Tamarack Valley Energy Ltd. · TSX:TVE
Tamarack Valley Energy — Merger or Acquisition (October 2026)
30 slides from Tamarack Valley Energy's merger presentation, October 2026
Slide 1: Creating Sustainable Value
TSX: TVE CREATING SUSTAINABLE VALUE West Marten 15-15 Battery Facility 15-15-076-05W5 Oct. 2026 Q3 2026 Update + Merger Presentation
Slide 2: Tamarack Q3 2026 Update
tamarack valley eNercy Tamarack Q3 2026 Update
Slide 3: Q3 2026 Highlights
Q3 2026 Highlights Robust Operational Execution, Elevated Commodity Prices and All-Stock Headwater Merger (Expected To Close November 18) • Entered into a combination with Headwater on Sept 7, 2026, adding ~25,000 boe/d of high-margin oil Clearwater Production (Mboe/d)1,2 production, >100 MMboe of P
Slide 4: Demonstrated Value Creation
Demonstrated Value Creation Compounding Success on a Per Share Basis CROCI vs. WACC (%)1 Debt Adjusted Prod. Per Share Adj. Funds Flow Per Debt Adj. Share ("DAPPS")2 ($/Sh.)2 30% $100 140 $0.55 $100 Adj. Funds Flow Per D.A. Share ($/D.A. Share) Adj. Funds Flow Per Debt Adj. Share $90 Average WTI Pri
Slide 5: Reaffirming 2026 Corporate Guidance
Reaffirming 2026 Corporate Guidance Pure Play Clearwater Company Geared For Incremental Growth & Returns Budget WTI (US$/bbl) $60.00 Full Year 2026 Capital Guidance of $450 MM – $470 MM WTI / WCS Diff (US$/bbl) ($12.75) Reflecting Incremental Spending Associated With Headwater’s Planned Capital Prog
Slide 6: Tamarack Clearwater Waterflood Progression (Existing TVE Assets)
Tamarack Clearwater Waterflood Progression (Existing TVE Assets) Advancing Secondary Recovery To Drive Incremental Resource Capture Clearwater Injection & Production Under Waterflood 80,000 Exit 2026 Water Injection Rate Expected 50% EUR’s Up To 3x Primary Recovery 45% 70,000 To Be ~16% Above 2026 B
Slide 7: Prolific Waterflood Performance (Existing TVE Assets)
Prolific Waterflood Performance (Existing TVE Assets) Secondary Recovery Redefining Production Potential Clearwater Producers Under Flood at YE 2025 South Clearwater Waterflood Pilot (Actuals vs. 2025 Year End P+PDP Reserves2) 80 Actuals 16,000 70 Internal Primary Forecast 14,000 Actuals YE 2025 P+P
Slide 8: Strategic Combination of Tamarack Valley Energy and Headwater Exploration
Strategic Combination of Tamarack Valley Energy and Headwater Exploration Creating a Premier North American Oil Producer 7
Slide 9: Transaction Overview
Transaction Overview As Press Released Sep. 7, 2026 Tributary Exploration Lands Tamarack Valley and Headwater Exploration Announce Strategic Combination Valued at ~$10 Bln T37 Combined Land Position T36 Tamarack Valley (TVE) and Headwater Exploration (HWX) to Merge in All-Stock Seal Transaction T35
Slide 10: Key Governance Elements of the Combined Company
Key Governance Elements of the Combined Company • The combined company will be led by Tamarack’s management team, including the following changes (effective January 1, 2027): Leadership • Steve Buytels as President & Chief Executive Officer and Brian Schmidt as Executive Chairman • Tamarack and Trib
Slide 11: Premier North American Oil Producer
Premier North American Oil Producer Differentiated Market Leader: Top-Decile Economics & The Only Public Pure-Play Clearwater Producer All-Equity Combination Better Together: Profitability, Duration, & Returns Largest Clearwater • >80,000 boe/d Run-Rate Production Higher Profitability: ~US$37/bbl WT
Slide 12: Perfect Fit: Tangible Synergies
Perfect Fit: Tangible Synergies Immediate Synergies Through Integration of Operations & Streamlining Development Programs Synergies Are Trending Higher; Update To Be Provided With 2027 Budget Near-Term Synergies (B-Tax) Annual • Operating and transport synergies from higher volumes, increased T83 Se
Slide 13: Differentiating Tamarack: Asset Scale & Economic Scope
Differentiating Tamarack: Asset Scale & Economic Scope Highly Economic Full-Cycle Returns = Free Funds Flow Growth 60% 2027E Large-Cap Peers: Sustaining Reinvestment Ratio (%)2 Top Tier Assets With Large OOIP1 50% 40% • >18 billion barrels of OOIP (Clearwater, Grand Rapids and Bluesky/Wabiskaw); 30%
Slide 14: Decades of Asset Duration
Decades of Asset Duration OOIP Scale and Recovery Enhancement Driving Asset Duration >70% of OOIP1 in Areas With OOIP by Area1 Demonstrated Secondary Recovery Pro Forma Oil Under Waterflood By Vintage (Mbbl/d)2 25 >45% Under Flood at YE 2026 1% Marten Hills 33% 0.2 20 6.0 5% Nipisi and W. Marten 0.8
Slide 15: Enhanced Scale & Depth of Quality Inventory + Waterflood Acreage
Enhanced Scale & Depth of Quality Inventory + Waterflood Acreage Industry Leading Clearwater Inventory & Duration With Waterflood Clearwater Operator Primary Well Inventory1 Clearwater Waterflood Acres by Operator2 1800 200,000 20% % of <3,000 cP Lands Already Under Waterflood 1600 180,000 TVE Pro F
Slide 16: Tamarack Egress Update
