Mr. Brian Schmidt reports

TAMARACK VALLEY ENERGY LTD. ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has approved Tamarack Valley Energy Ltd.'s application to renew its normal course issuer bid (NCIB).

Tamarack had 486,749,174 common shares issued and outstanding as at Jan. 5, 2026. The NCIB allows the company to purchase up to 47,744,705 common shares of the company (representing approximately 10 per cent of the 477,447,058 issued and outstanding common shares that comprise the public float as of Jan. 5, 2026) over a period of 12 months commencing on Jan. 19, 2026. The NCIB will expire no later than Jan. 18, 2027.

Under the NCIB, common shares may be repurchased in open-market transactions on the TSX or alternative Canadian trading system in accordance with the rules of the TSX governing NCIBs. The price paid by Tamarack for any such common shares will be the prevailing market price at the time of purchase. The actual number of common shares that may be purchased pursuant to the NCIB will be determined by management of the company. Any common shares that are purchased by Tamarack under the NCIB will be cancelled.

The total number of common shares the company is permitted to reacquire is subject to a daily purchase limit of 414,600 common shares, representing 25 per cent of the average daily trading volume of 1,658,400 common shares on the TSX calculated for the six-month period ended Dec. 31, 2025. Notwithstanding the daily purchase limit, Tamarack may make one block purchase per calendar week that exceeds the daily repurchase restrictions.

The NCIB will continue to provide an additional tool for the reinvestment of excess free funds flow to increase long-term total shareholder returns. Tamarack believes that, at times, the prevailing share price does not reflect the underlying value of the common shares and the repurchase of common shares represents an opportunity to enhance per-share metrics.

Under its expiring NCIB, the company was permitted to purchase up to 51,279,652 common shares between Jan. 19, 2025, and Jan. 18, 2026. As at Dec. 31, 2025, Tamarack had repurchased an aggregate of 34,421,100 common shares under the expiring NCIB through the TSX and alternative Canadian trading systems at a volume-weighted average price of approximately $5.01 per common share.

In connection with the NCIB, Tamarack entered into an automatic share purchase plan with its designated broker to allow for purchases of its common shares under the NCIB during blackout periods. Such purchases would be at the discretion of the broker, based on parameters established by the company prior to any blackout period or any period when it is in possession of material undisclosed information. Outside of these blackout periods, common shares will be repurchased in accordance with management's discretion, subject to applicable law.

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 TSX under the symbol TVE.

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