Tamarack Valley Energy (TVE) Investor presentation summary

Corporate and operational overview

• Largest public pure-play Clearwater producer with a market capitalization of $5.8 billion and enterprise value of $5.7 billion.

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

• Annual dividend set at $0.20 per share, yielding approximately 1.7%.

• Over $125 million net cash position and $1.3 billion in liquidity.

• Significant share buybacks and debt-adjusted per share reserve and production growth.

Strategic transition and asset optimization

• Sale of Charlie Lake assets for $804 million, unlocking value and enabling a 25% dividend increase.

• Refocused on high-margin Clearwater production, lowering breakeven to US$38/bbl WTI and sustaining capital below $200 million.

• Accelerated Clearwater development and waterflood expansion, with less than 2% of OOIP produced by end of 5-year plan.

• Enhanced capital allocation flexibility and increased shareholder returns, targeting up to 100% total return over five years.

Clearwater asset scale, economics, and waterflood success

• Over 12 billion barrels of OOIP in Clearwater, with more than 2,100 drilling locations and decades of inventory.

• Waterflood program has materially reduced decline rates and sustaining capital requirements, with over 38% of oil production under waterflood by end of 2026.

• Waterflood TPP reserves grew by over 200% YoY, and PDP reserves under waterflood expanded by 300%.

• Industry-leading F&D costs (<$3/boe for waterflood PDP) and recycle ratios (>18x for waterflood PDP).

• Waterflood economics demonstrate >7x payouts on combined primary and secondary capital.