Tamarack Egress Update Strong Transportation Commitments to Guarantee Industry-Leading Netbacks Tamarack Has Secured 35,000 bbl/d of Long-Term Egress out of Alberta • 1 25,000 bbl/d of TMX service to the West Coast expected to commence Q1 2027, subject to the completion of the Drag Reducing Agent (D
Slide 17: Return of Capital
Return of Capital >$850 MM of Direct Shareholder Returns Since 2022 Exceptional Record of Shareholder Returns • Since inception of the dividend in 2022, it has increased six times for cumulative growth of ~140% • Initiated share repurchases under a NCIB program in 2024, repurchased 15.4% of 2023YE c
Slide 18: Preliminary Pro Forma Long-Term Plan
Preliminary Pro Forma Long-Term Plan Tamarack has the Unique Ability to Grow Production and Reduce Decline Rates Simultaneously Waterflood Has Materially Reduced Base Decline Rates & Sustaining Capital Requirements1,2 Emerging Exploration Area Development Currently • Production growth of 10% - 12% p
Slide 19: Improved, Compounding Per Share Returns
Improved, Compounding Per Share Returns Production Growth + Lower Sustaining Capital + Share Buybacks + Excess Cash Flow = Outsized Per Share Returns Combination drives increased Discretionary Free Funds Flow Yield Cumulative Total Shareholder Return of 70% - 100% to 2030E Throughout the Plan (US$55
Slide 20: Tributary Exploration
Tributary Exploration Tamarack Shareholders to Retain Exposure to Early-Stage Assets in Tributary Led by Current Executives of Headwater Pro Forma (Basic) Value Creation Through Differentiation Pro Forma Capitalization Shareholder Net Asset Value per Share ($/share) $0.42 • Build per-share value whi
Slide 21: Appendix
hs tamarack valley eNercy Appendix 20
Slide 22: Tamarack Standalone - Risk Management
Tamarack Standalone - Risk Management1 Enhancing Certainty With Flexibility To Capture Upside Value Oil Hedges Units Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 FX Hedges Units Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 WTI Collars US$/C$ Collars Volume bbl/d 18,500 18,000 15,000 11,500 12,000 Notational U
Slide 23: Disclaimers: Tamarack Valley
Disclaimers: Tamarack Valley Forward Looking Statements: This presentation has been prepared by Tamarack Valley Energy Ltd. ("Tamarack" or the "Company") and contains information regarding Tamarack's results for the three and nine months ended September 30, 2026, Tamarack's 2026 guidance and operati
Slide 24: Disclaimers: Tamarack Valley
Disclaimers: Tamarack Valley Although management considers these assumptions to be reasonable based on information currently available, undue reliance should not be placed on the forward-looking statements because Tamarack can give no assurances that they may prove to be correct. By their very natur
Slide 25: Disclaimers: Tamarack Valley
Disclaimers: Tamarack Valley Reserves Disclosure: All reserve references in this presentation are "Company Gross Reserves". Company Gross Reserves are defined as the applicable company's working interest share of reserves prior to royalty deductions. All reserves values, future net revenue and ancil
Slide 26: Disclaimers: Tamarack Valley
Disclaimers: Tamarack Valley Disclosure of Oil and Gas Information: Unless otherwise indicated, the disclosures in this section apply to the oil and gas properties and activities of Tamarack and Headwater and, where expressly indicated, the combined company on a pro forma basis after giving effect t
Slide 27: Disclaimers: Tamarack Valley
Disclaimers: Tamarack Valley "Sustaining capital" (supplementary financial measure) represents management's estimate of annual capital investments required to maintain corporate production at prior period levels. This measure allows management and others to assess the approximate composition of Tama
Slide 28: Disclaimers: Tamarack Valley
Disclaimers: Tamarack Valley Oil and Gas Metrics: This presentation contains metrics commonly used in the oil and natural gas industry, such as "corporate decline rate", "NPV-10", Abbreviations "EUR", "IRR", "FDC", "Finding and development costs" or "F&D costs", "finding, development and acquisition
Slide 29: Slide Notes: Tributary Exploration
Slide Notes: Tributary Exploration Slide 20: 1. Total equity issued reflects equity issued by each company under the management team's leadership, from the team's initial financing to the date of sale, and excludes shares outstanding before the team's involvement. Total equity issued includes public
Slide 30: Advisories: Tributary Exploration
Advisories: Tributary Exploration Certain Oil & Gas Advisories Reserves and Future Net Revenue Disclosures All reserves values, future net revenue and ancillary information contained in this presentation are derived from an evaluation by McDaniel & Associates Consultants Ltd. (“McDaniel”) prepared i
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