C O R P O R A T E P R O F I L E

2017

T S X : T V E

Tamarack is an oil and gas exploration and production company committed to long-term growth and the identification, evaluation and operation of resource plays in the Western Canadian Sedimentary Basin. Tamarack's strategic direction is focused on two key principles – targeting repeatable and relatively predictable plays that provide long-life reserves, and using a rigorous, proven modeling process to carefully manage risk and identify opportunities. The Company has an extensive inventory of low-risk oil development locations focused primarily in the Cardium and Viking fairways in Alberta and Saskatchewan that are economic at a variety of oil and natural gas prices. With this type of portfolio and an experienced and committed management team, Tamarack intends to continue delivering on its strategy to maximize shareholder return while managing its balance sheet.

Tamarack trades on the Toronto Stock Exchange with the symbol TVE and was named a TSX Venture 50 company before graduating to the TSX in August 2015. The Company was created through the combination of Tango Energy Inc. and two private companies in mid-2010, after which the management team and Board of Directors were largely reconstituted. Tamarack’s growth continued with the acquisitions of three Canadian companies: privately-held Echoex Ltd. on April 17, 2012, publicly-traded Sure Energy Inc. on October 9, 2013 and privately-held Spur Resources Ltd. on January 11, 2017.

Tamarack employs a specific resource play screening criteria to identify and evaluate prospective areas that offer repeatability and scope and feature large original oil or gas-in-place per section, which usually suggests sizeable reserves, long-life opportunities. Tamarack will continue to execute its strategy to develop high-quality assets that deliver superior rates of return and allow the Company to continue being self-sufficient and fund growth through internal cash flow and debt, supporting per share growth. Building on its sustainable growth platform, Tamarack will strive to further accumulate oil-focused assets in its core areas and intends to continue delivering on its strategy to maximize shareholder return while managing its balance sheet.

...improving capital efficiencies as a result of permanent cost reductions from well design changes contribute

to sustainability at current commodity prices.

ABOUT TAMARACK

OUR STRATEGY

TABLE OF CONTENTS2 Financial & Operating Highlights 4 Message to Shareholders 6 Review of Operations 10 Reserves 11 Corporate Information

ANNUAL GENERAL MEETINGTamarack Valley Energy invites all shareholders to attend the Company's annual general meeting on Tuesday, June 22, 2017 at 9:00 am (MDT) in the Dining Room of the Bow Valley Club, 370, 250 Sixth Avenue SW, Calgary, Alberta.

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2017C O R P O R A T E P R O F I L E

2012

2012

2013 2014 2015 2016 Q1 2017

PRODUCTION (boe/d)

CRUDE OIL AND NGLS PRODUCTION (bbls/d)

2013 2014 2015 2016 Q1 2017

2,16

6 3,27

6

5,71

7

8,44

8

10,3

44

17,7

96

986

1,91

1

3,50

2

5,10

8

5,61

3

10,1

54

FINANCIAL & OPERATING HIGHLIGHTS

2

Three months ended December 31, Year ended December 31, 2016 2015 % change 2016 2015 % change($, except share numbers)

Total revenue 39,793,215 27,725,228 44 115,516,949 106,145,723 91Funds from operations 20,453,183 18,614,626 10 63,567,478 60,161,226 6

1 Per share - basic $ 0.15 $ 0.19 (21) $ 0.52 $ 0.66 (21)1 Per share - diluted $ 0.15 $ 0.19 (21) $ 0.52 $ 0.66 (21)

Net income (loss) (8,424,255) 5,118,919 (265) (27,822,948) (17,328,368) (61) Per share - basic $ (0.06) $ 0.05 (220) $ (0.23) $ (0.19) (21) Per share - diluted $ (0.06) $ 0.05 (220) $ (0.23) $ (0.19) (21)

2Net debt (52,316,066) (97,940,880) (47) (52,316,066) (97,940,880) (47)3Capital expenditures 12,416,830 10,817,509 15 140,777,100 107,431,198 31

