Tamarack Valley Energy Ltd. · TSX:TVE
Tamarack Valley Energy — Q4 2025 Earnings Presentation
38 slides from Tamarack Valley Energy's earnings presentation, Feb 25, 2026
Slide 1: Creating Sustainable Value
TSX: TVE CREATING SUSTAINABLE VALUE February 2026 Investor Presentation
Slide 2: Corporate and Operational Snapshot
Corporate and Operational Snapshot Largest Public Clearwater Producer Corporate Overview Ticker Symbol TSX: TVE Shares Outstanding (Basic)1 (MM) 485 Share Price (Feb. 23, 2026) ($/Sh.) $9.69 Market Capitalization ($B) $4.7 Net Debt (Q4/2025) ($B) $0.7 Enterprise Value 2 ($B) $5.4 >12 Billion Barrels
Slide 3: Differentiating Tamarack: Asset Scale & Economic Scope
Differentiating Tamarack: Asset Scale & Economic Scope Highly Economic Full-Cycle Returns = Growing Return of Capital $70 SMID-Cap WTI Breakeven Pricing (Sustaining Capital + Dividend; Peters & Co. US$/bbl)2 Top Tier Assets With Large OOIP1 $60 Cover Dividend Cover Sustaining Capital • >12 billion b
Slide 4: 2025: Substantial Growth In Profitability
2025: Substantial Growth In Profitability Rate of Change: Strategic Transformation Complete; Enhanced Profitability Operational Efficiencies Driving Cost Reductions ($/boe)2,3 $10 • Delivered higher margin production of ~68.2 Mboe/d, exceeding top-end of initial guidance1 $8 • Clearwater assets deli
Slide 5: Delivering Returns and Value To Shareholders
Delivering Returns and Value To Shareholders Total Shareholder Return of ~19% On a Per Share Basis During 20251 Tamarack Shareholder Returns (2025A; %)1 20% 19% Debt Repayment Production Growth (25A/24A) Debt Repayment Share Buybacks 3% 3% Net Debt Reduced by ~$90 MM From 2024YE to 2025YE Base Divid
Slide 6: Demonstrated Per Share Value Creation
Demonstrated Per Share Value Creation Compounding Success On a Per Share Basis Common Shares Outstanding Net Debt ($MM) Debt Adjusted Prod. Per Share Adj. Funds Flow Per Debt Adj. (MM) ("DAPPS")3 Share ($/Sh.)3 600 $1,400 130 $0.40 Adj. Funds Flow Per Debt Adj. Share $90 Adj. Funds Flow Per D.A. Sha
Slide 7: 2025 Reserves Highlights
2025 Reserves Highlights1,2,3 Corporate Reserve Metrics Reserve Volume & Reserves Per Debt Adj.1,2,3 Strong Reserve Growth Driven By Positive Technical Revisions 300 Share 0.60 Reserves Per Debt Adj. Share Gross Reserves (MMboe) 250 0.50 PDP and TPP Reserves Increased 31% and 18% 200 0.40 • Producti
Slide 8: Clearwater Contingent & Prospective Resource Report
Clearwater Contingent & Prospective Resource Report Multi-Decade Duration Clearwater Reserves & Resources YoY Growth1,2 450 400 Primary Enhanced Oil Recovery (EOR) Decades of Development At The End of 5-Year Plan ~1.4% of The >12 Billion Barrels 350 104 MMbbls Oil OOIP Produced Millions of Barrels (
Slide 9: 2026 Capital Budget
tamarack valley eNercy 2026 Capital Budget
Slide 10: 2026 Corporate Guidance
2026 Corporate Guidance More For Less: Growing Production With Less Capital And Returning More To Shareholders 2026 Budget Pricing Growing Production By ~3% WTI (US$/bbl) $60.00 Year Over Year With Less Capital WTI / MSW Diff. (US$/bbl) ($4.00) WTI / WCS Diff. (US$/bbl) ($12.75) 2026 Net Well Activi
Slide 11: 2026 Free Funds Flow Allocation
2026 Free Funds Flow Allocation Low Breakeven Drives Flexibility & Increasing Returns To Shareholders Production Growth & Disciplined Capital Allocation 2026 Free Funds Flow Allocation ($MM)4 ~3% Annual Production Growth1 | Focus on Buybacks $1,000 To Augment Per Share Growth At Lower Prices US$85/b
Slide 12: Accelerating Shareholder Returns
Accelerating Shareholder Returns Lower Debt, Higher Margins, Lower Declines = Higher Shareholder Returns Deleveraging Framework (Complete) 2023YE 2H/2024 Tamarack Evolution: Deleveraging & Asset Portfolio Transformation Complete Net Debt1 ($MM) $900MM – $1,100MM $500MM – $900MM & & & Net Debt / LTM
