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Tamarack Valley Energy Ltd. Announces 67% Increase to Reserves and Exceeds 2013 Production Guidance with Record Production and Cash Flow

CALGARY, ALBERTA -- (Marketwired) -- 03/13/14 -- Tamarack Valley Energy Ltd. (TSX VENTURE: TVE) ("Tamarack" or the "Company") is pleased to announce the results of its independent reserve evaluation as of December 31, 2013, which include a 67% increase in proved plus probable reserves to 18.684 mmboe, a proved plus probable finding and development cost of $17.57/boe and a recycle ratio of 2.3. The Company is also pleased to announce a record quarter production average of 4,336 boe/d for the fourth quarter of 2013, which was an increase of 37% from the previous quarter.

Tamarack filed its Annual Information Form ("AIF") today, which included information pursuant to the requirements of National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101") of the Canadian Securities Administrators relating to reserves data and other oil and gas information on SEDAR. The AIF can be accessed either on Tamarack's website at or on SEDAR at

The Company has also filed its audited consolidated financial statements for the year ended December 31, 2013 ("Financial Statements") and management's discussion and analysis ("MD&A") on SEDAR. Selected financial and operational information is outlined below and should be read in conjunction with the Financial Statements, which were prepared in accordance with International Financial Reporting Standards ("IFRS"), and the related MD&A. These documents are also accessible on Tamarack's website at or on SEDAR at


Reserve Report

--  Increased proved plus probable reserves by 67% to 18.684 million boe
    with 61% oil and natural gas liquids ("NGLs") weighted and proved
    reserves by 51% to 9.992 million boe (59% oil and NGLs).
--  Increased proved plus probable reserves by 27% and proved reserves by
    17% on a per weighted average share basis.
--  Achieved proved plus probable finding and development ("F&D") costs of
    $17.57/boe for the year ended December 31, 2013 (including the change in
    future development capital or "FDC"). The Company also achieved proved
    plus probable finding, development and acquisition ("FD&A") costs of
    $21.68/boe during the same period, including the change in FDC.
--  Organic proved plus probable reserve additions replaced 399% of
    production and on a proved basis 269% of production was replaced.
--  Including acquisitions, the Company replaced 827% of production on a
    proved plus probable basis, calculated by dividing total reserve
    additions by total average 2013 production of 3,276 boe/d. On a proved
    reserve basis 483% of production was replaced.
--  Tamarack's proved plus probable reserve value is estimated at
    $6.13/share based on a net present value of proved plus probable
    reserves at December 31, 2013, at a 10% discount before taxes, divided
    by issued and outstanding shares at December 31, 2013. Proved value is
--  Achieved a recycle ratio of 2.25 with F&D costs of $17.57/boe, including
    the change in FDC, and field operating netback of $39.45/boe for the
    year ended December 31, 2013.
--  Achieved a proved plus probable reserve life index ("RLI") of 11.8 years
    based on the fourth quarter 2013 average production of 4,336 boe/d.
--  Tamarack's Cardium farm-in accounted for proved plus probable reserves
    of 2.805 mboe, based on fourth quarter 2013 drilling results. Comprised
    of 2.08 mboe from earning wells drilled in the fourth quarter
    (categorized as acquisitions in the reserve report) and 0.725 mboe in

Financial and Operating

--  Achieved record quarter production average of 4,336 boe/d, up 37% from
    previous quarter.
--  Production increased by 51% to 3,276 boe/d in 2013 from 2,166 boe/d in
    2012. Production results for 2013 exceeded Tamarack's guidance of 3,150
    to 3,250 boe/d.
--  Funds from operations were $10.5 million for Q4/13 and $38.2 million
    ($36.6 million after deducting transaction costs from the acquisition of
    Sure Energy Inc.) for the year ended 2013 compared to $6.0 million and
    $16.7 for the same periods in 2012.
--  During the fourth quarter of 2013, Tamarack drilled, completed and
    equipped three (2.1 net) horizontal farm-in Cardium oil wells, eight
    (5.8 net) horizontal Redwater Viking oil wells, completed and equipped
    one (0.75 net) horizontal Buck Lake Cardium oil well and drilled one
    (0.28 net) horizontal farm-in Cardium oil well.
--  Completed acquisition of Sure Energy Inc. in October, 2013 and entered
    into a 113 net section Cardium farm-in in August, 2013.


Tamarack is executing its longer term strategy of entering into predictable and repeatable resource plays at an early stage, when it can assemble a large high quality land position. Tamarack had tremendous reserve and production growth in 2013, both on an absolute basis and on a per share basis. This growth was achieved through development drilling and tuck-in acquisitions on its two de-risked resource plays: Cardium oil in the Lochend, Garrington, Buck Lake and greater Pembina areas of Alberta, and shallow Viking oil in the Redwater area of Alberta. Reserve increases in 2013 were also impacted by the acquisition of Sure Energy Inc. that closed on October 9, 2013.