Weighted average shares outstanding Basic 137,043,779 99,945,577 37 122,235,231 90,661,207 35 Diluted 137,043,779 99,945,577 37 122,235,231 90,661,207 35Share trading High $ 3.89 $ 3.25 20 $ 4.28 $ 4.80 (11) Low $ 3.00 $ 2.22 35 $ 2.16 $ 1.83 18 Trading volume 39,341,999 26,929,737 46 122,074,351 94,324,264 29Average daily production Light oil (bbls/d) 4,858 4,258 14 4,215 3,703 14 Heavy oil (bbls/d) 316 620 (49) 363 602 (40) NGLs (bbls/d) 1,075 1,218 (12) 1,035 803 29 Natural gas (mcf/d) 31,226 23,229 34 28,388 20,038 42 Total (boe/d) 11,453 9,968 15 10,344 8,448 22Average sale prices Light oil ($/bbl) 58.71 47.16 24 50.53 52.06 (3) Heavy oil ($/bbl) 44.60 26.79 66 35.45 41.98 (16) NGLs ($/bbl) 28.99 18.22 59 20.74 19.49 6 Natural gas ($/mcf) 3.27 2.66 23 2.41 2.85 (15) Total ($/boe) 37.76 30.23 25 30.51 34.43 (11)

4Operating netback ($/boe) Average realized sales 37.76 30.23 25 30.51 34.43 (11) Royalty expenses (3.56) (2.80) 27 (2.32) (3.43) (32) Production expenses (12.17) (12.20) (0) (11.64) (12.81) (9)

4Operating field netback ($/boe) 22.03 15.23 45 16.55 18.19 (9) Realized commodity hedging gain (loss) (0.15) 8.16 (102) 3.25 5.67 (43) Operating netback 21.88 23.39 (6) 19.80 23.86 (17)

4Funds flow from operations netback ($/boe) 19.41 20.30 (4) 16.79 19.51 (14)(1) Funds from operations is calculated as cash flow from operating activities before the change in non-cash working capital and abandonment. (2) Net debt does not have any standard meaning prescribed by International Financial Reporting Standards (“IFRS”) and therefore may not be comparable with the

calculation of similar measures for other entities. Net debt includes accounts receivable, prepaid expenses and deposits, bank debt and accounts payable and accrued liabilities, but excludes the fair value of financial instruments.

(3) Capital expenditures include property acquisitions and are presented net of disposals, but exclude corporate acquisitions.(4) Operating netback, operating field netback and funds flow from operations netback does not have any standardized meaning prescribed by IFRS and therefore may not

be comparable with the calculation of similar measures for other entities. Operating field netback equals total petroleum and natural gas sales less royalties and operating costs calculated on a boe basis. Operating netback is the operating field netback with realized gains and losses on commodity derivative contracts. Funds flow from operations netback equals funds flow from operations divided by the total sales volume and reported on a per boe basis. Tamarack considers operating netback and funds flow from operations netback as important measures to evaluate its operational performance as it demonstrates its field level profitability relative to current commodity prices. divided by the total sales volume and reported on a per boe basis. Tamarack considers operating netback and funds flow from operations netback as important measures to evaluate its operational performance as it demonstrates its field level profitability relative to current commodity prices.

2017C O R P O R A T E P R O F I L E

Production per debt-adjusted share grew 6% in 2016 over 2015 while Tamarack reduced year end net debt by 47%.

Achieved record Q4/16 average production of 11,453 boe/d, up 6% from Q3/16 and up 15% over Q4/15, and grew annual average production by 22% to average 10,344 boe/d in 2016 compared to 8,448 boe/d in 2015.

Announced the revolutionary and transformative transaction with Spur Resources Ltd. (the "Viking Acquisition") on November 2, 2016, positioning Tamarack as a Cardium and Viking-focused growth entity with forecast 2017 annual production between 19,000-20,000 boe/d (approximately 55-60% liquids), as well as control of key infrastructure across its core areas. Concurrent with closing, the borrowing base on the Company's credit facilities was increased by over 80% to $220 million from $120 million, providing ample liquidity for ongoing development of Tamarack's high-netback, light oil-weighted asset base.

Total funds from operations increased 23% to $20.5 million in Q4/16 from $16.7 million in Q3/16, and increased 10% compared to Q4/15.

Enhanced financial flexibility by reducing net debt by 47% at year end 2016 compared to year end 2015, and reducing by 17% compared to the previous quarter, resulting in year end 2016 net debt to Q4 2016 annualized funds from operations of 0.6x, down from 1.5x at year end 2015.

