Tamarack Valley Energy Announces Declaration of Monthly Dividend

Calgary, Alberta – March 21, 2023 – Tamarack Valley Energy Ltd. (“Tamarack” or the “Company”) (TSX: TVE) is pleased to announce that the Board of Directors has declared a monthly cash dividend on its common shares of C$0.0125 per share in accordance with the Company’s dividend policy. The dividend will be payable on April 14, 2023, to shareholders of record at the close of business on March 31, 2023. This monthly cash dividend is designated as an “eligible dividend” for Canadian income tax purposes.

About Tamarack Valley Energy Ltd.

Tamarack is an oil and gas exploration and production company committed to creating long-term value for its shareholders through sustainable free funds flow generation, financial stability and the return of capital. The Company has an extensive inventory of low-risk, oil development drilling locations focused primarily on Charlie Lake, Clearwater and EOR plays in Alberta. Operating as a responsible corporate citizen is a key focus to ensure we deliver on our environmental, social and governance (ESG) commitments and goals. For more information, please visit the Company’s website at www.tamarackvalley.ca.

For additional information, please contact

Brian Schmidt
President & CEO
Tamarack Valley Energy Ltd.
Phone: 403.263.4440
www.tamarackvalley.ca

Steve Buytels
VP Finance & CFO
Tamarack Valley Energy Ltd.
Phone: 403.263.4440
www.tamarackvalley.ca

NT4