Tamarack Valley Energy Ltd. · TSX:TVE
Tamarack Valley Energy — Investor Presentation (July 2026)
32 slides from Tamarack Valley Energy's investor presentation, July 2026
Slide 1: Creating Sustainable Value
TSX: TVE CREATING SUSTAINABLE VALUE West Marten 15-15 Battery Facility 15-15-076-05W5 July 2026 Investor Presentation
Slide 2: Corporate and Operational Snapshot
Corporate and Operational Snapshot Largest Public, Pure-Play Clearwater Producer Corporate Overview Ticker Symbol Units TSX: TVE Shares Outstanding (Basic)1 (MM) 476 Share Price (July 27, 2026) ($/Sh.) $12.93 >900 Net Sections Market Capitalization ($B) $6.1 Clearwater Land | 38% YoY Growth Net Debt
Slide 3: Differentiating Tamarack: Asset Scale & Economic Scope
Differentiating Tamarack: Asset Scale & Economic Scope Highly Economic Full-Cycle Returns = Free Funds Flow Growth $80 SMID-Cap WTI Breakeven Pricing (Sustaining Capital + Dividend; Peters & Co. US$/bbl)2 $70 Cover Dividend Top Tier Assets With Large OOIP1 $60 $50 Cover Sustaining Capital • >12 bill
Slide 4: Q2 2026 Highlights
Q2 2026 Highlights Portfolio Optimization and Continued Margin Growth • Q2/26 corporate production averaged ~69.2 Mboe/d(2); Clearwater production of ~53.6 Mboe/d Clearwater Production (Mboe/d)1 • Current Clearwater waterflood injection of ~45,000 bbl/d with an anticipated exit water injection 55 ra
Slide 5: Transition To Pure Play Clearwater Producer
Transition To Pure Play Clearwater Producer Sale of Charlie Lake Assets and 25% Dividend Increase Crystalizing Significant Value For Shorter-Duration Assets Meaningful Accretion On Advancing Focused Strategy • ~$804 MM Cash Proceeds Sale Of Charlie Lake (Before Closing Adjustments) Unlocks Asset Val
Slide 6: Demonstrated Value Creation
Demonstrated Value Creation Compounding Success On a Per Share Basis CROCI vs. WACC (%)1 Debt Adjusted Prod. Per Share Adj. Funds Flow Per Debt Adj. Share ("DAPPS")2 ($/Sh.)2 30% $100 140 $0.55 $100 Adj. Funds Flow Per D.A. Share ($/D.A. Share) Adj. Funds Flow Per Debt Adj. Share $90 Average WTI Pri
Slide 7: Updated 2026 Corporate Guidance
Updated 2026 Corporate Guidance Pure Play Clearwater Company Geared For Incremental Growth & Returns Budget Updated Pricing Revised Budget Pricing Assumes WTI (US$/bbl) $60.00 $76.18 US$70/bbl WTI & 1.35 US$/C$ In 2H/2026 WTI / MSW Diff (US$/bbl) ($4.00) ($1.96) WTI / WCS Diff (US$/bbl) ($12.75) ($1
Slide 8: Preliminary Pure Play Clearwater 5-Year Plan
Preliminary Pure Play Clearwater 5-Year Plan 5-Year Plan To Be Updated Q4 2026 Tamarack Has The Unique Ability To Grow Production and Reduce Decline Rates Simultaneously Waterflood Has Materially Reduced Base Decline Rates & Sustaining Capital Requirements1,2 • Sustaining capital <$200 MM throughout
Slide 9: Compounding Per Share Returns With Increased Optionality
Compounding Per Share Returns With Increased Optionality Production Growth + Lower Sustaining Capital + Share Buybacks + Excess Cash Flow = Outsized Per Share Returns Annual Discretionary Free Funds Flow Yield Increases Through Plan Cumulative Total Shareholder Return of ~60% - 100% Over 5 Years • I
Slide 10: Asset Portfolio
hs tamarack valley eNercy Asset Portfolio
Slide 11: Clearwater Waterflood Expansion
Clearwater Waterflood Expansion Substantial Oil In Place and Proven Waterflood Drives Asset Duration Clearwater OOIP Clearwater OOIP by ByArea Area11 >70% of OOIP1 in Areas With 2% Marten Hills Demonstrated Waterflood 0.2 3% Nipisi & W. Marten Consistent Success Driving 0.4 Waterflood Expansion 43%
