Mr. Brian Schmidt reports

TAMARACK VALLEY ENERGY LTD. EXERCISES OPTION TO REDEEM REMAINING OUTSTANDING 7.25% 2027 SENIOR UNSECURED NOTES

Tamarack Valley Energy Ltd. will redeem its remaining outstanding 7.25 per cent 2027 senior unsecured notes maturing on May 10, 2027.

On April 29, 2026, the company delivered a notice of redemption to redeem all of the $190.0-million of remaining outstanding 2027 notes on May 11, 2026, at a cost of 100.75 per cent of principal plus accrued and unpaid interest thereon. The redemption of the 2027 notes will be financed utilizing a draw under Tamarack's existing $875.0-million credit facility, currently maturing on April 30, 2028. Following the note redemption, the company is anticipated to have undrawn credit capacity under its credit facility of greater than $525-million. This press release does not constitute an offer to purchase the 2027 notes.

About Tamarack Valley Energy Ltd.

Tamarack is a corporation engaged in the exploration, development, production and sale of oil and natural gas in the Western Canadian sedimentary basin. The company is currently developing two projects in Northern Alberta: a Clearwater heavy oil position at Nipisi, Marten Hills and South Clearwater and a Charlie Lake light oil position at Wembley, Pipestone and Valhalla. Tamarack holds an extensive inventory of low-risk, oil development drilling locations and is pursuing enhanced oil recovery upside across the company's core asset areas. Tamarack is committed to creating long-term value for its shareholders through sustainable free funds flow generation, financial stability and the return of capital. The company is publicly traded on the Toronto Stock Exchange under the symbol TVE.

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