Tamarack Valley Energy Ltd. Announces Renewal of Normal Course Issuer Bid

Executive Summary

• Tamarack Valley Energy Ltd. received TSX approval to renew its NCIB, permitting the repurchase of up to 47,744,705 common shares (≈10% of public float) over the next 12 months.
• The program includes a daily purchase limit of 414,600 shares and allows one weekly block purchase that may exceed the daily cap.
• Under the prior NCIB, Tamarack had repurchased 34,421,100 shares at an average price of ~$5.01 per share, demonstrating active use of its share‑buyback framework.

Key Details

• Authorized Repurchase Amount: Up to 47,744,705 common shares (≈10% of the 477,447,058 public‑float shares as of Jan 5 2026).
• Program Period: Commences January 19 2026 and expires no later than January 18 2027.
• Daily Purchase Limit: 414,600 shares (25% of average daily volume of 1,658,400 shares for the six‑month period ended Dec 31 2025).
• Weekly Block Purchase: One block purchase per calendar week may exceed the daily limit.
• Pricing Mechanism: Shares will be bought at prevailing market prices on the TSX or alternative Canadian trading systems.
• Share Cancellation: All repurchased shares will be cancelled, reducing total outstanding share count.
• Automatic Share Purchase Plan: Implemented with designated broker to enable purchases during blackout periods under pre‑established parameters.
• Historical Activity (Expiring NCIB): Authorized up to 51,279,652 shares (Jan 19 2025 – Jan 18 2026); 34,421,100 shares actually repurchased at a volume‑weighted average price of ≈$5.01 per share.

Notable Quotes

• “The NCIB will continue to provide an additional tool for the reinvestment of excess free funds flow to increase long‑term total shareholder returns.” – Tamarack management

Materiality Assessment: Material – Positive – The renewal expands Tamarack’s ability to return capital to shareholders, potentially enhancing per‑share metrics and signaling confidence in cash generation.