Improved field efficiencies combined with a continued focus on cost reductions resulted in production expenses declining 9% to $11.64/boe in 2016 compared to $12.81/boe in 2015.

General and administrative ("G&A") costs per boe decreased by 17% in 2016 over 2015, declining to $1.95/boe over $2.35/boe, while G&A on an absolute basis increased by only $155,633 during 2016 despite higher activity levels, closing two strategic acquisitions and achieving 22% growth in production.

As announced on February 27, 2017, delivered 5% growth per fully diluted share in proved developed producing reserves ("PDP"), and increased reserves on an absolute basis by 43% for PDP, 34% for total proved ("1P") and 26% for proved plus probable ("2P") reserves.

Achieved attractive capital efficiencies through the 2016 development program, generating a 2P finding and development cost ("F&D") recycle ratio of 2.3 times and a 2P finding, development and acquisition cost ("FD&A") recycle ratio of 1.5 times based on the 2016 field netback (excluding hedges) of $16.55/boe. Using the Q4 2016 field netback of $22.03/boe, generated a 2P F&D recycle ratio of 3.1 times and a 2P FD&A recycle ratio of 1.9 times.

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2017C O R P O R A T E P R O F I L E

FINANCIAL & OPERATING HIGHLIGHTS

Our strategic acquisitions and impressive growth through 2016 have repositioned Tamarack and set the stage for the continued development of our low-risk and high-return asset base focused in the Viking and Cardium light oil plays. We remain focused on generating value for our shareholders and expect to achieve meaningful production and cash flow per share growth in 2017 and 2018.

This past year was one of true transformation and unprecedented growth for Tamarack. We successfully navigated through a persistently challenging commodity price environment, emerging as an intermediate, oil-weighted producer with attractive Cardium light oil development and an Alberta / Saskatchewan Viking light oil opportunity that is among the largest in the industry. Looking back to when the commodity price down turn started in 2014 through to early 2017, Tamarack has achieved a rare level of success and accretive growth. Since Q4 2014 our production has increased 160% from 7,681 boe/d to over 20,000 boe/d in April 2017. While growing significantly through this period, our net debt has declined by 60% from year end 2014 to year end 2016, despite adding over 190 net sections of land (an increase of 56%), and adding approximately 425 new drilling locations to our inventory of high-quality locations that pay out in 1.5 years or less in the current commodity price environment (an increase of 113% relative to 2014). Further, over this same time period, we completed three significant acquisitions and four smaller, tuck-in acquisitions at Wilson Creek / Redwater, acquired a new core area at Penny, Alberta featuring a waterflood with high oil content and low declines, and added to our existing Viking oil assets, including through the most recent acquisition that closed in January 2017. Over the last two years, Tamarack has lowered our corporate decline rate through the use of extended reach horizontal wells and our low decline Penny asset.

The strategic decisions that Tamarack has made during a very challenging commodity price environment have contributed to securing the Company's long-term future sustainability and financial flexibility, while clearly demonstrating the strength of our unique returns-based growth model.

2016 IN REVIEW

The impact of new volumes coming on-stream from our active organic drilling program combined with the acquisitions we completed and announced during the year contributed to an 80% increase in our production volumes, which grew from 9,968 boe/d in the fourth quarter of 2015 to a pro-forma 2016 exit production rate of approximately 18,400 boe/d. Our 2016 annual production averaged 10,344 boe/d, exceeding our guidance of 9,700 to 10,000 boe/d despite second quarter volume curtailments from TransCanada Pipelines.

We were able to successfully capitalize on the weak price environment and closed two strategic Alberta acquisitions in July of 2016 that met our stringent criteria and were an ideal fit with our existing operations. These included a producing light oil pool under waterflood at Penny in southern Alberta (the “Penny Acquisition”), and the consolidation of assets with significant key infrastructure at Redwater/Wilson Creek (the “Redwater Acquisition”). These transactions collectively added approximately 1,900 boe/d of predominantly light oil and natural gas liquids production, further supporting our netbacks and enhancing our oil weighting. Both assets continue to outperform expectations with no production declines since mid-last year.

