Tamarack Valley Energy (TVE) Investor presentation summary

Corporate and operational overview

• Largest public pure-play Clearwater producer with a market capitalization of $6.1B and net cash position of $0.1B as of July 2026.

• 2026 production guidance of 61,500–63,000 boe/d, with 88–90% liquids weighting and capital expenditures of $430–$450MM.

• Annual dividend increased by 25% to $0.20/share, yielding ~1.5%.

• Over $1.3B in liquidity and $400MM in shares repurchased since January 2024.

• Debt-adjusted PDP reserve growth of 42% and net debt reduced to a net cash position.

Strategic portfolio optimization and capital allocation

• Sale of Charlie Lake assets for $804MM, unlocking value and enabling focus on Clearwater growth.

• Portfolio shift to higher-margin Clearwater production, with lower breakeven of US$38/bbl WTI and annual sustaining capital under $200MM.

• Net cash position of $133MM at June 2026 and available liquidity of ~$1.3B.

• Accelerated capital allocation to Clearwater, with expanded waterflood and organic production growth.

• Up to 100% total shareholder return projected over five years at US$75/bbl WTI.

Clearwater asset scale, waterflood, and operational performance

• Over 12 billion barrels OOIP in Clearwater, with less than 2% produced by end of five-year plan.

• Waterflood program expanding, targeting 70,000 bbl/d injection by 2026, with >38% of oil production under waterflood.

• Waterflood has materially reduced base decline rates and sustaining capital requirements, enabling simultaneous production growth and decline mitigation.

• Over 2,100 drilling locations identified, supporting >25 years of development.

• Waterflood performance has led to up to 3x recovery versus primary, with F&D costs under $3/boe for PDP reserves.