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T V E : T S X - V Corporate Presentation D E C E M B E R 2 0 1 0 Disclaimers & Advisories This presentation may contain forward looking information. The reader is cautioned that assumptions used in the preparation of such information may

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SLIDE 1

Corporate Presentation

D E C E M B E R 2 0 1 0

T V E : T S X - V

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SLIDE 2

Disclaimers & Advisories

This presentation may contain forward looking information. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on this forward-looking information. In this presentation, production is stated in barrels of oil equivalent (“BOE”) using a six to one conversion basis when converting thousands of cubic feet of natural gas to barrels of oil and a one to one conversion basis for natural gas liquids. Such conversion may be misleading, particularly if used in isolation. A 6:1 conversion ratio is based on energy equivalence between natural gas and oil at the burner tip and does not represent economic equivalence at the wellhead or point of sale. The aggregate of the exploration and development costs incurred in the most recent financial year and the change during that year in estimated future development costs generally will not reflect total finding and development costs related to reserves additions for that year.

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SLIDE 3

Introducing Tamarack Valley Energy

A recapitalized junior E&P company with…

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Effective process for growth

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SLIDE 4

TVE Out of the Gate – after Oct/10 financing

Q3 2010 production 723 boe/d Working capital at September 30, 2010 (pro forma financing) $5.6 million Undrawn available bank lines $5.0 million P+P reserves (PLA Dec 31, 2009) 2,427 mboe Undeveloped land 50,300 net acres Shares outstanding (basic) 137.85 million Shares outstanding (fully diluted) 161.55 million Ownership by management, directors & employees 14% basic 27% fully diluted

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... We have a strong balance sheet, a good acreage position and a committed management team with significant investment.

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SLIDE 5

Proven Management Team

Brian Schmidt

President & CEO Former President & CEO Spearpoint Energy sold in Aug/09; 7 years with Apache Canada, last 3 as President. Production grew from 18,500 to 110,000 boe/d in 7 years

Ron Hozjan

VP Finance & CFO Former VP Finance & CFO for Vaquero Resources and Vaquero Energy; 14 years as financial officer with junior publicly traded oil and gas companies

Lew Hayes

VP Production & Operations 30 years technical and management experience; recognized industry leader in horizontal drilling and multi-frac completions; holds patents related to horizontal drilling

Niels Gundesen

VP Engineering More than 30 years of O&G experience in North America including Spearpoint Energy, Longford Corporation, Apache Canada where he evaluated $1.5 billion of assets acquisitions

Ken Cruikshank

VP Land More than 34 years of O&G experience; Former VP Land for Vaquero Resources, Vaquero Energy and Beau Canada Exploration; Beau grew from 2,150 boe/d to 21,900 boe/d

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…Comprehensive bio’s are attached.

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SLIDE 6

The Team

Personnel Position Vaquero Apache Spearpoint Brian Schmidt President & CEO Ron Hozjan VP Finance & CFO Lew Hayes VP Production & Operations Niels Gundesen VP Engineering Ken Cruikshank VP Land Dave Washenfelder Senior Staff Geologist Scott Reimond Senior Staff Geologist Debbie Kniss Engineering Technologist

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…Members of this team have worked together for a long time in smaller and larger companies and have delivered solid results in the past.

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SLIDE 7

Board of Directors

Floyd Price Retired Executive Vice President, Apache Houston Anthony Lambert President & CEO, Daylight Energy Ltd. Dean Setoguchi VP Finance & CFO, Keyera Facilities Income Fund David Mackenzie Past Chairman, Avant Garde Energy & past director

Tusk Energy

John Gunn Past Chairman, Tango Energy & past CEO Ballistic Energy Brian Schmidt

President & CEO, Tamarack Valley Energy

Ron Hozjan

VP Finance & CFO, Tamarack Valley Energy

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SLIDE 8

Strategic Play Criteria

Emerging Shale's (Horn River) Wet Mannville CBM Gas Hydrates Non - Resource Play Conventional Tight Sands (Cardium, Viking, Montney, Deep Basin) Heavy Oil

Apache Tamarack

…technology has advanced to open huge opportunities and rejuvenate the basin

…Targeting material, sustainable corporate growth.

