Tamarack Valley Energy Announces Q3 2025 Results, Enhanced Corporate Guidance and Dividend Increase

Calgary, Alberta – October 29, 2025 – Tamarack Valley Energy Ltd. is pleased to announce its financial and opera ng results for the three and nine months ended September 30, 2025. Selected financial and opera ng informa on should be read with Tamarack’s unaudited consolidated financial statements and management’s discussion and analysis for the three and nine months ended September 30, 2025, which are available at www.sedarplus.ca and www.tamarackvalley.ca.

Tamarack has delivered strong third quarter results, genera ng cash provided by opera ng ac vi es of $226.2 million, adjusted funds flow(1) of $200.6 million and free funds flow(1) of $95.7 million. Year to date, Tamarack has generated free funds flow of $319.5 million, a 7% improvement over the same period in 2024, despite so ening commodity prices in 2025. Tamarack con nues to drive capital efficiencies, improve price realiza ons and lower li ing costs, which has enhanced the Company’s margins and lowered breakeven prices.

In response to the strong correla on of water volume injec on and produc on response being observed in the Clearwater, Tamarack con nues to expand the scope of its waterflood development program through capital realloca on. The ongoing waterflood investments con nue to provide the Company with lower-cost, higher-margin development opportuni es that are driving an accelerated reduc on in corporate decline rates. The near term waterflood investments also provide Tamarack with an opportunity to enhance produc on growth in future years while preserving primary inventory in the current lower commodity price environment.

Highlights for the three and nine months ended September 30, 2025

Produc on – Clearwater produc on(2) averaged 47,751 boe per day in Q3/25, an 11% increase compared to Q3/24, reflec ng the ongoing success of the Company’s development programs and con nued strong response from the expansion of the waterflood. Corporate produc on(2) of 66,126 boe per day in Q3/25 was impacted by ~2,000 boe per day of planned service interrup ons for maintenance at operated Clearwater facili es and a third-party natural gas processing facility in the Pipestone area (Charlie Lake). Guidance(2) of 67,000 – 69,000 boe per day remains on track for the full year.
Cash Flow & Earnings – Year to date, Tamarack delivered cash provided by opera ng ac vi es of $603.3 million ($1.18 per diluted share), adjusted funds flow(1) of $623.8 million ($1.22 per diluted share) and free funds flow(1) of $319.5 million ($0.63

per diluted share), reflec ng con nued margin enhancement on a per share basis. The Company recognized a net loss of $(98.3) million which was impacted by a write-down of the East Alberta assets held for sale. Adjusted net income(1) of $203.7 million was 3% higher primarily due to higher production and lower lifting costs, partially offset by lower prices.

Shareholder Returns & Increase to Dividend – Tamarack bought back 6.7 million common shares for cancella on in Q3/25. Year to date, Tamarack has repurchased 29.4 million common shares, or 5.6% of its share float, at an average price of ~$4.52 per share. Together with declared dividends, Tamarack returned $193.6 million to shareholders in the first nine months of 2025. Tamarack’s monthly dividend will increase by 5% from $0.01275/share to $0.01333/share star ng with the November 2025 dividend, payable in December, equa ng to an annual dividend of $0.16/share. Star ng in 2026, Tamarack is transi oning to a quarterly dividend schedule with payment dates on the last business day of each calendar quarter end.

Por olio Op miza on – In July, Tamarack completed a $51.5 million tuck-in corporate acquisi on of a private company, adding 1,100 bbl per day of Clearwater produc on and >114 net sec ons of stacked Clearwater mineral rights. In October, Tamarack sold its remaining non-core producing assets of ~4,000 boe per day in Eastern Alberta for $112.0 million before closing

adjustments and the assump on $62.5 million of asset re rement obliga ons (~50% inac ve). The transac on is expected to reduce net produc on expense per boe(1) by ~10% on a go forward basis.

Cost Guidance – Year to date, net produc on expenses(1) on a per boe basis have declined by 19% compared to the same period in the prior year. Given the con nued margin enhancement and an cipated savings from the East Asset Dives ture, the Company is further reducing net produc on expense guidance by 5% for the full year.

Waterflood Expansion – The waterflood con nues to drive lower corporate base declines. Response from the Clearwater

waterflood con nues to grow, with total oil upli now es mated to be 4,500 bbl per day, reflec ng a 60% increase in 2025 from waterflood pa erns implemented before 2025. Tamarack increased Clearwater injec on in the third quarter to more than 30,000 bbl per day, surpassing the previous 2025 exit rate target three months ahead of schedule. The Company now an cipates 2025 exit injec on rates to exceed 35,000 bbl per day, reflec ng ~22% of Clearwater produc on under waterflood.

Enhanced Capital Structure – Tamarack has reduced debt by 5% and net debt(1) by 19% since the beginning of the year. In July, Tamarack completed a $325.0 million note offering of five-year, 6.875%, unsecured senior notes. The net proceeds were used to redeem $100.0 million of Tamarack’s $300.0 million 7.25% senior unsecured notes, with the remainder applied to the Company’s Credit Facility draws. Approximately 45% of the Company’s debt is now maturing in 2030. In October, S&P raised Tamarack’s corporate credit ra ng from B to B+ (senior unsecured notes ra ng from B+ to BB-) in response to the Company’s ongoing net debt reduc on and strong opera onal performance.

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