Mr. Brian Schmidt reports

TAMARACK VALLEY ENERGY LTD. ANNOUNCES FILING OF 2016 ANNUAL INFORMATION FORM

Tamarack Valley Energy Ltd. has filed with Canadian securities authorities its 2016 disclosure documents. Included in the Canadian filings were Tamarack's annual information form (AIF), including disclosure and reports related to reserves data and other oil and gas information pursuant to Section 2.1 of National Instrument 51-101; its financial statements; and its related management's discussion and analysis for the year ended Dec. 31, 2016.

Tamarack's previously disclosed reserves summary issued on Feb. 27, 2017, did not include the impact of the transformative Spur Resources Ltd. acquisition which closed subsequent to year-end on Jan. 11, 2017. Included within the AIF is a pro forma summary of the Viking acquisition reserves evaluation with an effective date of Jan. 31, 2017, combined with a modified look-ahead summary performed by GLJ Petroleum Consultants Ltd. on Tamarack's year-end 2016 reserves effective Jan. 31, 2017.

Pro forma reserves report highlights:

• 81.5 million barrels of oil equivalent (mmboe) of proven plus probable (2P reserves, 47.7 mmboe of total proven (1P) and 30.2 mmboe of proven developed producing (PDP) reserves (all reserves are company interest);
• $1.03-billion of net present value of future net revenue discounted at 10 per cent (before tax) (NPV10 BT) for 2P reserves, $607-million for 1P and $431-million for PDP;
• Pro forma debt, after giving effect to the Viking acquisition at Dec. 31, 2016, of $128-million represents a draw of only 42 per cent on Tamarack's $220-million credit facility, providing ample liquidity to continue developing its Viking and Cardium oil-focused assets;
• Based on pro forma production at Jan. 11, 2017, of approximately 18,000 boe/d, Tamarack's 2P reserve life index totals 12.4 years;
• Booked proven undeveloped drilling locations on a 1P and 2P basis were 283, and 507, respectively, relative to the more than 800 identified locations that pay out in 1.5 years or greater at current commodity prices, demonstrating the long-term sustainability and potential future upside in Tamarack's asset base.

 
       SUMMARY OF PRO FORMA OIL AND GAS RESERVES AS OF JAN. 31, 2017, FORECAST PRICES AND COSTS   
                                                                                         
                Light and medium                      Conventional       Natural gas         Total oil 
                    crude oil      Heavy crude oil   natural gas (1)       liquids          equivalent

                  Gross      Net    Gross      Net    Gross      Net    Gross      Net    Gross      Net
                 (mbbl)   (mbbl)   (mbbl)   (mbbl)   (mmcf)   (mmcf)   (mbbl)   (mbbl)   (mboe)   (mboe)
Proven
Developed
producing        13,171   11,531      417      352   81,865   72,663    2,969    2,420   30,201   26,413
Developed
non-producing        56       54       92       83    1,945    1,669       12        8      485      423
Undeveloped       9,669    8,577      182      140   35,023   32,176    1,312    1,198   17,001   15,278
Total proven     22,896   20,163      691      574  118,833  106,508    4,294    3,626   47,686   42,114
Probable         16,636   14,601      547      414   80,255   71,804    3,241    2,794   33,800   29,775
Total proven
plus probable    39,531   34,764    1,239      988  199,088  178,312    7,535    6,419   81,486   71,890

(1) Immaterial CBM volumes have been included in conventional natural gas.


                        PRO FORMA NET PRESENT VALUES OF FUTURE NET REVENUE  
                       BEFORE INCOME TAXES DISCOUNTED AT (PER CENT PER YEAR) 

                                                                           Unit value       Unit value
                                                                        before income    before income
                                                                                  tax              tax
                                                                        discounted at    discounted at
                                                                              10% per          10% per
Reserves                 0%         5%        10%       15%       20%            year             year 
category             ($000)     ($000)     ($000)    ($000)    ($000)         ($/boe)         ($/mcfe)
Proven
Developed
producing          $698,753   $520,506   $431,063  $373,614  $332,414          $16.32            $2.72
Developed
non-producing         5,520      4,107      3,396     2,929     2,573            8.03             1.34
Undeveloped         297,424    233,401    172,847   127,297    93,876           11.31             1.89
Total proven      1,001,697    758,014    607,306   503,839   428,863           14.42              2.4
Probable            939,484    601,454    417,704   307,596   236,535           14.03             2.34
Total proven
plus probable     1,941,180  1,359,468  1,025,011   811,435   665,398           14.26             2.38

Copies of the filed documents may be obtained through SEDAR or on Tamarack's website.

About Tamarack Valley Energy Ltd.

Tamarack is an oil and gas exploration and production company committed to long-term growth and the identification, evaluation and operation of resource plays in the Western Canadian sedimentary basin. Tamarack's strategic direction is focused on two key principles -- targeting repeatable and relatively predictable plays that provide long-life reserves, and using a rigorous, proven modelling process to carefully manage risk and identify opportunities. The company has an extensive inventory of low-risk, oil development drilling locations focused in the Cardium and Viking fairways primarily in Alberta that are economic at a variety of oil and natural gas prices. With this type of portfolio and an experienced and committed management team, Tamarack intends to continue delivering on its strategy to maximize shareholder return while managing its balance sheet.

We seek Safe Harbor.