Slide 12: Industry Leading Clearwater Inventory & Duration With Waterflood
Industry Leading Clearwater Inventory & Duration With Waterflood Clearwater Clearwater Operator Operator Primary Primary WellInventory Well Inventory11 ClearwaterWaterflood Clearwater Waterflood Acres AcresBy byOperator Operator2 2 1400 160,000 15% 140,000 1200 % of <3,000 cP Lands 30% Already Under
Slide 13: Clearwater Waterflood Progression
Clearwater Waterflood Progression Advancing Secondary Recovery To Drive Incremental Resource Capture Clearwater Injection & Production Under Waterflood 80,000 Exit 2026 Water Injection Rate Expected 50% EUR’s Up To 3x Primary Recovery 70,000 To Be ~16% Above 2026 Budget 45% Demonstrated waterflood s
Slide 14: Prolific Waterflood Performance
Prolific Waterflood Performance Secondary Recovery Redefining Production Potential Marten Hills Producers Under Flood at YE 2025 West Marten Producers Under Flood at YE 2025 6 Primary Production Peak 50 5 30 45 Static Producing Well Count Well Count and Water Injection (mbwpd) Well Count and Water I
Slide 15: Clearwater Reserve Growth: Transformative Primary & Secondary Recovery
Clearwater Reserve Growth: Transformative Primary & Secondary Recovery1 Performance Pointing Towards Significant Technical Revisions Continued Recognition of Higher Recovery Factors in the Clearwater Clearwater Outperformance Supporting Positive Revisions and Growth • Maturing data is leading to hig
Slide 16: Clearwater Contingent & Prospective Resource Report
Clearwater Contingent & Prospective Resource Report Multi-Decade Duration Clearwater Reserves & Resources YoY Growth1,2 450 400 Primary Enhanced Oil Recovery (EOR) Decades of Development 350 <2% of The >12 Billion Barrels OOIP Produced By End of 5 Yr. Plan 104 MMbbls Oil Millions of Barrels (MMbbl)
Slide 17: Future Growth Optionality: Pelican
Future Growth Optionality: Pelican Delineation of Stacked Zone Potential; Upside To 5-Yr Plan Pelican Planned TVE Activity: HWX Lower Wabiskaw Polymer (2 Active Injectors) Clwtr D1 • 04/04-19 Peak rate 524 bbls/d oil5 Land Position: 3 Delineation 2 Derisk Wells Wells • 03/03-19 Peak rate 525 bbls/d
Slide 18: Future Growth Optionality: Seal
Future Growth Optionality: Seal Delineation of Secondary Recovery Potential In Stacked Zones; Upside To 5-Yr Plan Seal OBE x2 Zone Stack Top Falher Falher B & C2 Land Position: Falher B Fairway Falher B TVE x3 Zone Stack Falher B, C2, D2 • ~30 gross sections (oil sands tenure) Stacked Development Up
Slide 19: Maximizing Long-Term Free Funds Flow Per Share
Maximizing Long-Term Free Funds Flow1 Per Share Unprecedented Clearwater Waterflood Providing More For Less Compounding Returns to Shareholders ✓ Commitment to Returns: Maximize Returns To Shareholders Across Commodity Cycles ✓ Leveraging Scale and Quality To Deliver ✓ >12 Bln bbls of OOIP2 in the ✓
Slide 20: Appendix
hs tamarack valley eNercy Appendix 19
Slide 21: Risk Management
Risk Management1 Enhancing Certainty With Flexibility To Capture Upside Value Oil Hedges Units Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 FX Hedges Units Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 WTI Collars US$/C$ Collars Volume bbl/d 13,000 18,500 18,000 15,000 4,000 Notational US$MM/Mo
Slide 22: 2025 Reserves Highlights