Slide 13: 5-Year Plan: Compounding Returns
5-Year Plan: Compounding Returns 12
Slide 14: 5-Year Plan (2026E-2030E)
5-Year Plan (2026E-2030E) Achieving More High Margin Production with Less Capital Shallowing Decline Rate Reduces Sustaining Capital2, • 5-Year production growth CAGR of 3% - 5%1 Improving Breakeven and Increasing Free Funds Flow1 • Annual reinvestment ratio: ~45% (was ~50%)1,2,3 • Waterflood mitiga
Slide 15: 2026 Plan vs. 2025 Plan
2026 Plan vs. 2025 Plan More Profitable Barrels For Less Capital Investment Throughout The Plan Decline Rates (L) vs. Sustaining Capital Payout (R)3 Sustaining Capital Payout (2025 Plan) Sustaining Capital Payout (2026 Plan) Decline Mitigation & Sustaining Capital Reduction 25% Decline Rate - 2025 P
Slide 16: Compounding Per Share Returns
Compounding Per Share Returns Lower Sustaining Capital + Production Growth + Debt Reduction + Share Buybacks = Outsized Per Share Returns Annual Discretionary Free Funds Flow Yield of 9% – 12% of Cumulative Total Shareholder Return of ~50% Over 5 Years Current Enterprise Value (US$65/bbl)2,4 (US$65/
Slide 17: Asset Portfolio
hs tamarack valley eNercy Asset Portfolio 16
Slide 18: Largest Public Clearwater Producer
Largest Public Clearwater Producer Established Extensive Exposure Through The Heart of The Clearwater Fairway • Extensive holdings across the Clearwater fairway; 854 net sections of land1 • Increased Clearwater land holding by ~25% (2025 vs. 2024) Scale • >12 billion barrels of OOIP2 in the Clearwat
Slide 19: Clearwater Waterflood Expansion
Clearwater Waterflood Expansion Substantial Oil In Place and Proven Waterflood Drives Asset Duration Clearwater OOIP by Area1 >70% of OOIP1 in Areas With 2% Demonstrated Waterflood 0.2 3% Consistent Success Driving 43% 0.4 Waterflood Expansion 5.2 Marten Hills Offset Competitors Are Successfully Sla
Slide 20: Industry Leading Clearwater Inventory & Duration With Waterflood
Industry Leading Clearwater Inventory & Duration With Waterflood Clearwater Operator Primary Well Inventory1 Clearwater Waterflood Acres by Operator2 1400 160,000 15% 140,000 1200 % of <3,000 cP Lands 30% Already Under Waterflood Net Location Count Normalized to 30,000' of Lateral 120,000 1000 Net C
Slide 21: Clearwater Waterflood Progression
Clearwater Waterflood Progression Advancing Secondary Recovery To Drive Incremental Resource Capture Clearwater Injection & Production Under Waterflood 70,000 50% EUR’s Up To 3x Primary Recovery 60,000 Capital Allocation Geared Towards 45% Demonstrated waterflood success across Clearwater fairway Mo
Slide 22: Clearwater Reserve Growth: Transformative Primary & Secondary Recovery
Clearwater Reserve Growth: Transformative Primary & Secondary Recovery1 Performance Pointing Towards Significant Technical Revisions Clearwater Primary Revisions Continued Recognition of Higher Recovery Factors in the Clearwater P+PDP Revisions4 Actuals • Maturing data is leading to higher confidenc
Slide 23: Pelican: Future Growth Area
Pelican: Future Growth Area Derisking of Stacked Zone Potential; Upside To 5-Yr Plan Pelican HWX Lower Wabiskaw2 Planned TVE Activity: • 04/04-19 Peak rate 524 bbls/d oil5, 124 Mbbl oil CTD Clwtr D1 • 03/03-19 First month 451 bbls/d oil6 , 11 Mbbl oil CTD Land Position: 2 Derisk Wells • 2 Polymer pi
Slide 24: Charlie Lake: Free Cash Flow Engine With Growth Potential
Charlie Lake: Free Cash Flow Engine With Growth Potential Scalable Light Oil Inventory, In The Heart of The Fairway Inventory • Well-delineated asset base with substantial low-risk inventory • Inventory supports 17,000 boe/d1 for >10 years; multi-zone potential • Extensive holdings across the Charli
Slide 25: Charlie Lake: Stacked Resources with Superior Economics
