Tamarack Valley Energy Ltd. publishes sustainability report 2024

TSX: TVE

CALGARY, AB, May 9, 2024 /CNW/ – Tamarack Valley Energy Ltd. (“Tamarack” or the “Company”) is pleased to announce the release of the 2024 Sustainability Report (the “Report”), which reflects our 2023 performance and marks the fifth consecutive year that Tamarack has delivered this document to our stakeholders. The report highlights the company’s ongoing commitment to environmental, social and governance (“ESG”) principles and sustainable practices. The full report can be accessed via the company’s website, www.tamarackvalley.ca.

Promoting ESG initiatives to support long-term sustainability

• Stakeholder alignment – A materiality assessment has been carried out, showing a high level of agreement between both internal and external stakeholders on the perceived priority ranking of key ESG topics.

• Due diligence in health and safety – We demonstrated our commitment to health and safety in 2023 with the completion of 13 emergency response plan simulations and 1,353 inspections conducted internally at operational and development sites, compared to four and 927, respectively, in 2022.

• Improved water management – The annual intensity of freshwater consumption and total freshwater withdrawal have been reduced by 40% and 16% respectively, while initiatives are being taken to further reduce freshwater consumption.

• Lower methane emission intensity – Achieved a 56% improvement in methane emissions intensity compared to our 2020 baseline.

• Reduction of liability – Abandonment and reclamation activities, combined with asset divestitures, resulted in a $75 million reduction in decommissioning obligations. Annual expenditures for ARO are consistently 50% higher than required by the Alberta Energy Regulator.

• Greater diversity – Increase diversity within the workforce, with ethnic and indigenous representation at 15.6% and 10.42% respectively, and increase gender diversity at board level to 38%. Tamarack was recognized for the second consecutive year as part of the Report on Business 2024 Women Lead Here program, for the representation of women at the highest levels of leadership in the organization.

Strategic Infrastructure Partnership to Support Emissions Reduction and Indigenous Communities

Tamarack’s operations have changed significantly over the past three years, with >90% of production now coming from our core clear water And Charlie More assets. The companies clear water The asset position has evolved largely as a result of three transformational acquisitions completed in 2022 and fully integrated into the business through 2023. Tamarack is now the largest public producer in the world. clear water heavy oil basin.

The story continues

In 2023, Tamarack entered into agreements with 12 First Nation and Metis communities (the “Indigenous Communities”) to form the Clearwater Infrastructure Limited Partnership (the “CIP”). This transaction provides long-term economic participation for indigenous communities, which is aligned with the company’s emissions reduction and infrastructure initiatives to support future growth. from Tamarack clear water acquisitions have demonstrated material growth in oil production and superior economic performance. As a result, the scale of operations now supports investments in regional infrastructure that reduces emissions and contributes to an improved cost structure and improved safety. The investments made in 2023 regarding the CIP infrastructure are expected to result in an emission reduction of approximately 140,000 tonnes of CO2e in 2024. Since the commissioning of the Nipisi 15-2-076-07W5 oil battery and the LACT connection in By November 2023, Tamarack has eliminated more than 3,600 oil emissions. vans full.

Tamarack expects to invest in further projects in 2024 that will deliver additional reductions in CO2 emissions intensity in and beyond 2025 as this highly economic resource is developed in the future and we continue to pursue our ESG objectives.

Tamarack’s 2024 Sustainability Report includes performance data for calendar years 2021 through 2023 and aligns with guidelines from the Sustainability Accounting Standards Board (SASB), the Task Force on Climate-related Financial Disclosure (TCFD) and the Global Reporting Initiative (GRI ). with attention to the United Nations Sustainable Development Goals (UN SDG).

About Tamarack Valley Energy Ltd.

Tamarack is an oil and gas exploration and production company committed to creating long-term value for its shareholders through sustainable free cash flow generation, financial stability and the return of capital. The company has an extensive inventory of low-risk oil development drilling locations primarily focused on Charlie More And clear water plays in Alberta while also pursuing ERA upside benefits in these core areas. Operating as a responsible business is a key focus to ensure we deliver on our environmental, social and governance (ESG) commitments and objectives. For more information, visit the company’s website at www.tamarackvalley.ca.

Abbreviations

Forward-looking information

This press release contains certain forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws. Forward-looking statements are often, but not always, identified by the use of words such as “guidance,” “outlook,” “anticipate,” “intend,” “plan,” “continue,” “intend,” “contemplate.” , “estimated,” “expected,” “may,” “will,” “should,” “could” or similar words suggesting future results. More specifically, this press release contains statements regarding: Tamarack’s business strategy, objectives, strengths and focus, including with respect to the CIP; Tamarack’s commitment to ESG principles, sustainability and long-term carbon reduction, including gas savings projects and emissions reduction strategies.

The forward-looking statements contained in this document are based on certain material expectations and assumptions of Tamarack, including those regarding: Tamarack’s business plan; the timing and success of future drilling, development and completion activities; the geological features of Tamarack’s properties; the continued successful integration of acquired assets into Tamarack’s operations; the performance of new and existing wells; the application of existing drilling and fracturing techniques; the application of regulatory and licensing requirements; the continued availability of capital and skilled personnel; and Tamarack’s ability to execute its plans and strategies.

Although management believes these assumptions are reasonable based on currently available information, undue reliance should not be placed on the forward-looking statements as Tamarack can give no assurances that they will prove to be correct. By their nature, forward-looking statements are subject to certain risks and uncertainties (both general and specific) that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: risks related to unplanned pipeline disruptions by third parties and risks related to adverse and severe weather conditions and natural disasters, such as fire, drought and floods, including those related to the safety and integrity of assets . and production shutdowns, risks related to unplanned pipeline outages by third parties; unforeseen difficulties in integrating recently acquired assets into Tamarack’s operations; inaccurate estimates of the value of benefits to be derived from acquisitions and exploration and development programs; risks associated with the oil and gas industry generally (for example, operational risks in development, exploration and production; and delays or changes in plans relating to exploration or development projects or capital expenditures). Due to the nature of the oil and natural gas industry, drilling plans and operating activities may be delayed or modified to respond to market conditions, results of prior operations, regulatory approvals or service availability, thereby delaying results. See the AIF for the closed year December 31, 2023the MD&A for the past period March 31, 2024and the Additional Risk Factors Report relating to Tamarack, which can be accessed on Tamarack’s website at www.tamarackvalley.ca or under the company profile at www.sedarplus.ca. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to publicly update or revise the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

SOURCE Tamarack Valley Energy Ltd.

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