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  • Resource plays have high

OGIP/OOIP

  • > 4 mmbbls/section OOIP or

25 bcf/section GIP

  • Either with stacked pay sections or

thick single zones

  • Long life reserves
  • Production profiles demonstrate

harmonic decline

  • Target horizons are repeatable

and have large scope

  • Minimize the risk of encountering

water

  • Conventional or unconventional
  • Initial well to de-risk play

40% to 60% chance of success

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SLIDE 9

TVE’s Approach to Risk Management

  • Disciplined risk management
  • Fundamental to decision making process at TVE
  • Formalized economic and operational modelling process
  • Diversified resource plays
  • Assemble a base of 4 plays with an initial 40% to 60% chance of success
  • Any one play will have the scope and quality to provide significant growth
  • When possible position and allow competitors to de-risk for us
  • Establish critical mass
  • Get production momentum and stability to avoid living well by well

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…Risk management is a key attribute of successful junior companies.

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SLIDE 10

How TVE plans to deliver growth

Resource Play #1

Lochend Cardium

Resource Play #2

Harmattan/ Garrington Cardium

Resource Play #3

Identified & acquired Viking Oil

Resource Play #4

Evaluating several options

Effective Risk Management Identified; de-risked Identified; assets partially acquired Identified; evaluating de-risk strategy Identified; require execution

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…Build near term production with oil and position for future gas growth.

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SLIDE 11

Areas of Operation

  • Q3 production average
  • 723 boe/d
  • Reserves at Dec 31, 2009
  • Proved 1.3 mmboe
  • Proved + probable 2.4 mmboe
  • Proved RLI 4.75 years
  • Undeveloped land
  • 50,300 net acres
  • 6,925 net acres of Cardium

and 14,600 net acres of Montney prospective acreage

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Edmonton Calgary Fort St. John

INGA WILDER ANSELL HANLAN FERRIER

GARRINGTON LOCHEND

ALBERTA BC

QUAICH Oil Gas

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SLIDE 12

Garrington Cardium Production Type Curve

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1 10 100 1000 5 10 15 20 25

Daily oil - bbls/d Producing months

2-3-34-4 Vertical 8 frac type model 9-17-34-4W5 Garr (E-W) 100/06-33-34-04W5 100/12-17-35-04W5 100/14-10-34-04W5 100/04-25-35-05W5 8-22-57-20W5 Pine Crk 1-25-47-3W5 - Pembina 100/14-11-34-04W5 6-4-27-3 Vertical 100/08-10-34-04W5 1-31-34-4 Vertical

Analyzed 35 wells in Garrington:

  • break even IP is 60bopd
  • COS then is 78%
  • un-risked IP Rate of success wells is 165 boepd
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SLIDE 13

What Has Changed

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12 Frac Case Mean unrisked IP = 240 boe/d Mean unrisked reserves = 188 mboe 8 Frac Case Mean unrisked IP = 150 boe/d Mean unrisked reserves = 130 mboe

… Drill as long as spacing will allow and execute 14 fracs

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SLIDE 14

50 100 150 200 250 300 350 400 450 2 4 6 8 10 12 14 16 18 20

Oil IP30- Bopd Number of Effective Fracs

Garrington Cardium HZ

NS in zone 12-17

  • thers
  • Log. (NS in zone)

Fracture Analysis

... Running economics on the “best fit” line suggests that a 14 frac design maximizes ROR.

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“Maximum ROR”

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SLIDE 15

y = 0.7451x - 12.909 R² = 0.1524

50 100 150 200 250 300 350 400 100 200 300 400

EUR - MBbl Oil IP30 - Bopd

Garrington Cardium HZ

NS in zone 12-17

  • ther

Linear (NS in zone)

Garrington Well Review

... There is a strong correlation between first month production rate and reserve estimate.

