Tamarack Valley Energy Ltd.

Good morning. Welcome, everyone, to the Tamarack Valley Energy Ltd. conference call and webcast on Tuesday, July 28, 2026, discussing the recent Q2 2026 results press release. I would like to introduce today's speakers, Mr. Brian Schmidt, founder and CEO, Mr. Steve Buytels, president, and Kevin Johnston, CFO. If you would like to ask a question, please press star then the number one on your telephone keypad to join the queue. and if you would like to withdraw your question, please press star 2. Thank you. Mr. Schmidt, you may begin your conference.

Thank you, Sylvie. Good morning and welcome everyone joining this morning to discuss our operating and financial results for the second quarter of 2026. My name is Brian Schmidt. I'm the CEO and founder of Tamarack Valley Energy and today I'm joined by Steve Buytels, President, and Kevin Johnston, CFO. We are proud to report our Q2O results which delivered record cash flows accompanied by robust production and shareholder returns. Our results are underpinned by strong operational execution and bolstered by elevated commodity prices in the quarter, with global conflicts driving higher demand for responsibly resourced and reliable Canadian crude. We continue to build upon our operational momentum in the Clearwater. We are delivering efficient production growth through the drill bit and we continue to observe strong reservoir response from the ongoing water flood expansion across our core fields. We are on track to grow our clear water production by over 15% year over year and raise our exit water rate injection volumes by 75%, setting the stage for 27 and beyond. This quarter included the previously announced divestment of our Charley Lake assets for over $800 million. This transaction reflects the culmination of a tremendous portfolio transformation over the last five years. Looking ahead, the transaction has positioned Tamarack extremely well for success. We are now a pure play clearwater operator with run rate production of over 54,000 BOEs per day, net cash on the balance sheet of $130 million and decades of low cost, high margin oil inventory. Kevin Johnston, our CFO, will now discuss our Q2 financial highlights.

Thank you, Brian. Clearwater production growth and strong operating netbacks drove record adjusted fund slow of $255 million for the second quarter or $0.53 per share. This was a 29% increase compared to the same period last year. Net of our capital program, Tamarack delivered $155 million of free fund slow in Q2. Year to date, the company has generated free fund slow of $280 million or $0.58 per share. We continue to boost per share returns with our accretive share buyback program. We repurchased 6.5 million shares in the second quarter and 11 million year to date. Since the commencement of the program in January 2024, we have now reduced the common share flow by 15% and an average price of $5.39 per share. Combining the buybacks with our dividends, Tamarack returned over $165 million to shareholders through the first half of the year. We declared our third quarter dividend of $0.05 per share payable on September 30th. Following the Charlie Lake divestiture, our dividend was increased by 25% and now equates to an annual distribution of $0.20 per share. Strength continues to be a core focus for Tamarack. We have recently redeemed our remaining 2027 senior and extended our credit facility with a four-year term maturing in 2030. A portion of the proceeds from the Charlie Lake sale were utilized to repay everything drawn on our credit facility. We have now eliminated our net debt position and have exited the second quarter with over $500 million of cash on hand and undrawn credit capacity of $875 million. Steve Buytels, our president, will provide an update on our Clearwater assets and outlook for remainder of the year.