2025 Reserves Highlights1,2,3 Corporate Reserve Metrics Reserve Volume & Reserves Per Debt Adj.1,2,3 Strong Reserve Growth Driven By Positive Technical Revisions 300 Share 0.60 Reserves Per Debt Adj. Share Gross Reserves (MMboe) 250 0.50 Clearwater TPP Reserves Grew By ~56%, While Replacing >500% of
Slide 23: Clearwater Economics: Primary Recovery
Clearwater Economics: Primary Recovery Multiple Payouts Compound Free Funds Flow1 Growth Northern Clearwater “B” Sand West Marten “C” Sand 250 250 Booked Type Well2,3 11,200m Lateral – Tier I Booked Type Well2,3 11,200m Lateral 200 IP30 (bopd) 180 200 IP30 (bopd) 165 Oil Production (bbl/d) Oil Produ
Slide 24: Clearwater Waterflood – New Injector Drill Type Curve
Clearwater Waterflood – New Injector Drill Type Curve Secondary Recovery Provides Additional Payouts & Reduces Long-Term Sustaining Capital 250 Waterflood Primary Waterflood Economics Waterflood Injector Primary3 – West Marten Type Pattern2 Wedge4 – Internal Total Project 200 “B” Sand Tier I Estimat
Slide 25: Marten Hills Waterflood – Injector Conversion Typical Type Curve
Marten Hills Waterflood – Injector Conversion Typical Type Curve Low-Cost Conversions Provide Substantial Returns 200 Waterflood Conversion Economics Waterflood Primary Primary No Conversion Type Pattern2 Waterflood Wedge1 – 180 Internal Estimate Incremental Oil EUR (Mbbl) 850 160 Conversion Cost ($
Slide 26: Corporate Information
Corporate Information Executive Legal Counsel Brian Schmidt (Aakaikkitstakii) Founder & Chief Executive Officer Stikeman Elliott LLP Steve Buytels President Kevin Johnston Chief Financial Officer Banking Syndicate Co-Leads Scott Shimek Chief Operating Officer National Bank of Canada Royal Bank of Ca
Slide 27: Disclaimers
Disclaimers Forward Looking Statements: Certain information included in this presentation constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as "budget", "guidance", "outlook", "anticipate", "beli
Slide 28: Disclaimers
Disclaimers These include, but are not limited to: the risk that the Company does not update, complete or execute any further update to its five-year plan at the time, within the scope or on the terms currently anticipated; the risk that Clearwater production growth, the allocation of expansion capi
Slide 29: Disclaimers
Disclaimers Resource Disclosure: This document contains information relating to estimates of heavy oil contingent and prospective resources of Tamarack (the "Resource Report") by McDaniel, a qualified independent reserves evaluator, with an effective date of December 31, 2025, in accordance with the
Slide 30: Disclaimers
Disclaimers Specified Financial Measures: This presentation includes various specified financial measures, including non-IFRS financial measures, non-IFRS financial ratios, capital management measures and supplementary financial measures as further described herein. These measures do not have a stan
Slide 31: Disclaimers
Disclaimers "Differential including transportation expense" (non-IFRS financial measure) is determined by comparing the Company's realized price to the published benchmark price, plus transportation expenses. The calculation of the Company's heavy oil differential including transportation expenses i
Slide 32: Disclaimers
Disclaimers Drilling Locations: This presentation discloses Clearwater drilling locations in two categories: (i) booked locations; and (ii) unbooked locations. Booked locations are proved and probable locations derived from the McDaniel Report with an effective date of December 31, 2025, prepared in
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