Our commitment to debt reduction and an unwavering focus on cost control during the first half of 2016 helped Tamarack to close on these acquisitions. Despite an active capital program and the addition of new assets to the portfolio, our year end 2016 net debt decreased by 47% to $52.3 million from year end 2015, setting the stage for the most significant and transformative transaction in our history: the combination of Tamarack and Spur Resources Ltd. (the “Viking Acquisition”) which closed on January 11, 2017. We were able to close on this accretive transaction due to the strength of our balance sheet.

Through the Viking Acquisition, we acquired extensive Viking assets in southeast Alberta and southwest Saskatchewan, including low-cost light oil weighted production, an extensive inventory of low-risk, light oil drilling locations and 300,000 net acres of high working interest acreage with control of key area infrastructure. Due to the increased production and reserves base acquired through the Viking Acquisition, Tamarack's lenders increased our credit facility borrowing base by over 80% to $220 million, providing ample liquidity for the ongoing development of our high-netback, light oil-weighted Cardium and Viking focused assets.

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2017C O R P O R A T E P R O F I L E

MESSAGE TO SHAREHOLDERS

64

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2017C O R P O R A T E P R O F I L E

MESSAGE TO SHAREHOLDERSEach of these acquisitions was consistent with Tamarack's strategy of adding high-quality, oil-weighted assets which, on a half cycle basis, can achieve a capital cost payout of 1.5 years or less while maintaining balance sheet flexibility. Through our history, we have successfully identified and closed several significant acquisitions due to our unique screening criteria. By maintaining our position as the low-cost operator who controls our strategic infrastructure, we are able to consolidate land and assets in our core areas while ensuring growth on a per share basis. We intend to continue executing this strategy with the Viking Acquisition, as Tamarack now boasts an inventory of over 800 net identified, high-quality drilling locations that pay out in 1.5 years or less at current strip prices, fueling our longer-term organic growth with anticipated per share cash flow, production and reserves expansion. In addition, the impact of the waterflood at Penny combined with the success of our longer reach horizontal wells have helped to reduce our overall corporate decline rates.

During 2016, our exploration and development capital expenditures (excluding acquisitions and dispositions) were directed to the drilling and development of our light oil assets at Cardium, Viking and Penny Barons Sands, prudently allocated to areas and projects offering the highest returns within a weak and volatile commodity price environment. Tamarack's active program successfully drilled, completed and brought onto production 10 (9.4 net) horizontal Cardium oil wells, two (2.0 net) Viking oil wells, one (1.0 net) oil well in Penny, one (0.8 net) Mannville gas well and two (2.0 net) heavy oil wells. In addition, we finalized the drilling, completion and tie-in of two (1.7 net) Cardium oil wells that were spudded in late 2015. The Company also completed an infrastructure enhancement project at Alder Flats to increase capacity and lower operating costs.

In addition to improving field efficiencies through the year, Tamarack continued to focus on cost reductions across all facets of the business. Aided by our team's tireless efforts and innovative thinking, our production expenses declined 9% to $11.64/boe in 2016 compared to $12.81/boe in 2015. Additionally, general and administrative (“G&A”) costs per boe decreased by 17% in 2016 over 2015, declining to $1.95/boe over $2.35/boe, while G&A on an absolute gross basis was flat year over year despite higher activity levels, closing two strategic acquisitions, and achieving significant production growth.

With the success of our drilling program, enhancements to completion techniques, improvements in well performance and complementary acquisitions, Tamarack posted strong reserves additions during 2016. The Company delivered 5% growth per fully diluted share in proved developed producing (“PDP”) reserves, and on an absolute basis delivered a 43% increase in PDP, a 35% increase in total proved (“1P”) reserves and a 26% increase in proved plus probable (“2P”) reserves. Including acquisitions, the Company replaced 322% of production on a 1P basis and 406% on a 2P basis. The 2016 development program generated attractive capital efficiencies as our 2P finding and development costs (“F&D”) recycle ratio was 2.3 times and our 2P finding, development & Acquisition costs (“FD&A”) recycle ratio was 1.5 times based on our $16.55/boe field netback (excluding hedges) in 2016.

