TVE : TSX Creating Sustainable Value June 2021 See Disclaimers and Forward-Looking Statements attached
Corporate Snapshot (TSX: TVE) Pro Forma Corporate/Market Summary Tamarack Acquisition Tamarack Market Capitalization(1) (mm) 802 247* 1,082* Net Debt(1) (mm) 262 248 510 Charlie Lake Enterprise Value(1) (mm) 1,062 494* 1,592*…
Tamarack Returns Focused Growth STABLE BASE PRODUCTION AND ADJUSTED FUNDS FLOW(1) Estimated H2 2021 average production of approximately 39,000 boe/d(2) (70-72% oil and NGL) Attractive corporate decline rate supported by key…
Capital Allocation Across Long-Life Oil Assets Portfolio that can deliver near-term and long-term free adjusted funds flow(1) Sustaining Capital(1) Waterflood Management Economic Growth Modest Growth Highly Economic Inventory that…
7 IRR (%) PV-10 Breakeven WTI 20:1 Source: Enverus HH:WTI (/bbl) 200% 600% 0% 400% 0 20 60 80 40 Clearwater - Marten Hills TVE Lwr Charlie 571% 30 Lake TVE Lower Charlie Lake Midland 459% 33…
Successfully Executing on Acquisition Strategy Improving sustainability and resiliency, while enhancing free adjusted funds flow(1) profile West Central Alberta Clearwater Sparky / Clearwater Charlie Lake Light Oil July 2020 December…
Charlie Lake Light Oil Acquisition Anegada Oil Corp. The acquisition provides Tamarack with a material contiguous position in the Charlie Lake, one of the leading plays in North America Material, Top Tier 12,500 boe/d of…
Lower Charlie Lake Light Oil Play High quality reservoir with rapid production growth in recent years Total Charlie Lake Production: 40,000 boe/d Lower Charlie Lake Light Oil Play Highlights Unique and prolific, stacked light oil…
Highly Economic Lower Charlie Lake Light Oil Locations Industry leading well performance and payouts 102/04-10 100/05-10 103/16-02 102/09-02 Peak Rate(2): 550 bbl/d Peak Rate(2): 550 bbl/d Peak Rate(2): 516 bbl/d Peak Rate(2): 800…
Tamaracks Clearwater Assets 400+ identified locations in the Greater Nipisi area and 100+ identified locations in the Jarvie area Greater Nipisi 15-20 West 14-26 West 103,110 gross (102,710 net) acres of Clearwater lands Stepout…
Large Inventory of Economic Clearwater Locations Initial production results and capital costs outperforming type curve expectations Nipisi Type Curves(1) Nipisi Type Curve Returns Sensitivity Oil (bbl/d) Tamarack Wells Since…
Clearwater Waterflood Potential Tamarack will develop the play with a long-term view to the application of EOR Nipisi/Marten Hills EOR Pilots Evolution of Waterflooding Criteria/Applicability Spur Deltastream Headwater…
Tamaracks Waterflood Assets Improving corporate declines with increasing exposure to assets under waterflood Total Area Prod. Under Total Asset Est. Recovery Est. Ultimate Asset Current Initiatives Prod. Waterflood OOIP(1) to…
Tamaracks Waterflood Assets Improving corporate declines with increasing exposure to assets under waterflood Production (bopd) Net Waterflooded Oil - Includes 2021 Capital Program 7,000 Penny Barons Veteran Viking Nipisi Slave Point…
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 Tamarack is committed to the principles of UNDRIP and 2019 GHG Scope 1 + 2 Intensity by Company (tCO2e/boe) participating in reconciliatory activities…
Investment Summary Track record of meeting and exceeding estimates Sustainable Returns Focused Strategy to Grow Production and Free Adjusted Funds Flow(1) per Share Management team that has demonstrated its ability to execute and…
APPENDIX 20 w w w . t a m a r a c k v a l l e y. c a 20
Risk Management Current Hedges(1) 48% Enhancing certainty with flexibility to capture upside value (2),(3) 50% Oil price protection in 2021 Target oil hedging for 2021 Oil Hedge Coverage(3) Q2 2021 Q3 2021 Q4 2021 60% WTI Put…
Viking 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…
Eyehill Sparky Waterflood Building sustained long-term, high-netback and low-decline oil production Gross Injection Rate (bbl/d) Gross Oil Rate (bbl/d) Water Cut 63 gross producing horizontal wells 4 new wells (Q1 2021) delivering…
Viking Waterflood 5+ Year Plan Update Building long-term free adjusted funds flow(1) growth Waterflood Production 8,000 Waterflood associated volumes ONLY included in capital / production 7,000 (excludes existing primary base…
Notes Page 11 1. Lateral length normalized to 3,000m, based on a 1:1 ratio of lateral length to well performance 2. Peak monthly calendar day rate 3. Lateral lengths as per Geoscout; 46% of wells are greater than 2,700m 4. As per…
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