Tamarack Valley Energy Ltd. announced that it has entered into an underwriting agreement to sell, on a private placement basis, $200 million aggregate principal amount of 7.25% senior unsecured sustainability-linked notes due May 10, 2027 ("Notes"). The Notes will be issued at par under a trust indenture and will be general unsecured obligations of Tamarack ranking pari passu with all of the Company's existing and future senior unsecured indebtedness (the "Offering"). Closing of the Offering is expected to occur on or about February 10, 2022, subject to satisfaction of customary closing conditions.

The Notes are being issued in accordance with Tamarack's Sustainability-Linked Bond Framework (the "SLBFramework"), which sets out certain sustainability performance targets ("SPTs") that are aligned with Tamarack's overall corporate sustainability strategy and previous SLL Facility, including: i) Scope 1 and 2 emissions intensity reductions of 39% by 2025 over the 2020 baseline, and; ii) Indigenous workforce participation of 6% or greater by 2025. Details of the SLB Framework are available on the Company's website. Failure to meet the SPTs will result in a step-up in the interest rate payable of 75 basis points for the emissions reduction SPT and 25 basis points for the Indigenous workforce participation SPT from and including May 10, 2026.

National Bank Financial Markets and RBC Capital Markets are acting as Joint-Bookrunners and Sustainability-Linked Bond Structuring Advisors for the Offering. S&P Global Markets has provided a second party opinion of the SLB Framework, confirming alignment with the International Capital Market Association's Sustainability-Linked Bond Principles. The Notes will not be qualified for distribution to the public or registered under the securities laws of any province or territory of Canada or in the United States and were only offered in the provinces of Canada and in the United States pursuant to applicable private placement exemptions to qualified institutional investors.