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Tamarack Valley Energy Announces Year-End 2023 Financial & Reserve Results, Clearwater Resource Evaluation and Provides Operational and Guidance Update Including Executive Appointment

Press Release

Calgary, Alberta – February 28, 2024 – Tamarack Valley Energy Ltd. (“Tamarack” or the “Company”) (TSX: TVE) is pleased to announce its audited financial and operating results for the three months and year ended December 31, 2023 and the results of Tamarack’s year-end independent oil and gas reserves evaluations as of December 31, 2023 (the “Reserve Reports”), prepared by Tamarack’s independent qualified reserves evaluators, McDaniel & Associates Consultants Ltd. (“McDaniel) and GLJ Ltd. (“GLJ”). Selected reserves, financial and operating information is outlined below. Selected financial and operating information should be read with Tamarack’s audited annual consolidated financial statements and related management’s discussion and analysis (“MD&A”) for the three and twelve months ended December 31, 2023, and the Company’s Annual Information Form (“AIF”) for the year ended December 31, 2023, which are available on SEDAR+ at and on Tamarack’s website at

2023 Financial and Operational Highlights

  • Improved Balance Sheet Strength – YoY net debt(1) reduction of $373MM (equal to approximately $0.67 per share) to exit the year with net debt of $984MM.
  • Improved Operating Costs – Production expense of $8.89/boe in Q4/23 reflected a 16% QoQ improvement demonstrating the benefits of core area production growth, program efficiencies and disposition of assets with higher costs.
  • Low-Cost Organic Reserves Growth – Increased proved developed producing (“PDP”) reserves by 15% (representing 137% of production) at a finding and development (“F&D”) cost of $16.49/boe and total proved plus probable (“TPP”) reserves by 13% (representing 214% of production) at a F&D cost of $20.86/boe, net of dispositions(2).
  • Achieved Enhanced Return of Capital Threshold – Delivered on Tamarack’s commitment to achieve the first threshold of our enhanced return of capital framework. As a result, subsequent to year-end, the Company was able to accelerate enhanced returns through the buyback of shares as part of our Normal Course Issuer

Bid (“NCIB”).

  • Increased Oil Production Weighting – Delivered annual production of 67,034 boe/d(3), inline with guidance. Fourth quarter production of 64,881 boe/d(4), reflected ~4,500 boe/d(5) from non-core asset sales and unplanned third party restrictions in the Charlie Lake. Tamarack’s oil and liquids weighting as a percent of total production increased to 85% in Q4 2023 compared to 82% in Q4 2022.
  • Optimized Capital Spending – Total capital expenditures in 2023 of $516MM included: $21MM of gas conservation projects sanctioned with the Clearwater Infrastructure Limited Partnership (the “CIP”), $20MM accelerated from the 2024 capital budget and $475MM allocated to Tamarack’s development program. Development spending was inline with the upper end of the $425 – $475MM guidance. Accelerated capital of $20MM into 2023 from 2024 represented an opportunity to take advantage of favorable field conditions and services pricing which will result in an equal reduction to 2024 spending.
  • Free Funds Flow(1) Generation – Delivered $248MM of free funds flow(1) during the year which was directed to dividends and debt repayment.
  • Strategic Infrastructure Partnership – Entered into a series of agreements with 12 First Nation and Metis communities (the “Indigenous Communities”) to establish the CIP, enhancing the long-term relationships between Tamarack and the Indigenous Communities. As part of this transaction, Tamarack received gross proceeds of $146MM and a 15% working interest in the CIP while retaining operatorship and full access to 100% of Tamarack’s existing mid-stream capacity.

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