Tamarack Valley Energy Ltd. provide the following operational updates:

• Drilling results from the fourth Cardium light oil well at Buck Lake • Drilling results from the initial new pool wildcat well on its Alberta Viking oil play • Increase in the land base on its Alberta Viking oil play through a joint land purchase with a major oil company

Buck Lake Drilling Results

On February 23, 2012, Tamarack completed its first slick water frac with an 18-stage stimulation on the 3-34-46-6 W5M well (75% working interest), its fourth in the Buck Lake Cardium play in west central Alberta. The well began producing on February 24, 2012 and averaged 627 boe/d (470 net) or 419 bbls/d (314 net) of oil and natural gas liquids and 1.25 mmcf/d (0.94 net) of natural gas over the first fifteen days. During that period 18% of the load water was successfully recovered. This well continues to clean up with a current rate of 658 boe/d (494 net). Early results support Tamarack's assessment of the benefits of using slick water over frac oil for its Cardium horizontal stimulations. Compared to the neighbouring well, 3-34's current oil production rate is approximately double. It is Tamarack's belief that the additional fluid volumes and higher pumping rates were more effective at accessing the reservoir than previous oil fracs. Tamarack plans to utilize the slick water as its frac fluid in subsequent Cardium wells at Buck Lake.

Tags: Tamarack Valley Energy Ltd.