Charlie Lake: Stacked Resources with Superior Economics Well Design and Program Execution Driving Sustained Outperformance In Core Areas Charlie Lake – 2024 & 2025 IP90 Oil Performance1 1200 Classic Upper Charlie Lk. Tamarack Was Operator of 30% of development area 1000 The Top 20 IP90 Oil Wells1 Lo
Slide 26: 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 27: Appendix
hs tamarack valley eNercy Appendix 26
Slide 28: Risk Management
Risk Management1 Enhancing Certainty With Flexibility To Capture Upside Value Oil Hedges Units Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 FX Hedges Units Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 WTI Collars US$/C$ Collars Volume bbl/d 21,500 21,500 16,500 22,000 4,000 Notational US$MM/Month $14.0 $14.0
Slide 29: Clearwater Economics: Primary Recovery
Clearwater Economics: Primary Recovery Multiple Payouts Compound Free Funds Flow1 Growth Northern Clearwater “B” Sand West Marten “C” Sand 250 250 Booked Type Well2,3 11,200m Lateral – Tier I Booked Type Well2,3 11,200m Lateral 200 IP30 (bopd) 180 200 IP30 (bopd) 165 Oil Production (bbl/d) Oil Produ
Slide 30: Clearwater Waterflood – New Injector Drill Type Curve
Clearwater Waterflood – New Injector Drill Type Curve Secondary Recovery Provides Additional Payouts & Reduces Long-Term Sustaining Capital 250 Waterflood Primary Waterflood Economics Waterflood Injector Primary3 – West Marten Type Pattern2 Wedge4 – Internal Total Project 200 “B” Sand Tier I Estimat
Slide 31: Marten Hills Waterflood – Injector Conversion Typical Type Curve
Marten Hills Waterflood – Injector Conversion Typical Type Curve Low-Cost Conversions Provide Substantial Returns 200 Waterflood Conversion Economics Waterflood Primary Primary No Conversion Type Pattern2 Waterflood Wedge1 – 180 Internal Estimate Incremental Oil EUR (Mbbl) 850 160 Conversion Cost ($
Slide 32: Clearwater Repeatable Returns From Waterflood
Clearwater Repeatable Returns From Waterflood Demonstrated, Multi-Payout1,2 Wells Across the Assets Primary Conversions 900 102/15-02-075-25W4/0 Stacked Pattern 50 800 102/01-11-074-25W4/0 "W" Pattern 50 1000 100/16-02-075-25W4/0 Stacked Pattern 50 800 Oil Production 700 Oil Production Oil Productio
Slide 33: Corporate Information
Corporate Information Executive Legal Counsel Brian Schmidt (Aakaikkitstakii) Founder & Chief Executive Officer Stikeman Elliott LLP Steve Buytels President Kevin Johnston VP, Finance & Chief Financial Officer Banking Syndicate Co-Leads Ben Stoodley VP, Engineering National Bank of Canada Royal Bank
Slide 34: 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 35: Disclaimers (Oil and Gas Advisories)
Disclaimers (Oil and Gas Advisories) FOFI Disclosure: This presentation contains future-oriented financial information and financial outlook information (collectively, "FOFI") about Tamarack's five year plan (including expectations regarding annual capital, annual reinvestment ratio, direct sharehol
Slide 36: Disclaimers (Oil and Gas Advisories Cont.)
Disclaimers (Oil and Gas Advisories Cont.) BOE Disclosure: The term barrels of oil equivalent ("BOE") may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet per barrel of natural gas to barrels of oil equivalence is based on an energy equivalency conv
Slide 37: Disclaimers (Oil and Gas Advisories Cont.)
Disclaimers (Oil and Gas Advisories Cont.) "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 incl
Slide 38: Disclaimers (Oil and Gas Advisories Cont.)
Disclaimers (Oil and Gas Advisories Cont.) Third Party Information: Certain information contained in this presentation has been obtained from published sources prepared by independent industry analysts and third-party sources (including industry publications, surveys and forecasts). While such infor
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