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Tamarack Valley Energy Ltd. Closes Previously Announced Non-Core Cardium Asset Sale

Press Release

Calgary, Alberta – Tamarack Valley Energy Ltd. (“Tamarack” or the “Company”) (TSX: TVE) is pleased to announce that it has successfully closed the previously announced sale of its non-core west central BAlberta assets for $123.0 million in cash, plus the assumption by the purchaser of $38.4 million and $80.6 million gross operated inactive and active asset retirement obligations(1), respectively.

The disposition further solidifies Tamarack’s commitment to the focused development of its core Clearwater and Charlie Lake assets which are expected to represent ~88% of 2023 exit production volumes. Proceeds from the sale, in conjunction with forecasted free funds flow(2) at strip prices, have the Company on track to achieve the first net debt(2) threshold of its enhanced return of capital framework in 2023, as fourth quarter net debt(2) is expected to fall below $1.1 billion.

The Company is currently reviewing plans for 2024 and expects to provide guidance with respect to the 2024 budget on December 6, 2023.

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

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