Tamarack Valley Energy

LEGAL AND PRIVACY NOTICE

Your access and use of this website constitutes your agreement with Tamarack Valley Energy to be governed by the terms and conditions of use set out in this Legal and Privacy Notice. These terms and conditions in this Legal and Privacy Notice may be updated from time to time without notice.  Your continued usage of this website will mean acceptance of those changes.  If you do not agree with all of these terms and conditions, immediately cease all use of this website.

For convenience, references in this website to “Tamarack Valley”, the “Company”, “us”, “we” and similar references, may, where applicable, refer only to or include any relevant direct and indirect subsidiary corporations and partnerships of Tamarack Valley Energy and the assets, activities and initiatives thereof.

Information contained in this Tamarack Valley Energy website is for information purposes only and may only be used for your personal, non-commercial use. The website and the information (including changes to the terms herein) may be changed or updated from time to time without notice and any such changes or updates will be effective immediately. In consideration for using this website, you agree to hold Tamarack Valley Energy and its affiliates and subsidiaries, and their respective directors, officers, employees and agents harmless from and against any claims for damages or costs or any loss of any kind arising out of the access to or use of this website or any information contained in or obtained through this website.

This website and its contents are protected under the copyright trademark and other proprietary rights of Tamarack Valley Energy, its subsidiaries or affiliates or third parties. Certain names, words, titles, phrases, logos, icons, graphics or designs in the pages of this website may constitute trade names, trademarks or service marks of Tamarack Valley Energy or its subsidiaries, or the use of which may have been licensed to them. The display of trademarks, trade names or service marks on pages at this website does not imply that a license of any kind has been granted to anyone else.

Except as expressly permitted in this Legal and Privacy Notice, no portion of this website or its contents, including trade names, trademarks, logos and service marks, may be reproduced in any form or by any means, without our prior written permission or the applicable third party and nothing herein shall be construed as conferring by implication estoppel or otherwise, any license or right under or to any intellectual property, including patent, trademark, copyright of Tamarack Valley Energy, its subsidiaries or affiliates, or any third party.  You are responsible for obeying all applicable copyright laws. We hereby grant you a limited, personal, non-transferable license to use and copy materials and information published on this website solely for non-commercial use within your organization.  Such license is revocable by us at any time and at our sole option.  You will use this website and any content or information heron solely for lawful purposes.  All other use is strictly prohibited.

Any unauthorized downloading, re-transmission, re-publication or other copying or modification of material posted on this website, including trade-marks, trade-names and service marks, may violate federal, common or civil law, trade-mark law and copyright law, and may result in legal action.

You may not frame this website nor link to a page other than the home page without our express permission. We reserve the right to remove our permission for you to link this website, including to link to this website’s home page.

MATERIAL CONTAINED IN THIS WEBSITE IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER OR A SOLICITATION OF AN OFFER FOR THE PURCHASE AND SALE OF ANY SHARES OR OTHER SECURITIES OF TAMARACK VALLEY ENERGY OR ANY OF ITS AFFILIATES IN ANY JURISDICTION.

Information disclosed under the corporate and securities laws of those Canadian jurisdictions applicable to Tamarack Valley Energy is not intended to be in any way qualified, amended, modified or supplemented by the information otherwise available in, through or on this website. The information set out in this website should not be used for the purpose of making investment decisions with respect to Tamarack Valley Energy shares or securities. If you are contemplating trading in our securities, you should contact Tamarack Valley’s Investor Relations staff to obtain printed copies of the documents you wish to review.

In addition, the information and materials available on this website are not intended to provide specific legal, accounting, financial, investing or tax advice to any user, and any decisions you make based on information contained in this website are your sole responsibility. The documents and information available on this website are provided as a convenience only, and where any documents on this website have been filed in accordance with applicable securities laws, such documents are not the official versions of Tamarack Valley’s securities laws disclosure documents and the user is directed to obtain official copies either from applicable securities regulators or from the Company. No information contained in this website constitutes or should be deemed to constitute an invitation to invest or otherwise deal in the securities of Tamarack Valley Energy or an invitation by or on behalf of Tamarack Valley to enter into an agreement with you.