During 2013, the Company drilled 17 (14.2 net) horizontal Viking oil wells in Redwater and 11 (7.3 net) horizontal Cardium oil wells, of which 5 (4 net) were in Lochend/Garrington, 1 (0.75 net) in Buck Lake and 5 (2.6 net) were on farm-in lands in the greater Pembina area. Of the 11 Cardium wells drilled in 2013, 3 (1.73 net) were long reach wells (1.5 to 2.0-mile horizontal lengths). Tamarack believes that, although most competitors currently are not drilling long reach wells to develop their Cardium lands, eventually long reach wells will have a similar impact on drilling economics as did the introduction of slick water fracture stimulations. As of December 31, 2013, Tamarack had drilled 5 net earning wells towards its contracted farm-in commitment of 3.5, which was one full quarter ahead of schedule.

The following tables highlight the 2013 year-end reserves based on the GLJ Petroleum Consultants Ltd. independent evaluation of the Company's reserves dated effective December 31, 2013. The evaluation was conducted pursuant to NI 51-101 and the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") reserves definitions.

                        Tamarack Valley Energy Ltd.
                      Summary of Oil and Gas Reserves
              Forecast Prices and Costs - GLJ (2013-01) Prices
                        Effective December 31, 2013

Volume In   -----------------------
Imperial     Light and                            Natural Gas
 Units        Medium       Heavy     Natural Gas    Liquids     Total BOE
            Gross   Net Gross   Net  Gross    Net Gross   Net  Gross    Net
Category    (MStb)(MStb)(MStb)(MStb) (MMcf) (MMcf)(MStb)(MStb) (Mboe) (Mboe)
 Producing  2,495 2,204    16    15 17,035 14,220   312   226  5,662  4,814
 Producing     79    71     3     3  2,892  2,639   107    81    671    595
 veloped    2,624 2,300     -     -  4,748  4,292   243   195  3,658  3,210
 Proved     5,198 4,575    19    18 24,676 21,151   663   501  9,992  8,619
Probable    4,722 4,143    41    37 19,207 16,842   728   544  8,693  7,531
 Proved +
 Probable   9,920 8,718    60    55 43,883 37,993 1,391 1,045 18,684 16,150
(Note: Columns may not add due to rounding.)

                        Tamarack Valley Energy Ltd.
            Summary of Net Present Values of Future Net Revenue
              Forecast Prices and Costs - GLJ (2013-01) Prices
                        Effective December 31, 2013

                                          Before Income Taxes
                                        Discounted at ( %/year)
                                 0%        5%       10%       15%       20%
Category                        ($M)      ($M)      ($M)      ($M)      ($M)
Proved Developed Producing  163,987   139,087   120,860   107,369    97,079
Proved Developed Non-
 Producing                   15,795    10,916     8,372     6,840     5,813
Proved Undeveloped           92,400    59,267    39,027    25,833    16,785
Total Proved                272,181   209,270   168,259   140,041   119,678
Probable                    265,724   159,593   104,923    73,182    53,052
Total Proved + Probable     537,905   368,863   273,182   213,223   172,729
(Note: Columns may not add due to rounding. Estimates of net present value
 do not represent fair market value.)

                        Tamarack Valley Energy Ltd.
            Summary of Net Present Values of Future Net Revenue
              Forecast Prices and Costs - GLJ (2013-01) Prices
                        Effective December 31, 2013

                                           After Income Taxes
                                         Discounted at (%/year)
                                 0%        5%       10%       15%       20%
Category                        ($M)      ($M)      ($M)      ($M)      ($M)
Proved Developed Producing  163,987   139,087   120,860   107,369    97,079
Proved Developed Non-
 Producing                   15,795    10,916     8,372     6,840     5,813
Proved Undeveloped           92,400    59,267    39,027    25,833    16,785
Total Proved                272,181   209,270   168,259   140,041   119,678
Probable                    201,254   123,350    82,513    58,365    42,765
Total Proved + Probable     473,435   332,620   250,772   198,406   162,443
(Note: Columns may not add due to rounding. Estimates of net present value
 do not represent fair market value.)