Although Tamarack and our industry peers benefited from improving commodity prices later in 2016, recent oil price weakness coupled with cost inflation in early 2017 has provided a reminder of the volatility and unpredictability in the oil and gas sector. To ensure Tamarack is well positioned to weather a variety of commodity price cycles and market conditions, we will continue to layer in hedges to protect our downside and maintain the strength of our balance sheet. Further, controlling our cost structure remains a priority and positions us well to make adjustments in capital spending based on commodity price changes.

With our recent growth, we have added new skills and perspectives to our board with the addition of John Leach, CFO of Crew Energy, in January of 2017, and the addition of Ian Currie, former CEO of Spur Resources, in March, 2017. I am very proud of the Company for Tamarack's many achievements during 2016 and excited about our continued evolution as an intermediate, light oil-weighted producer.

We would like to sincerely thank our shareholders for their support, our Board of Directors for their valuable guidance, and our management and staff for their tireless efforts. We look forward to reporting on our continued progress and success through 2017.

Brian SchmidtPresident, CEO & DirectorMay 18, 2017

...CONTINUED

EdmontonLloydminster

Saskatoon

Regina

Lethbridge

Calgary

Garrington

REDWATER

CARDIUMOIL VIKING OIL

Lochend

Penny Barons Sand

Viking Acquisition

Alder Flats

Wilson Creek

A L B E R T A

S A S K A T C H E W A N

WILSON CREEK

Tamarack has interests in 281.0 (215.2 net) sections of land in the Wilson Creek / Alder Flats / Pembina area of Alberta. The Company operates two large pipeline connected oil batteries, two gas plants and significant pipeline infrastructure in this area. During 2016, Tamarack drilled 17.0 (15.9 net) horizontal Cardium oil wells in the Greater Wilson Creek area, which included Buck Lake, Wilson Creek, Alder Flats, Brazeau and Pembina. An additional 7.3 net horizontal Cardium oil wells and 1.0 net horizontal Notikewin gas wells were drilled in the first quarter of 2017 with 4.3 on production in Q1 and the remainder on early Q2.

During 2016, this property averaged 3,831 bbls/d of oil and natural gas liquids and 21,370 mcf/d of natural gas or 7,393 boe/d. This property showed consistent quarter over quarter production throughout 2016. Infrastructure control continues to provide Tamarack with a competitive advantage in the area enabling payback of 1.5 years in the current commodity environment.

During reserve evaluations at December 31, 2016, this area was assigned reserves on 199 (170.8 net) producing Cardium wells and 84 (49.0 net) wells producing from other zones including a 52% interest in the Pekisko Gas Unit. Proved undeveloped drilling locations of 59 (46.2 net) were included in the evaluation.

TVE landTVE gas plantTVE oil batteryDrilled 2016Drilled 2017 to date

466

2017C O R P O R A T E P R O F I L E

REVIEW OF OPERATIONSTamarack's producing oil and gas properties are all located in the provinces of Alberta and Saskatchewan. Tamarack averaged 10,344 boe/d in 2016 comprised of 5,613 bbls/d of oil and natural gas liquids and 28.4 mmcf/d of natural gas. The Company exited 2016 averaging 11,453 boe/d during the fourth quarter. Tamarack's core plays include: the Cardium oil play in the Wilson Creek/Alder Flats; the Viking oil acquisition in Veteran/Consort and North Hoosier/Milton properties; the Viking oil play in Redwater; and the Barons oil play in the Penny area of southeastern Alberta. Development in 2016 was focussed on the highest rate of return plays in all of the areas with a focus on the Wilson Creek and Alder Flats areas.

VETERAN/CONSORTVETERAN/CONSORTVETERAN/CONSORT

ESTHERESTHERESTHER

NORTH HOOSIERNORTH HOOSIERNORTH HOOSIER

AB SK

HOOSIER-COLEVILLEHOOSIER-COLEVILLEHOOSIER-COLEVILLE

MILTONMILTONMILTONTVE landIndustry drilling activityViking fairway

VIKING ACQUISITION

In January 2017, Tamarack completed a Viking Oil focussed acquisition with significant infrastructure including 750 km of oil and gas pipelines, multiple owned batteries, compressors and booster compressors and a 34.2% working interest in an operated Consort Gas Plant. As a result of this acquisition, Tamarack has accumulated interests in 496.6 (430.0 net) sections of land in the Consort area of southeast Alberta and Hoosier area of southwest Saskatchewan. Reserves evaluations included 489 (407.1 net) producing wells as well as 119 (108 net) proved undeveloped drilling locations. Tamarack's total estimated inventory is 720 (695 net) locations with 483 (468 net) that payout in 1.5 years or less at current strip prices.

