Tamarack Valley Energy Ltd. · TSX:TVE
Tamarack Valley Energy — Merger or Acquisition (September 2026)
20 slides from Tamarack Valley Energy's merger presentation, September 2026
Slide 1: Strategic Combination of Tamarack Valley Energy and Headwater Exploration
Strategic Combination of Tamarack Valley Energy TSX: TVE and Headwater Exploration Creating a Premier North American Oil Producer September 2026 Merger Presentation
Slide 2: Transaction Overview
Transaction Overview Tributary Exploration Lands Tamarack Valley and Headwater Exploration Announce Strategic Combination Valued at ~$10 Bln T37 Combined Land Position T36 Tamarack Valley (TVE) and Headwater Exploration (HWX) to Merge in All-Stock Seal Transaction T35 Pelican • HWX shareholders to r
Slide 3: Key Governance Elements of the Combined Company
Key Governance Elements of the Combined Company • The combined company will be led by Tamarack’s management team, including the following changes (effective January 1, 2027): Leadership • Steve Buytels as President & Chief Executive Officer and Brian Schmidt as Executive Chairman • Tamarack and Trib
Slide 4: Premier North American Oil Producer
Premier North American Oil Producer Differentiated Market Leader: Top-Decile Economics & the Only Public Pure-Play Clearwater Producer All-Equity Combination Better Together: Profitability, Duration, & Returns Largest Clearwater • >80,000 boe/d Run-Rate Production Higher Profitability: ~US$37/bbl WT
Slide 5: Perfect Fit: Tangible Synergies
Perfect Fit: Tangible Synergies Immediate Synergies Through Integration of Operations & Streamlining Development Programs Near-Term Synergies (B-Tax) Annual • Operating and transport synergies from higher volumes, increased T83 Seal Netback pipeline utilization, and lower unit costs >$15 MM Improvem
Slide 6: Differentiating Tamarack: Asset Scale & Economic Scope
Differentiating Tamarack: Asset Scale & Economic Scope Highly Economic Full-Cycle Returns = Free Funds Flow Growth 60% Large-Cap Peers: Sustaining Reinvestment Ratio (%)2 50% Top Tier Assets With Large OOIP1 40% • >18 billion barrels of OOIP (Clearwater, Grand Rapids and Bluesky/Wabiskaw); 30% <2% o
Slide 7: Decades of Asset Duration
Decades of Asset Duration OOIP Scale and Recovery Enhancement Driving Asset Duration >70% of OOIP1 in Areas With OOIP by Area1 Pro Forma Oil Production Under Flood by Vintage (Mbbl/d)2 Demonstrated Secondary Recovery 25 1% >45% Under Flood at YE 2026 33% Marten Hills 20 0.2 6.0 5% Nipisi and W. Mart
Slide 8: Enhanced Scale & Depth of Quality Inventory + Waterflood Acreage
Enhanced Scale & Depth of Quality Inventory + Waterflood Acreage Industry Leading Clearwater Inventory & Duration With Waterflood Clearwater Operator Primary Well Inventory1 Clearwater Waterflood Acres by Operator2 1800 200,000 20% % of <3,000 cP Lands Already Under Waterflood 1600 180,000 TVE Pro F
Slide 9: Tamarack Egress Update
Tamarack Egress Update Strong Transportation Commitments to Guarantee Industry-Leading Netbacks Tamarack Has Secured 35,000 bbl/d of Long-Term Egress out of Alberta • 1 25,000 bbl/d of TMX service to the West Coast expected to commence Q1 2027, subject to the completion of the Drag Reducing Agent (D
Slide 10: Return of Capital
Return of Capital >$800 MM of Direct Shareholder Returns Since 2022 Exceptional Record of Shareholder Returns • Since the dividend inception in 2022, it has increased six times for cumulative growth of ~140% • Initiated share repurchases under a NCIB program in 2024, repurchasing 15.2% of 2023YE com
Slide 11: Preliminary Pro Forma Long-Term Plan
Preliminary Pro Forma Long-Term Plan Tamarack has the Unique Ability to Grow Production and Reduce Decline Rates Simultaneously Waterflood Has Materially Reduced Base Decline Rates & Sustaining Capital Requirements1,2 Emerging Exploration Area Development Currently • Production growth of 10% - 12% p
Slide 12: Improved, Compounding Per Share Returns
Improved, Compounding Per Share Returns Production Growth + Lower Sustaining Capital + Share Buybacks + Excess Cash Flow = Outsized Per Share Returns Combination drives increased Discretionary Free Funds Flow Yield Cumulative Total Shareholder Return of 70% - 100% to 2030E Throughout the Plan (US$55
Slide 13: Tributary Exploration
Tributary Exploration Tamarack Shareholders to Retain Exposure to Early-Stage Assets in Tributary Led by Current Executives of Headwater Pro Forma (Basic) Value Creation Through Differentiation Pro Forma Capitalization Shareholder Net Asset Value per Share ($/share) $0.42 • Build per-share value whi
Slide 14: Disclaimers: Tamarack Valley
Disclaimers: Tamarack Valley Forward Looking Statements: This presentation constitutes a presentation of Tamarack Valley Energy Ltd. ("Tamarack") issued in connection with the proposed business combination (the "Transaction") with Headwater Exploration Inc. ("Headwater"). Certain information include
Slide 15: Disclaimers: Tamarack Valley
Disclaimers: Tamarack Valley The long-term impacts of the actions between these nations remain uncertain. Due to the nature of the oil and natural gas industry, drilling plans and operational activities may be delayed or modified to respond to market conditions, results of past operations, regulator
Slide 16: Disclaimers: Tamarack Valley
Disclaimers: Tamarack Valley Drilling Locations Disclosure: This presentation may disclose Clearwater drilling locations in two categories: (i) booked locations; and (ii) unbooked locations. Booked locations are proved and probable locations derived from either the Headwater Reserves Report or the T
Slide 17: Disclaimers: Tamarack Valley
Disclaimers: Tamarack Valley Specified Financial Measures: This presentation includes various specified financial measures, including non-IFRS financial measures, non-IFRS financial ratios, capital management measures and supplemental financial measures as further described herein. These measures do
Slide 18: Disclaimers: Tamarack Valley
Disclaimers: Tamarack Valley Oil and Gas Metrics: This presentation contains metrics commonly used in the oil and natural gas industry, such as "corporate decline rate", "NPV-10", Abbreviations "EUR", "IRR", "FDC", "Finding and development costs" or "F&D costs", "Recycle ratio" and "CAGR". These ter
Slide 19: Slide Notes: Tributary Exploration
Slide Notes: Tributary Exploration Slide 12: 1. Total equity issued reflects equity issued by each company under the management team's leadership, from the team's initial financing to the date of sale, and excludes shares outstanding before the team's involvement. Total equity issued includes public
Slide 20: Advisories: Tributary Exploration
Advisories: Tributary Exploration Certain Oil & Gas Advisories Reserves and Future Net Revenue Disclosures All reserves values, future net revenue and ancillary information contained in this presentation are derived from an evaluation by McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared i
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