Based on Forecast Prices and Cost

                                         Proved      Probable    + Probable
FACTORS                                   (Mboe)        (Mboe)        (Mboe)
December 31, 2012                         6,602         4,583        11,185
Discoveries                                   0             0             0
Extensions and Improved Recovery          1,046           509         1,553
Infill Drilling                             110          (110)            0
Technical Revisions                         107          (169)          (62)
Acquisitions(i)                           3,327         3,881         7,209
Dispositions                                 (4)           (1)           (6)
Economic Factors                              0             0             0
Production                               (1,194)            0        (1,194)
December 31, 2013                         9,992         8,693        18,684
((i)Note: Includes reserve additions from earning wells that were drilled
 on the Company's Cardium farm-in)


During the fourth quarter of 2013, Tamarack recorded record production of 4,336 boe/d, which was 37% higher than the previous quarter. The record production rate resulted in a record quarter of funds from operations of $10.5 million despite a 21% decrease in realized oil and natural gas liquids prices during the quarter. For the year ended December 31, 2013 funds from operations was $38.2 million ($36.6 million after deducting transaction costs from the acquisition of Sure Energy Inc.). Although the Company exited 2013 with net debt of $81.8 million, the $60.2 million equity financing that closed on February 19, 2014, has reduced current net debt to 2013 cash flow to less than 1.0 times.


On August 19, 2013, the Company entered into a farm-in agreement with an industry major ("Farm-in") to earn 70% working interest in up to 113 net sections of prospective Cardium lands directly offsetting proven ongoing development projects in the greater Pembina area. The Farm-in increased Tamarack's Cardium inventory by approximately 350%, adding another 183 gross (128 net) potential Cardium locations.

Sure Energy Inc. Acquisition

On October 9, 2013, the Company acquired all of the issued and outstanding shares of Sure Energy Inc. ("Sure"), a public Canadian oil and gas company. As consideration, Sure Energy shareholders received 16,461,966 Tamarack common shares.

The Company will benefit from the combination of the complementary Redwater Viking acreage and Tamarack's proven operational efficiencies and further synergies, including scalability of drilling programs to help continue to reduce Viking well capital costs. Through the doubling of Tamarack's land position in the Redwater Viking area, the Company has increased inventory to approximately 200 net low risk drilling locations.

Financial & Operating Results

                    Three months ended                  Year ended
                       December 31,                    December 31,
                                         %                                %
                                       cha-                             cha-
                   2013         2012   nge         2013         2012    nge
($, except
 Revenue     22,224,185   11,444,879    94   70,059,021   34,413,170    104
Funds from
 (1)         10,505,372    6,029,731    74   36,594,096   16,666,872    120
 Per share
  - basic
  (1)            $ 0.24       $ 0.20    20       $ 1.09       $ 0.65     68
 Per share
  - diluted
  (1)            $ 0.23       $ 0.20    15       $ 1.09       $ 0.65     68
Net income
 (loss)      10,854,769   (2,455,973)  542   14,813,126   (4,140,275)   458
 Per share
  - basic        $ 0.24      $ (0.08)  400       $ 0.44      $ (0.16)   375
 Per share
  - diluted      $ 0.24      $ (0.08)  400       $ 0.44      $ (0.16)   375
Net debt
 (2)        (81,764,155) (47,543,639)   72  (81,764,155) (47,543,639)    72
 tures (3)   22,009,901    7,193,687   206   57,541,055   23,856,939    141
 Basic       44,558,308   29,706,752    50   33,450,158   25,815,366     30
 Diluted     45,109,305   29,706,752    52   33,568,017   25,815,366     30
High             $ 3.97       $ 3.15    26       $ 3.97       $ 4.44    (11)
Low              $ 2.80       $ 2.36    19       $ 1.74       $ 1.77     (2)
 volume      27,734,011    1,741,091 1,493   40,778,592    3,938,707    935
 Crude oil
  and NGLs
  (bbls/d)        2,611        1,310    99        1,911          986     94
  (mcf/d)        10,349        7,505    38        8,191        7,078     16
  (boe/d)         4,336        2,561    69        3,276        2,166     51
 Crude oil
  and NGLs
  ($/bbl)         77.78        76.29     2        85.80        77.76     10
  ($/mcf)          3.72         3.26    14         3.42         2.45     39
  ($/boe)         55.72        48.57    15        58.59        43.42     35
  sales           55.72        48.57    15        58.59        43.42     35
  expenses        (4.30)       (4.43)   (3)       (6.00)       (3.39)    77
  expenses       (13.65)      (13.32)    2       (13.14)      (12.10)     9
  netback         37.77        30.82    23        39.45        27.93     41
  (loss)          (2.15)        1.01  (313)       (2.11)       (0.17) 1,135
  netback         35.62        31.83    12        37.34        27.76     35
Funds flow
($/Boe) (1)       26.34        25.59     3        30.60        21.08     45
(1) Funds from operations is calculated as cash flow from operating
    activities before the change in non-cash working capital and
(2) Net debt includes accounts receivable, prepaid expenses and deposits,
    bank debt and accounts payable and accrued liabilities, but exclude 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" 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 netback equals total
    petroleum and natural gas sales including realized gains and losses on
    commodity derivative contracts less royalties and operating costs
    calculated on a boe basis. Tamarack considers operating netback an
    important measure to evaluate its operational performance as it
    demonstrates its field level profitability relative to current
    commodity prices.

