Mr. Brian Schmidt reports

TAMARACK VALLEY ENERGY LTD. CLOSES PREVIOUSLY ANNOUNCED NON-CORE CARDIUM ASSET SALE

Tamarack Valley Energy Ltd. has successfully closed the previously announced sale of its non-core west-central Alberta assets for $123-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, 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 approximately 88 per cent of 2023 exit production volumes. Proceeds from the sale, in conjunction with forecasted free funds flow at strip prices, have the company on target to achieve the first net debt threshold of its enhanced return of capital framework in 2023, as fourth-quarter net debt 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 Dec. 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 (enhanced oil recovery) upside in these core areas. Operating as a responsible corporate citizen is a key focus to ensure Tamarack delivers on its environmental, social and governance (ESG) commitments and goals.

We seek Safe Harbor.