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2017C O R P O R A T E P R O F I L E

NORTH HOOSIER / MILTON

Significant investments were also made In the North Hoosier and Milton areas, with 18 (15.6 net) wells drilled with 13 (10.6 net) onstream in the first quarter of 2017. Key infrastructure in this area includes a multitude of oil batteries including three large central emulsion processing batteries.

VETERAN / CONSORT

In the first quarter of 2017, Tamarack's drilling program placed significant focus on the Viking Acquisition areas. In the Veteran and Consort areas, 17 (16.5 net) wells were drilled, with 12 (11.7 net) wells coming onstream in the quarter. Key infrastructure in this area includes a 3,000 bbls/d oil battery and a 7.0 mcf/d gas plant.

2017C O R P O R A T E P R O F I L E

8

TVE landTVE gas plantTVE oil batteryDrilled 2017 to date

TVE landTVE oil batteryDrilled 2017 to date

REDWATER

During 2016, the Redwater area Viking properties averaged 738 bbls/d of oil and natural gas liquids and 326 mcf/d of natural gas or 792 boe/d, exiting 2016 with a fourth quarter average production of 1,219 boe/d . The large fourth quarter increase resulted from an acquisition in July of 2016. As part of the acquisition, the Company acquired a large central oil battery capable of treating all company owned production in the Redwater area. Tamarack has interests in 82.8 (74.6 net) sections of land in the Redwater and Westlock areas of central Alberta. Tamarack currently produces light oil from the Viking zone in 189 (165.1 net) wells, all of which were assigned proved developed producing reserves. An additional 79 (63.2 net) locations were assigned proven undeveloped reserves.

PENNY

Penny was added to the Tamarack portfolio via acquisition in July 2016 and is comprised of a Baron's light oil pool and Bow Island gas play. The property exited 2016 with fourth quarter production of 1,211 boe/d, made up of 831 bbls/d of oil and natural gas liquids and 2,279 mcf/d of natural gas. Tamarack has interests in 22 (22.0 net) sections of land in the Baron’s light oil fairway which is under active waterflood, with only 10% recovered to date. Additionally, Tamarack has interests in 111.3 (100.3 net) sections of land in the Bow Island natural gas play. Tamarack recognizes production from 76 (76.0 net) producing oil wells and 117 (106.4 net) producing gas wells which were assigned producing developed reserves. An additional 17 (14.0 net) producing oil wells were assigned proven undeveloped reserves. Key infrastructure consists of four 100% owned oil batteries with combined oil capacity of over 2,000 bbls/d, two 100% owned gas plants with combined 12.5 mmcf/d capacity, multiple injectors and various field compression equipment.

TVE landTVE oil batteryDrilled 2016

2017C O R P O R A T E P R O F I L E

9

TVE landTVE gas plantTVE oil batteryDrilled 2016

The tables below provide a summary of the pro-forma combination of Tamarack and the Viking Acquisition. GLJ conducted a modified look ahead summary (the “Modified Look Ahead Summary”) on the GLJ Report, in which the December 31, 2016 report was mechanically updated to January 31, 2017 utilizing 3 Consultants' Average January 1, 2017 (including GLJ, Sproule and McDaniel & Associates Consultants) pricing. The mechanical update, or “look ahead” was slightly modified so as to include the conversion of existing reserves entities from undeveloped to producing or developed non-producing reserves categories to reflect January 2017 activity. Three Cardium wells in Wilson Creek were converted from proved undeveloped (“PUD”) to proved developed producing (“PDP”) and one Cardium well in Alder Flats was converted from probable undeveloped (“PBUD”) to probable developed non-producing (“PBDNP”). No changes were made to technical reserves volumes or production forecasts for these entities. Only their development and production status category, timing and capital costs were adjusted to reflect January 2017 activity. The Modified Look Ahead Summary was combined with the Viking Acquisition Reserves Report, to generate the Pro-Forma Reserves Report effective January 31, 2017. Readers are cautioned that the Pro-Forma Reserves Report is comprised of a manual summation of two independently evaluated reserves reports prepared in accordance with procedures and standards contained in COGEH and with the reserves definitions contained in COGEH and NI 51-101, but with two different effective dates, and that the Modified Look Ahead Summary is a simplified measure that is not consistent with a full reserves evaluation.

