TVE : TSX Creating Sustainable Value January 2021 See Disclaimers and Forward-Looking Statements attached
Investment Highlights Focused on creating shareholder value through enhancing sustainability and free adjusted funds flow(1) profile Transformational acquisitions establish significant position in the Clearwater oil play 2,000 bbl/d…
2021 Formal Guidance Material free adjusted funds flow(1) growth in 2021 through a returns and resiliency focused capital program Corporate Summary Preliminary 2021 Capital Budget and Guidance Shares Outstanding(2) 263mm Capital…
Clearwater Transaction Overview Establishing a significant position in the Clearwater oil play through two strategic acquisitions Acquisitions materially enhance free adjusted funds flow(1) and increase the longevity of Tamaracks…
Acquired Clearwater Assets Material positions in top plays within the Clearwater play Overview of Acquired Assets Highly Productive Nipisi Wells 15 Nipisi wells acquired, total of 80 wells producing in area Peak Oil Rate (bbl/d)…
High Growth Clearwater Development Plan Economic growth with potential for EOR supports Tamaracks long-term free adjusted funds flow(1) profile Clearwater Nipisi Development Plan Illustrative Nipisi Development Potential Production…
Large Inventory of Economic Clearwater Locations 300+ identified locations in the Greater Nipisi area and 100+ identified locations in the Jarvie area Nipisi Type Curves Nipisi Type Curve Returns Sensitivity Oil (bbl/d) Acquired…
Clearwater Waterflood Potential Tamarack will develop the play with a long-term view to the application of EOR NO UPSIDE MODELED Nipisi Type Curves Nipisi Potential Waterflood Type Log Spur Deltastream Spur Other…
2020 Acquisition Strategy and Execution Successfully executed complementary acquisitions to enhance Tamaracks adjusted free funds flow(1) profile West Central AB Acquisition Attribute Clearwater Acquisition Tamaracks 2020…
Pro-Forma Assets Significant inventory and capital allocation optionality supports long-term returns Asset Comment ALBERTA SASKATCHEWAN Near-term medium oil growth supports Clearwater corporate free adjusted funds flow(1)…
Veteran Waterflood Wedge Building sustained long-term, high-netback and low-decline oil production 2018 - 2020 Base 2021 Wedge Actuals Production (bopd) 2019 Capital Efficiency using peak rate of 800 bopd - 34,100/boe/d 4,000 2020…
Veteran Waterflood 5+ Year Plan Update Building long-term free adjusted funds flow(1) growth Waterflood Production 8,000 Veteran Waterflood ONLY included in capital / production 7,000 (excludes existing primary base production and…
Risk Management Current Hedges 48% Adding stability in a volatile commodity price environment 50% Oil price protection H121 Target oil hedging for 2021 (2) (3) Hedging Summary(1) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Proportion of…
Sustainability at Tamarack Environment, Social & Governance Focus Areas Reduce greenhouse gas emissions Understand climate change risks Innovate to lower energy intensity Prudently use water where required Recycle produced…
Sustainability at Tamarack Indigenous Partnerships Emissions & Land Management 2018 GHG Scope 1 + 2 Intensity by Company Tamarack is committed to the principles of UNDRIP and 0.09 (tCO2e/boe) participating in reconciliatory…
Investment Summary Track Record of Meeting & Exceeding Estimates Sector- Disciplined Operational Improving Leading Capital Execution Sustainability Balance Sheet Allocation Focus on Decreasing 1.2x 2021 Exit on Costs…
Appendix
Track Record of Cost Reductions Viking D&C Costs per 100m of Hz Length 90 85.3 80 20% Cost reduction in first year post 70 68.3 8.5% average annual Capex reduction after first 60 per 100m Lateral length Historical 62.2…
Emerging Banff Light Oil Opportunity 4-20 Tamarack Lands Other Producer Lands Open Crown Land 6-30 218 net sections perspective in both the Upper and Lower Banff with net pay 6 meters Potential to develop 130/273 net…
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