Mr. Brian Schmidt reports

TAMARACK VALLEY ENERGY ANNOUNCES ADOPTION OF SHAREHOLDER RIGHTS PLAN

The board of directors of Tamarack Valley Energy Ltd. has adopted a shareholder rights plan with Odyssey Trust Company as rights agent, effective today.

The shareholder rights plan is consistent with modern rights plans adopted by other Canadian public companies and has not been adopted in response to any specific proposal or intention to acquire control of Tamarack. In the event of an unsolicited takeover bid in the future, the purpose of the shareholder rights plan is to provide the board and shareholders of Tamarack with an adequate amount of time to evaluate such unsolicited offer, explore value-enhancing alternatives, encourage potential bidders to treat Tamarack shareholders fairly, and provide full and fair value for the Tamarack shares.

The shareholder rights plan has been conditionally accepted by the Toronto Stock Exchange, subject to ratification by Tamarack's shareholders at the 2026 annual general meeting, to be held on or around May 6, 2026. The shareholder right plan is expected to initially remain in effect for three years after the date of formal shareholder ratification. A copy of the shareholder rights plan is available on SEDAR+ and the company's website.

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 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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