Tamarack Valley Energy Ltd. has filed its audited condensed consolidated financial statements for the year ended December 31, 2012 (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 related MD&A.

Year-end 2012 Results

Tamarack is pleased to announce its fourth quarter financial and operational highlights as follows:

•Production increased by 103% to 2,166 boe/d in 2012 from 1,069 boe/d in 2011. •Production guidance for 2012 was achieved while maintaining the Company's initial capital expenditure guidance. •Crude oil and natural gas liquids production weighting increased to 51% in Q4/12 from 49% in Q3/12. •Funds from operations were $6.03 million for Q4/12 and $16.67 million for the year ended 2012 compared to $2.89 million and $8.85 million for the same periods in 2011. •Operating netbacks increased by 5% to $31.83/boe in Q4/12 from $30.22/boe in Q3/12. •Drilled 8 (4.8 net) successful Cardium oil wells, 12 (11.6 net) Viking oil wells and one net heavy oil well in 2012.

Tamarack's production guidance, disclosed on April 19, 2012, assumed the Company would average 2,000 to 2,200 boe/d in 2012 compared to actual production of 2,166 boe/d. Tamarack was able to achieve production guidance despite two (1.0 net) non-operated Lochend wells, drilled in the third quarter of 2012, not coming on-stream until the middle of the first quarter of 2013.

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