Tamarack Valley Energy (TVE) Investor presentation summary

Financial and operational highlights

• Market capitalization stands at $6.1B with an enterprise value of $6.7B and net debt of $0.6B as of Q1 2026.

• Q1 2026 production averaged ~71,300 boe/d, up 5% YoY, with Clearwater production rising 19% YoY to ~53,000 boe/d.

• Adjusted funds flow for Q1 2026 was $221.8M, with free funds flow of $128.1M and $66.3M returned to shareholders via dividends and buybacks.

• Annual dividend is $0.16/share, yielding ~1.3%, and over 4.6M shares were repurchased in Q1 2026.

• Net debt reduced by ~$730M since Q4 2022, with a 13.4% reduction in share count over the same period.

Strategic asset base and growth

• Holds >12 billion barrels OOIP in the Clearwater, with <1% recovered to date and >2,100 drilling locations identified.

• Largest public Clearwater producer, with 863 net sections and a 25% increase in land holdings YoY.

• Waterflood program is expanding, with >35% of Clearwater oil under waterflood by YE 2026 and proven ability to triple recovery factors.

• Charlie Lake asset supports 17,000 boe/d for over 10 years, with breakeven costs < $35/bbl WTI and rapid payout cycles.

• Pelican area offers stacked zone upside and derisking activity, targeting both Clearwater and Wabiskaw zones.

Capital allocation and returns

• 2026 capital budget is $390–$410M, with 70% allocated to Clearwater development and waterflood expansion.

• Free funds flow breakeven is ~US$35/bbl, with >$250M annual free funds flow expected at US$60/bbl WTI.

• 2026 plan targets 69,000–71,000 boe/d production, 84–86% liquids, and a reinvestment ratio of ~45% over five years.

• Shareholder returns prioritized through dividends, buybacks, and debt repayment, with a 5–10% direct return per year and cumulative TSR of ~50% over five years at US$65/bbl.

• Additional free funds flow in 2026 is being allocated to share buybacks, maximizing per share value.