Tamarack Valley Energy Announces Monthly Dividend Declaration and NCIB Renewal

Calgary, Alberta – January 14, 2025 – Tamarack Valley Energy Ltd. (“Tamarack” or the “Company”) (TSX: TVE) is pleased to announce the declaration of its monthly dividend and renewal of its normal course issuer bid (“NCIB”).

Dividend Declaration

Tamarack’s Board of Directors has declared a monthly cash dividend on its common shares (“Common Shares”) of C$0.01275 per share in accordance with the Company’s dividend policy. The dividend will be payable on February 14, 2025, to shareholders of record at the close of business on January 31, 2025. This monthly cash dividend is designated as an “eligible dividend” for Canadian income tax purposes.

NCIB Renewal

The Toronto Stock Exchange (the “TSX”) has approved Tamarack’s application to renew its NCIB.

The Company had 523,051,704 Common Shares issued and outstanding as at January 6, 2025. The NCIB allows Tamarack to purchase up to 51,279,652 Common Shares of the Company (representing approximately 10% of the 512,796,526 issued and outstanding Common Shares that comprise the public float as of January 6, 2025) over a period of twelve months commencing on January 19, 2025. The NCIB will expire no later than January 18, 2026. The actual number of Common Shares which 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.

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 the Company for any such common shares will be the prevailing market price at the time of purchase.

The total number of Common Shares the Company is permitted to reacquire is subject to a daily purchase limit of 663,380 Common Shares, representing 25% of the average daily trading volume of 2,653,522 Common Shares on the TSX calculated for the six-month period ended December 31, 2024. Notwithstanding the daily purchase limit, Tamarack may make one block purchase per calendar week which 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. Tamarack remains focused on balancing debt repayment and delivering enhanced returns to shareholders.

Under its expiring NCIB, the Company was permitted to purchase up to 54,649,379 Common Shares between January 19, 2024, and January 18, 2025. As at January 6, 2025, Tamarack had repurchased an aggregate of 33,888,960 Common Shares under the expiring NCIB through the TSX and alternative Canadian Trading systems at a volume weighted average price of approximately $3.90 per Common Share.

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 Clearwater and Charlie Lake plays in Alberta while also pursuing EOR upside in these core areas. For more information, please visit the Company’s website at www.tamarackvalley.ca.

For additional information, please contact:

Brian Schmidt Steve Buytels Christine Ezinga
President & Chief Executive Officer Chief Financial Officer VP Business Development &
Tamarack Valley Energy Ltd. Tamarack Valley Energy Ltd. Sustainability
Phone: 403.263.4440 Phone: 403.263.4440 Tamarack Valley Energy Ltd.
www.tamarackvalley.ca www.tamarackvalley.ca Phone: 403.263.4440
www.tamarackvalley.ca

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