About Tamarack Valley Energy Ltd.

Tamarack is an oil and gas exploration and production company committed to long-term growth and the increased identification, evaluation and operation of resource plays in the Western Canadian sedimentary basin. Tamarack's strategic direction is focused on two key principles - ensuring resource plays provide long-life reserves, and using a rigorous, proven modeling process to carefully manage risk and identify opportunities. The Company recently expanded its inventory of low-risk development oil locations in the Redwater Viking play through the acquisition of Sure Energy Inc. Continuing to build on its sustainable growth platform, Tamarack also increased its low-risk development locations within the Cardium fairway through a farm-in agreement with an industry major. These endeavors add to Tamarack's strong resource portfolio, including Cardium properties at Lochend, Garrington and Buck Lake and heavy oil properties in Saskatchewan. With a balanced portfolio, and an experienced and committed management team, Tamarack intends to continue to deliver on its promise to increase its production and maximize shareholder return.


bbl                                      barrel
bbls/d                                   barrels per day
boe                                      barrel of oil equivalent
boe/d                                    barrels of oil equivalent per day
mcf                                      thousand cubic feet
mcf/d                                    thousand cubic feet per day
Mboe                                     thousand barrels of oil equivalent
MMcf                                     million cubic feet
MStb                                     thousand stock tank barrels
NGL                                      natural gas liquids
$M                                       thousands of dollars

Unit Cost Calculation

For the purpose of calculating unit costs, natural gas volumes have been converted to a barrel of oil equivalent ("boe") using six thousand cubic feet equal to one barrel unless otherwise stated. A boe conversion ratio of 6:1 is based upon an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. This conversion conforms with Canadian Securities Regulators' National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. Boe's may be misleading, particularly if used in isolation.

F&D cost calculations have been conducted in compliance with the requirements of NI 51-101. Specifically, F&D costs relating to Proved reserves were calculated by adding the cost of exploration, the cost of development and the annual change in estimated future reserves development costs and dividing that sum by annual additions to Proved reserves. Finding and development costs for Proved plus Probable reserves were similarly calculated, but used the Proved plus Probable reserves figure rather than the Proved reserves figure. The aggregate of the exploration and development costs incurred in the most recent financial year and the change during that year in estimated future development costs generally will not reflect total finding and development costs related to reserves additions for that year. Tamarack also calculates FD&A costs using the same method, but without eliminating the effects of acquisitions and dispositions. The following is a summary of Tamarack's F&D and FD&A costs for the most recent three financial years.

                                F&D ($/boe)                FD&A ($/boe)
                                    Proved plus                 Proved Plus
                           Proved      Probable        Proved      Probable
2011                        40.30         27.01         40.30         27.01
2012                        26.17         20.68         28.87         23.56
2013                        19.98         17.57         25.82         21.68
Three Year Average          27.14         21.96         28.82         23.13

Operating netbacks are calculated in compliance with the requirements of NI 51-101 by subtracting royalties and operating costs from revenue.

Forward Looking Information

This press release contains certain forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "potential", "intend", "objective", "continuous", "ongoing", "encouraging", "estimate", "expect", "may", "will", "project", "should", or similar words suggesting future outcomes. More particularly, this press release contains statements concerning Tamarack's future acquisitions and future drilling plans, operations and strategy. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Tamarack relating to prevailing commodity prices, the availability of drilling rigs and other oilfield services, the timing of past operations and activities in the planned areas of focus, the drilling, completion and tie-in of wells being completed as planned, the performance of new and existing wells, the application of existing drilling and fracturing techniques, the continued availability of capital and skilled personnel, the ability to maintain or grow the banking facilities and the accuracy of Tamarack's geological interpretation of its drilling and land opportunities. Although management considers these assumptions to be reasonable based on information currently available to it, 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 nature, forward-looking statements are subject to certain risks and uncertainties (both general and specific) that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures); commodity prices; the uncertainty of estimates and projections relating to production, cash generation, costs and expenses; health, safety, litigation and environmental risks; and access to capital. Due to the nature of the oil and natural gas industry, drilling plans and operational activities may be delayed or modified to react to market conditions, results of past operations, regulatory approvals or availability of services causing results to be delayed. Please refer to Tamarack's AIF for additional risk factors relating to Tamarack. The AIF is available for viewing under the Company's profile on

The forward-looking statements contained in this press release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Tamarack Valley Energy Ltd.
Brian Schmidt
President & CEO

Tamarack Valley Energy Ltd.
Ron Hozjan
VP Finance & CFO

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