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SLIDE 16

TVE Cardium Economics

$80/bbl pricing 8 Frac Case 12 Frac Case 14 Frac Case Net capital (K$) 2,998 3,322 3,529 Chance of success (%) 80 80 80 Risked peak 30 day rate (boe/d) 120 192 212 Reserves (mboe) 104 150 154 F&D ($/boe) WI 28.86 22.23 22.94 Per flowing metrics ($/boepd – mid yr rate) 41,650 37,350 33,950 ROR (%) 22 30 33 BTNPV 10 (K$) 907 1,719 1,886 Recycle ratio 1.9 2.4 2.3

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Note: engineering price lines add approximately 20% to ROR so base case is 53% ROR

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SLIDE 17

Cardium Sensitivities to ROR

  • Economics are most

sensitive to capital costs.

  • Several opportunities to

reduce capital costs exist which will be reviewed

  • Rate can be affected by

minimizing downtime

Reserves Rate Capital cost

33%

79% 47% 21% 22% 17% 39%

Decrease of 30% Increase of 30%

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SLIDE 18

Harmattan / Garrington

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BNP 16-32 PGF 4-34 IP 105 boe/d PBN 14-33 IP 332 boe/d PBN 2/16-27 BACCALIEU 4-30 PGF14-18 IP 130 boe/d PGF14-14 TVE land Farmin land (100 for 70) Industry well licenses Industry HZ wells drilled TVE licensed / drilling Cardium vertical wells Angle Viking HZ IP 100 boe/d PGF 8-34 Viking

$ 80 Pricing 14 Frac Case Project Scope Gross (net) sections 9.0 (3.79) Net Cardium wells 1 14.43 OOIP (mmbbls) 22.7 Net capital (K$) 3,529 50,925 Chance of success (%) 80 Risked peak rate (boe/d) 212 Reserves (mboe) 154 2,222 F&D ($/boe) WI 22.94 22.94 Per flowing metrics ($/boepd – mid yr rate) 33,950 33,950 ROR (%) 33 BTNPV 10 (K$) 1,886 27,215 Recycle ratio 2.3 2.3

TVE 14-36 drilling HZ

Prod’n rates are based on first month calendar day basis Suspected considerable downtime

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SLIDE 19

Lochend

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EQU 1-22 IP 257 boe/d EQU 13-32 IP 183 boe/d NAL 14-15 BNP 8-33 BNP 6-22 NAL 14-20 PBN 14-28 IP 141 boe/d NAL 3-26 NAL 3-17 5-day IP 1,300 boe/d IP 217 boe/d NAL 13-3 IP 118 boe/d NAL 1-36 TVE land Industry well licenses Industry HZ wells drilled TVE licensed / drilled Cardium vertical wells EQU 15-6 NAL 13-1 EQU 1-10 TVE 16-32 3-day IP 1,006 boe/d PBN 13-17 IP 139 boe/d

$80 pricing 14 Frac Case Project Scope Gross (net) sections 7.5 (7.5) Net Cardium wells 1 25 OOIP (mmbbls) 38.7 Net capital (K$) 3,529 88,225 Chance of success (%) 80 Peak rate (boe/d) 212 Reserves (mboe) 154 3,850 F&O ($/boe) WI 22.94 22.94 Per flowing metrics ($/boepd – mid yr rate) 33,950 33,950 ROR (%) 33 BTNPV 10 (K$) 1,886 47,100 Recycle ratio 2.3 2.3

Prod’n rates are based on first month calendar day basis except where indicated

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SLIDE 20

West East

Lochend Upper / Lower Drilling Opportunities

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  • Primary TVE target
  • High OOIP and tight sands
  • Secondary TVE target
  • Lower OOIP but

better permeability

…There are two plays currently being evaluated in Lochend.

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SLIDE 21

Tamarack Inventory: Net Un-risked Drilling Locations

23.0 25.0 25.0 6.2 14.4 33.6

10 20 30 40 50 60 70 80 Jan 1/10 Jun 30/10 Sep 30/10 Number of Locations Viking Oil Garrington Cardium Lochend Cardium

73.0 31.2 23.0

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…Consistent oil inventory increases since inception

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SLIDE 22
  • Existing Cadomin wells are performing

very well; production has been flat in 2010

  • 5.7 (3.4 net) mmcf/d raw production
  • Recent pressure test results have been
  • btained; TVE expects an increase to

proven reserves p

  • Several locations that Tamarack can drill

after gas prices improve.

