Tamarack Valley Energy (TVE) EnerCom Denver – The Energy Investment Conference summary

Portfolio repositioning

• Sale of 18,000 boe/d of Charlie Lake production for CAD 804 million shifted the portfolio to a Clearwater-focused position; cash balance of CAD 133 million and no debt.

• Clearwater production grew 15% QoQ in Q2; operating costs were CAD 7/bbl at the field and lease level.

• Clearwater oil is produced from open-hole horizontal wells, typically ~900 m deep with 15,000–18,000 m of lateral wellbore; no fracking required.

• Clearwater production was ~200,000 bbl/d across the play, with ~55,000 bbl/d attributed to the portfolio; land position spans ~900 sections.

Clearwater economics and inventory

• Unhedged breakeven was CAD 38/bbl; recycle ratio was 6.6x.

• Land contains 12 billion bbl of oil in place; ~2% is expected to be produced by the end of the five-year plan, with ~2,100 locations and ~25 years of drilling inventory.

• Martin Hills was described as the core area, with 60 million bbl/section and 20–21° API oil; Seal and Pelican were estimated at 50 million and 20 million bbl/section, respectively.

• ~70% of oil in place is considered waterfloodable; recovering 5% of oil in place would support ~35 years of production.

• Enverus ranked the inventory highest among Clearwater peers; its assessment found only 15% of potential oil-in-place waterflooded to date.

Waterflood performance

• Water injection is expected to exit the year at 70,000 bbl/d; wells put on in 2024 were up 45% on the same well count, while the 2025-design cohort was up 47% through 2026.

• Production on wells responding to the prior year's waterflood investment was up 24%; waterflood output was ~12,000 bbl/d.

• Two core wells' IP90 rose from 400 bbl/d at startup to 950 bbl/d after 93 months on waterflood.

• Injector conversions had ~CAD 1/bbl F&D costs; drilling and equipping injection wells cost CAD 3.50–6/bbl.

• Waterflood-associated reserves grew over 200% YoY and represented 40% of total TPP reserves; 2025 PDP F&D costs were CAD 3/bbl.