Tamarack Valley Energy endeavours to provide accurate and current information at this website. However, all such information and software algorithms are provided on an “as is”, “as available” and “without any liability” basis, without any representations, warranties or endorsements whatsoever. The website content may not always be the most current source for corporate information. To the fullest extent permitted by applicable law, Tamarack Valley disclaims and excludes all representations, conditions and warranties, express or implied, with respect to this website and the information provided herein, including without limitation, representations or claims as to the validity, correctness, currency, timeliness, or completeness of the information provided at this website and implied warranties of merchantability, fitness for a particular purpose, non-infringement or other violation of rights.  The entire risk arising out of use, performance or non-performance of this website remains with you.

In no event will Tamarack Valley energy, its affiliates and subsidiaries and any of their respective directors, officers, employees and agents be liable to you or any third party for any damages whatsoever, including without limitation, direct or indirect, special, incidental, exemplary, punitive, moral or consequential damages, loss of profits, goodwill, opportunities, business or information, business interruption, personal injury, death, loss of data or any other pecuniary loss or for expenses arising in connection with this website, with any software algorithms available thereon nor with any hyperlinked website or for use thereof or inability to use by interruption, defect, delay in operation or transmission, computer virus or line or system failure, even if such parties or any one of them have been advised of the possibility of such damages, losses or expenses or could reasonably have foreseen such damages occurring. Software algorithms made available and hyperlinks to other Internet resources are at your own risk. The content, accuracy, opinions expressed, and other links provided by these software algorithms and resources are not investigated, verified, monitored, or endorsed by Tamarack Valley Energy.

Without limiting the generality of the foregoing, in the event of any problem with this website, or if you are dissatisfied with any portion of this website or any information available on or through this website your sole and exclusive remedy is to cease using the website.

This website contains links to third party websites.  Tamarack Valley Energy does not control any third party website and is therefore not responsible for the content of any linked website or any link contained in a linked website. We provide such links only as a convenience and the inclusion of any link does not constitute endorsement, investigation or verification by Tamarack Valley of the linked website or information contained therein. We do not accept and expressly disclaim and exclude any liability in connection with any such sites or links. Access to any other website linked to or from this website is at your sole risk.  You are responsible for viewing and abiding by the privacy statements and the terms of use posted on any linked site.

Any visitor to this website providing personal information to Tamarack Valley Energy agrees that Tamarack Valley shall have no obligation with respect to such information and shall be free to collect, use, distribute, disclose and reproduce such information to others and shall be free to use any ideas, concepts, know-how or techniques contained in such information for any purpose whatsoever. By using this website and providing any personal information, you consent to the collection, use, distribution, disclosure and reproduction of such personal information by Tamarack Valley Energy as contemplated herein.  Any information provided by a visitor to the Tamarack Valley Energy website shall be non-proprietary and is deemed to be non-confidential.

This website contains certain forward-looking statements (forecasts) or forward looking information under applicable securities laws relating to future events or future performance. Forward-looking statements are necessarily based upon assumptions and judgements with respect to the future including, but not limited to, the outlook for commodity markets and capital markets, the performance of producing wells and reservoirs, well development and operating performance, general economic and business conditions, weather, the regulatory and legal environment and other risks associated with oil and gas operations. In some cases, forward-looking statements can be identified by terminology such as “may”, “will”, “should”, “expect”, “projects”, “plans”, “anticipates” and similar expressions. These statements represent management’s current expectations or beliefs concerning, among other things, future operating results and various components thereof affecting the economic performance of Tamarack Valley. Undue reliance should not be placed on these forward-looking statements which are based upon management’s assumptions and are subject to known and unknown risks and uncertainties, including the business risks discussed above, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted.

In the interest of providing Tamarack Valley Energy shareholders and potential investors with information regarding the Company and its subsidiaries and affiliates, including management’s assessment of Tamarack Valley’s future plans and operation, certain statements throughout this website constitute forward looking statements. All forward-looking statements are based on the Company’s beliefs and assumptions based on information available at the time the assumption was made. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward looking statements. By its nature, such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward looking statements. Tamarack Valley believes the expectations reflected in those forward looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward looking statements contained throughout this website should not be unduly relied upon. These statements speak only as of the date specified in the statements.

