable free funds flow generation, financial stability and the return of capital. The Company has an extensive inventory of low-risk, oil development drilling locations focused primarily on Charlie Lake and Clearwater plays in Alberta while also pursuing EOR upside in these core areas. Operating as a responsible corporate citizen is a key focus to ensure we deliver on our environmental, social and governance (ESG) commitments and goals. For more information, please visit the Company’s website at www.tamarackvalley.ca.

For additional information, please contact:

Brian Schmidt
President & Chief Executive Officer
Tamarack Valley Energy Ltd.
Phone: 403.263.4440
www.tamarackvalley.ca

Steve Buytels
Chief Financial Officer
Tamarack Valley Energy Ltd.
Phone: 403.263.4440
www.tamarackvalley.ca

Christine Ezinga
VP Business Development
& Sustainability
Tamarack Valley Energy Ltd.
Phone: 403.263.4440
www.tamarackvalley.ca

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