About Tamarack Valley Energy

Tamarack Valley Energy Ltd. operates as an intermediate, high-growth oil and natural gas company. The company targets the drilling and acquisition of repeatable and predictable long-life resource plays in the Western Canadian Sedimentary Basin. The company has successfully assembled an asset portfolio concentrated within plays in Alberta and Saskatchewan, including Cardium and Viking light oil. Viking Light Oil Viking Areas – Veteran/Consort/Esther, AB The company has interests in 365.7 (342.4 net) sections of land in the Veteran and Consort areas of southeast Alberta. Proved developed producing reserves of 8,169 mboe (1,000 barrels of oil equivalent) were booked to 401 (388.3 net) producing wells. Total proved plus probable reserves of 32,432 mboe were also assigned to the area. Proved undeveloped drilling locations total 170 (165.6 net). The company’s total estimated horizontal drilling inventory is approximately 270 (264.0 net) Viking oil locations under primary recovery and an additional 900 (900.0 net) Viking oil equivalent locations under a waterflood scenario. In addition, the company has drilled 20 current injection wells, 14 wells for future conversion to injection wells and 4 water source wells. As of December 31, 2019, the first two patterns in the Hamilton Lake project area (1.5 sections) were contributing incremental production of 350 barrel of oil equivalent per day (boe/d). Of the reserves booked to the Veteran and Consort areas; 851 mboe proved developed producing; and 8,897 mboe total proved plus probable were attributable to the waterflood. The company operates a 7,000 barrels per day (bbl/d) pipeline connected oil processing facility at Veteran, AB in addition to two gas processing facilities – a 34.2% working interest 8 million cubic feet per day (mmcf/d) gas plant in Consort, AB and a 100% working interest 5.5 mmcf/d gas plant in Veteran, AB. Viking Areas – North Hoosier/Milton/Coleville, SK The company has interests in 173.2 (146.6 net) sections of land in the North Hoosier, Milton and Coleville areas of southwest Saskatchewan. Total Proved Developed Producing Reserves of 4,853 mboe were booked to 236 (165.4 net) producing wells. Proved plus Probable Reserves of 11,529 mboe were also assigned to the area. Proved undeveloped drilling locations total 39 (36.2 net). The company’s total estimated horizontal drilling inventory is approximately 116 (108.2 net) Viking oil locations. The company also owns and operates significant oil and gas pipeline infrastructure, multiple batteries and compressors in the area. The area gas infrastructure has enabled Tamarack to conserve solution gas. Viking Area – Redwater, AB The company has interests in 74 (66.3 net) sections of land in the Redwater area of Alberta. Proved Developed Producing Reserves of 1,365 mboe were booked to 155 (143.9 net) producing wells. Total Proved plus Probable Reserves of 7,518 mboe were also assigned to the area and proved undeveloped drilling locations of 63 (59.5 net) were included in the evaluation. The company’s total estimated drilling inventory is approximately 114 (107.5 net) horizontal Viking oil locations and 32 (29.3 net) horizontal Ellerslie oil locations. The company processes all area production through operated facilities, including a 10,000 bbls/d emulsion processing oil battery. Alberta Cardium Light Oil Wilson Creek/Alder Flats/Pembina The company has interests in 310.5 (245.0 net) sections of land in the Wilson Creek/Alder Flats/Pembina area of Alberta. As of December 31, 2019, the company had proved developed producing reserves of 13,061 mboe that were booked to 217 (192.4 net) producing Cardium and 76 (48.8 net) wells producing from other zones, including a 52% interest in the Pekisko Gas Unit. Total proved plus probable reserves of 35,537 mboe were also assigned to the area. Proved undeveloped drilling locations of 50 (42.5 net) were included in the evaluation. The company’s total estimated horizontal drilling inventory is approximately 176 (142.5 net) Cardium oil locations (239.8 net 1-mile equivalents) and 10 (7.0 net) Manville natural gas locations. The company operates two 100% owned pipeline connected oil batteries – one with oil capacity of 7,000 bbl/d and the other with 1,000 bbl/d – a 52% owned 30 mmcf/d gas plant and 100% ownership in a 13 mmcf/d gas plant, including vast gathering infrastructure, which enables interconnectivity and utilization flexibility within the company’s own infrastructure. The two operated oil batteries are pipeline-connected to the Pembina Pipeline. Garrington/Lochend The company has interests in 14.5 (8.7 net) sections of land in the Garrington and Lochend areas of Alberta. As of December 31, 2019, proved developed producing reserves of 648 mboe were booked 24 (14.1 net) producing wells. Proved plus Probable Reserves of 1,519 mboe were also assigned to the area. Lethbridge Light Oil Barons and Banff Light Oil - Penny Area The company has interests in 268.4 (256.5 net) sections of land in the Penny area of Southern Alberta featuring a large Barons light oil pool under active waterflood with only approximately 14% recovered to end of year 2019, as well as a Banff light oil pool. Proved Developed Producing Reserves of 4,294 mboe were booked to 68 (68.0 net) producing wells. Proved plus Probable Reserves of 8,870 mboe were also booked to the area. 7 (7.0 net) Barons proved undeveloped along with 5 (5.0 net) Barons and 5 (5.0 net) Banff probable undeveloped locations were included in the evaluation. The company’s estimated horizontal drilling inventory includes approximately 12 (12.0 net) Barons oil locations and 19 (15.0 net) Banff oil locations. Key infrastructure consists of four 100% owned oil batteries with combined emulsion processing capacity of over 6,000 bbls/d, two 100% owned gas plants with combined 12.5 mmcf/d capacity, multiple injectors and various field compression equipment. Oil and Natural Gas Wells The company had 561,723 gross acres (227,321 gross hectares) and 496,441 net acres (200,903 net hectares) of undeveloped land as of December 31, 2019 located in Alberta and Saskatchewan. The company has leases on 53,879 gross (53,879 net) acres that expire in 2020. History The company was formerly known as Tango Energy Inc. and changed its name to Tamarack Valley Energy Ltd. in 2010.