PRO-FORMA RESERVES REPORT (FORECAST PRICES AND COSTS)

Summary of Pro-forma Oil and Gas Reserves as of January 31, 2017Forecast Prices and Costs

Reserves Light and Medium Heavy Conventional Natural Total Oil Crude Oil Crude Oil Natural Gas Gas Liquids Equivalent Gross Net Gross Net Gross Net Gross Net Gross NetReserves Category (mbbl) (mbbl) (mbbl) (mbbl) (mmcf) (mmcf) (mbbl) (mbbl) (mboe) (mboe)

Proved: Developed producing 13,171 11,531 417 352 81,865 72,663 2,969 2,420 30,201 26,413 Developed non-producing 56 54 92 83 1,945 1,669 12 8 485 423 Undeveloped 9,669 8,577 182 140 35,023 32,176 1,312 1,198 17,001 15,278Total proved 22,896 20,163 691 574 118,833 106,508 4,294 3,626 47,686 42,114Probable 16,636 14,601 547 414 80,255 71,804 3,241 2,794 33,800 29,775Total proved plus probable 39,531 34,764 1,239 988 199,088 178,312 7,535 6,419 81,486 71,890

Note:(1) Immaterial CBM volumes have been included in Conventional Natural Gas.(2) Columns may not add due to rounding.

PRO-FORMA NET PRESENT VALUES OF FUTURE NET REVENUE (FORECAST PRICES AND COSTS)

Pro-forma Net Present Values of Future Net RevenueBefore Income Taxes Discounted At (%/year) Unit Value Unit Value Before Before Income Tax Income Tax Discounted at Discounted at

(1) (1) 0% 5% 10% 15% 20% 10% Per Year 10% Per Year Reserves Category ($000s) ($000s) ($000s) ($000s) ($000s) ($/boe) ($/mcfe)

Proved: Developed producing 698,753 520,506 431,063 373,614 332,414 16.32 2.72 Developed non-producing 5,520 4,107 3,396 2,929 2,573 8.03 1.34 Undeveloped 297,424 233,401 172,847 127,297 93,876 11.31 1.89Total proved 1,001,697 758,014 607,306 503,839 428,863 14.42 2.40Probable 939,484 601,454 417,704 307,596 236,535 14.03 2.34Total proved plus probable 1,941,180 1,359,468 1,025,011 811,435 665,398 14.26 2.38

Note:(1) Immaterial CBM volumes have been included in Conventional Natural Gas.(2) Columns may not add due to rounding.

RESERVES

2017C O R P O R A T E P R O F I L E

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2017C O R P O R A T E P R O F I L E

DIRECTORS

(1)(2)(3)Floyd Price - Chairman

(2)(3)Jeff Boyce

(3)Noralee Bradley

(2)Ian Currie

(1)John Leach

(1)(2)David MacKenzie

(1)(3)Dean Setoguchi

Brian Schmidt

(1) Member of Audit Committee of the Board of Directors

(2) Member of the Reserves Committee of the Board of Directors

(3) Member of the Compensation & Governance Committee of the Board of Directors

MANAGEMENT TEAM

Brian SchmidtPresident & Chief Executive Officer

Ron HozjanVP Finance & Chief Financial Officer

Dave ChristensenVP Engineering

Ken CruikshankVP Land

Kevin ScreenVP Production & Operations

Scott ReimondVP Exploration

Sony GillCorporate Secretary

LEAD BANK SYNDICATE

National Bank of Canada

LEGAL COUNSEL

McCarthy Tetrault LLP

AUDITOR

KPMG LLP

STOCK EXCHANGE

Toronto Stock Exchange

STOCK SYMBOL

TSX:TVE

CORPORATE OFFICE

Tamarack Valley Energy Ltd.Fifth Avenue Place – East TowerSuite 600, 425 - 1st Street SWCalgary, AB T2P 3L8

Tel: 403.263.4440Fax: 403.263.5551www.tamarackvalley.ca

CORPORATE INFORMATION

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