Mr. Brian Schmidt reports

TAMARACK VALLEY ENERGY LTD. CLOSES PREVIOUSLY ANNOUNCED SALE OF NON-CORE ASSETS IN EASTERN ALBERTA

Tamarack Valley Energy Ltd. has successfully closed the previously announced sale of its non-core producing assets in the Veteran Consort and Eyehill areas of eastern Alberta. Gross proceeds from the divestment were $112.0-million before closing adjustments and the assumption of undiscounted asset retirement obligations of $63-million (approximately 50 per cent inactive).

The company has now successfully completed its transformation into a pure-play Clearwater and Charlie Lake operator. Over the past three years, Tamarack has divested a number of non-core assets following strategic acquisitions, creating a solid financial foundation for future development and growth of the company's high-graded, top-tier assets. Tamarack continues to prioritize net debt reduction together with continuing returns to shareholders in the form of dividends and common share buybacks under its return of capital framework. Proceeds from the divestiture are initially being utilized to reduce net debt providing the company with future optionality to increase shareholder returns or accelerate continuing development in the Clearwater, including expanded waterflood initiatives. Tamarack plans to release its 2026 budget in late 2025.

About Tamarack Valley Energy Ltd.

Tamarack is a corporation engaged in the exploration, development, production and sale of oil and natural gas in the Western Canadian sedimentary basin. The company is currently developing two core projects in Northern Alberta -- a Clearwater heavy oil position at Nipisi, Marten Hills and South Clearwater, and a Charlie Lake light oil position at Valhalla, Wembley and Pipestone. Tamarack holds an extensive inventory of low-risk oil development drilling locations and is pursuing enhanced oil recovery upside across the company's core asset areas. Tamarack is committed to creating long-term value for its shareholders through sustainable free funds flow generation, financial stability and the return of capital. The company is publicly traded on the Toronto Stock Exchange under the symbol TVE.

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