Tamarack Valley Energy (TVE) investor relations material

Executive summary

• Achieved strong operational and financial performance in Q1 2026, with production averaging 71,329 BOE/d, up 5% year-over-year, marking the first full quarter as a core Clearwater and Charlie Lake producer after non-core asset sales in 2025.

• Accelerated drilling and waterflood expansion in Clearwater led to a 19% production increase year-over-year.

• Focused on maximizing shareholder returns through a balanced approach of buybacks, dividends, growth, and debt reduction.

Financial highlights

• Q1 2026 production averaged 71,329 BOE/d, up 5% year-over-year; 86% oil and liquids.

• Clearwater production rose 19% year-over-year to 53,016 BOE/d; Charlie Lake at 18,131 BOE/d.

• Oil and natural gas sales reached $443.9 million in Q1 2026, up 22% year-over-year.

• Generated adjusted funds flow of CAD 222 million and free funds flow of CAD 128 million (CAD 0.26/share), up 44% per share year-over-year.

• Returned CAD 66.3 million to shareholders via dividends and buybacks; repurchased 4.6 million shares in Q1.

Outlook and guidance

• Reaffirmed full-year 2026 guidance as set in December, with annual production guidance of 69,000–71,000 BOE/d and 84–86% oil and NGL weighting.

• 2026 capital investment guidance remains $390–410 million, targeting a reinvestment ratio of 50–60% of adjusted funds flow.

• Plans to place 65 water injectors/conversions in service in 2026, targeting >35% Clearwater oil under flood by year-end.

• Capital program remains flexible, with potential acceleration of drilling in Q2 to capitalize on higher commodity prices; H2 program to be revisited mid-year.

• Guidance may be adjusted if higher commodity prices persist, potentially impacting royalty rates, income taxes, and interest expense.