Quaich / Todd Creek

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100/3-3-10- 3W5

Cadomin

TVE land 2D Seismic Possible location Existing Cadomin producers

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SLIDE 23

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Emerging Oil & Montney Gas Prospects

  • Montney GIP – Inga 130 bcf/section; Red Creek 122 bcf/section;

Wilder 117 bcf/section = 2.57 tcf

  • Doig OOIP – Red Creek 20 mmbbls

CR drilled Montney HZ gas well TVE Northpine oil / Montney gas target TVE Doig oil target ITX drilled Doig HZ oil

WILDER RED CREEK

TT 13.0 mmcf/d Montney HZ

INGA

TVE land Summer 2009 land sales Industry HZ wells drilled Industry licensed locations TVE potential locations

Recent Arc license

…Good lands that industry is de-risking for future development when

gas prices improve (some lands will expire over time).

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SLIDE 24

Why Invest in TVE?

  • Proven, rigorous process to identify, evaluate and
  • perate in multiple resource plays
  • Solid risk management methods
  • Key initial assets
  • Technical and corporate expertise to evolve from a

junior oil and gas exploration company to a much larger entity

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…Quality committed team, great assets to start with and a solid plan to grow.

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SLIDE 25

TVE Contact Information

Tamarack Valley Energy 1800, 407 – 2nd Street SW Calgary AB T2P 2Y3 Tel: 403.263.4440 www.tamarackvalley.ca info@tamarackvalley.ca

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SLIDE 26

Appendices

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SLIDE 27

Brian Schmidt, President & CEO

  • Spearpoint Energy – President & CEO (Jun 08 - Jun 09)
  • Assembled $200 mm deal with a major – over 1,000 sections of farm-in land
  • Completed 1st year drilling commitments; sold for $16.2 mm; $12.7 mm (including

G&A) was invested in 9 months of operating; 28% ROR

  • Apache Canada – last 3 years as President; 7 years total (Dec 99 - Jun 07)
  • Production growth from 18,500 to 110,000 boe/d over 7 years
  • 3 years as President invested over $3.5 billion, earning 28% ROR After Tax
  • Leadership in highly technical projects
  • Horn River Shale NEBC - established the Apache/EnCana partnership, gained dominant land position ,

drilled initial discovery wells

  • Coal Bed Methane – 0 to 120 mmcf/d in 3 years
  • Midale CO2 – second largest flood in Canada recovers 60 mmbbls
  • Growth through major drilling deals – primarily with majors
  • Shell Canada – 19 years total (Aug 80 - Dec 99)
  • Manager Plains Development, M&A Manager, Manager Exploration and Development

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SLIDE 28

Ron Hozjan, VP Finance & CFO

  • Vaquero Resources – VP Finance & CFO (Sep 05 - Sep 08)
  • Junior private co. recapitalized by former senior management team from Rider

Resources – renamed RMP Energy (Sep 08 - Aug 09)

  • Vaquero Energy – VP Finance & CFO (Sep 01 - May 05)
  • Share price growth from $0.57/share to $7.62/share [sold to HighPine Oil & Gas]
  • Production growth from 550 boe/d to over 3,500 boe/d – 191% growth/share
  • Reserves growth from 1.0 mmboe to 10.0 mmboe – 544% growth/share
  • Previous experience
  • 23 years of oil and gas experience; 14 years as a financial officer
  • 1987-2001 – Renaissance Energy, Hardy Oil & Gas, Beau Canada Exploration,

Storm Energy and Enerline Restorations

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SLIDE 29

Lew Hayes, VP Production & Operations

  • Managing technology into commercial success
  • 30 years of technical and management experience with broad exposure to most

conventional plays in Western Canada Sedimentary Basin and a depth of experience in large entities (CS Resources, Petrovera)

  • Recognized industry leader in horizontal drilling. Holds several patents on

horizontal and multi-lateral well completion technology

  • HyGait Resources – President & CEO (Oct 04 - Oct 07)
  • Hygait early entrant in resource plays - Bakken and Lower Shaunavon
  • Hygait merged into Wildriver – Nov 2007; Cresent Point announced takeover of

