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 as of May 2026.

• Annual production guidance for 2026 is 62,000–64,000 boe/d, with 88–90% liquids weighting and capital expenditures of $430–$450 million.

• Annual dividend increased by 25% to $0.20 per share, yielding approximately 1.7%.

• Over $125 million net cash position and $1.3 billion in liquidity, with significant share buybacks since 2024.

• Debt-adjusted PDP reserve growth of 41% and DAPPS growth of 13% year-over-year.

Strategic transition and asset optimization

• Sale of Charlie Lake assets for $804 million, unlocking value and focusing on higher-margin Clearwater production.

• Transition to a pure-play Clearwater producer, with capital reallocated to accelerate Clearwater development and waterflood expansion.

• Lower corporate decline rate to 15% and run-rate operating expense of ~$6/boe.

• Enhanced recovery through waterflood, with less than 2% of OOIP produced by end of 5-year plan.

• Up to 100% shareholder returns projected over five years at $75 WTI.

Clearwater asset scale, economics, and waterflood performance

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

• Waterflood expansion driving incremental resource capture, reducing decline rates, and lowering sustaining capital requirements.

• Unhedged breakeven price below US$38/bbl WTI, supporting resilient free funds flow and dividend coverage.

• Waterflood TPP reserves grew by over 200% year-over-year, with over 38% of Clearwater oil production under waterflood by end of 2026.

• Industry-leading recycle ratios and F&D costs, with 2025 PDP recycle ratio at 6.6x and F&D cost at $6.93/boe.