Wildriver largely based on plays developed within Hygait

  • Petrovera – VP Operations (Nov 98 - Mar 04)
  • Production growth from start of 18,000 boe/d, to finish 42,000 boe/d
  • CS Resources – Drilling & Completions Manager (May 90 - Nov 98)
  • Production growth from start of 7 boe/d, to finish 18,000 boe/d

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SLIDE 30

Niels Gundesen, VP Engineering

  • Spearpoint Energy – VP Engineering (Jun 08 - Jun 09)
  • Evaluated drilling programs and BP drilling deal
  • Reported and booked reserves
  • Longford Corporation (May 06 – Jun 07)
  • VP and COO of a small start-up operating in Alberta and Alabama
  • Apache Canada – Senior Advisor (Jun 98 – May 06)
  • Evaluated 1.5 billion of asset acquisitions (Shell, Phillips and Fletcher Challenge)
  • Managed asset teams in Kaybob, Central Alberta and CBM
  • Previous experience
  • 33 years of oil and gas experience in Western Canada and U.S.
  • 1977-1993 – Highridge Exploration, Union Pacific Resources, D&S Petroleum

Consultants and BP Canada Ltd.

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SLIDE 31

Ken Cruikshank, VP Land

  • Vaquero Resources Ltd. – VP Land (Sep 05 – Sep 08)
  • Private company recapitalized by RMP Energy
  • Vaquero Energy Ltd. – VP Land (Sep 01 – May 05)
  • Responsible for accumulating lands in the competitive Pembina Nisku bank edge

play from initial discovery to sale to HighPine Oil & Gas

  • Beau Canada Exploration Ltd – VP Land (Sep 93 – Nov 00)
  • Company grew from 2,150 boe/d to peak of 21,900 boe/d prior to the sale to

Murphy Oil

  • Previous experience
  • 34 years of oil and gas experience in Western Canada and U.S.
  • 1976-1992 – Poco Petroleums, Dome Petroleum, Voyager Petroleum Ltd. and

Amoco Canada

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SLIDE 32

Dave Washenfelder, Senior Geologist

  • Spearpoint Energy – Senior Geologist (Jun 08 - Jun 09)
  • Geological evaluation of 1,000+ sections of BP farm-in lands; 500 section farm-in
  • pportunity with Montney and Cadomin potential
  • C3 Resources – Exploration Manager (Jun 06 - Jun 08)
  • Drilled successful wells in the Doe Creek, Gething, Charlie Lake and Montney

formations primarily on the PRA prior to the company selling in 2008

  • Apache Canada – Senior Geologist (Jul 99 - Jun 06)
  • Initiated multi-well vertical and horizontal drilling programs in Zama, Shekielie and
  • n the Exxon Mobil farm-in block (Viking, Belly River, HSC CBM etc)
  • Previous experience
  • 29 years of working exploration and development projects in Western Canada
  • 1981-1999 – Saskoil / Wascana Energy, Samson Canada and Encal Energy

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SLIDE 33

Scott Reimond, Senior Geologist

  • Spearpoint Energy – Senior Geologist (Oct 08 - Jun 09)
  • Geological evaluation of 1,000+ sections of BP farm-in lands focusing on the

Cardium HZ opportunity in Garrington

  • Rock Energy – Senior Geologist (Oct 03 - Oct 08)
  • Drilled 91 CEE/CDE (2003-07) wells (primarily Cretaceous with emphasis on heavy
  • il and tight gas) with 86% success; P+P reserves 9,882 mboe; F&O $13.29/boe;

recycle ratio 1.54

  • Apache Canada / Fletcher Challenge Energy – Geologist (Feb 99 - Oct 03)
  • Drilled over 200 wells primarily Cretaceous Viking and Mannville group

sandstones

  • Previous experience
  • 10 years of working exploration and development projects in Western Canada
  • 1997-1998 – Suncor student geologist and geophysicist

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SLIDE 34

Corporate Presentation

T V E : T S X - V

D E C E M B E R 2 0 1 0