In particular, this website contains forward looking statements pertaining to the following:

• the performance characteristics of the Company’s oil and natural gas properties;

• oil and natural gas production levels;

• capital expenditure programs;

• the quantity of the Company’s oil and natural gas reserves and anticipated future cash flows from such reserves;

• projections of commodity prices and costs;

• expectations regarding the ability to raise capital and to continually add to reserves through acquisitions and development; and
  

• treatment under governmental regulatory regimes.

The material assumptions in making these forward-looking statements include certain assumptions disclosed in the Company’s most recent management’s discussion and analysis included in the material available on this website.

The Company’s actual results could differ materially from those anticipated in the forward looking statements contained throughout this website as a result of the material risk factors set forth below, and elsewhere in this website:

• volatility in market prices for oil and natural gas;

• liabilities inherent in oil and natural gas operations;

• uncertainties associated with estimating oil and natural gas reserves;

• competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel;

• incorrect assessments of the value of acquisitions and exploration and development programs;

• geological, technical, drilling and processing problems;
  

• fluctuations in foreign exchange or interest rates and stock market volatility;

• failure to realize the anticipated benefits of acquisitions;

• general business and market conditions;

• changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; and

• the other factors discussed under “Risk Factors” in the Company’s most recent annual information form.

These factors should not be construed as exhaustive. Unless expressly required by applicable law, Tamarack Valley does not undertake any obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.  The forward looking statements or information contained on this website are expressly qualified by this cautionary statement.

In the material available on this website and in the documents incorporated by reference herein, the Company uses the terms funds flow from operations, funds flow from operations per unit, funds flow from operations per unit-diluted, net debt, market capitalization and total capitalization. These terms do not have any standardized meaning as prescribed by Canadian generally accepted accounting principles (“GAAP”) and therefore they may not be comparable with the calculation of similar measures presented by other issuers.

Funds flow from operations is calculated based on cash flow from operating activities before changes in non-cash working capital and asset retirement obligation expenditures. Funds flow from operations per unit-diluted is calculated based on cash flow from operating activities before changes in non-cash working capital and asset retirement obligation expenditures excluding the cash portion of unit-based compensation. Management utilizes funds flow from operations as a key measure to assess the ability of the Company to finance distributions and dividends, operating activities, capital expenditures and debt repayments. Funds flow from operations as presented is not intended to represent cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with Canadian GAAP.

Net debt is calculated as current liabilities plus bank indebtedness less current assets and long term investments but excludes risk management assets and liabilities. Management utilizes net debt as a key measure to assess the liquidity of the Company. Market capitalization is calculated by applying the period end closing trading price of the Company’s securities to the number of such securities outstanding. Market capitalization is an indication of the enterprise value. Total capitalization is calculated as market capitalization and current liabilities plus bank indebtedness, less current assets and long term investments, excluding the risk management asset and liabilities. Total capitalization is used by management to measure the proportion of net debt in the Company’s capital structure.

Certain natural gas volumes have been converted to barrels of oil equivalent (“Boe”) or thousands of Boe (“MBoe”). Boe or MBoe may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not necessarily represent value equivalency at the well head.

In the event that any or any part of the terms and conditions contained in this Legal and Privacy Notice shall be determined by any component authority to be invalid, unlawful or unenforceable to any extent, such term shall be enforced to the fullest extent permitted by applicable law, and the validity, legality and enforceability of the remaining terms shall not in any way be affected or impaired thereby.

Your use of this website and the terms and conditions of use set out in this Legal and Privacy Notice shall be governed by the laws of the Province of Alberta and the federal laws of Canada applicable therein, excluding the conflict and choice of law provisions. You agree to comply with all applicable laws and regulations in your use of this website, including all applicable federal, provincial and local laws and, if you reside outside of Canada, the laws of the country where you reside.  The Alberta, Canada courts shall have exclusive jurisdiction over any dispute arising out of your use of this website. If you access this website from outside of Canada, you do so at your own risk and are responsible for compliance with the laws of your jurisdiction including, without limitation, securities laws and import and export laws.

(1) Member of Audit Committee of the Board of Directors
(2) Member of the Reserves Committee of the Board of Directors
(3) Member of the Compensation & Governance Committee of the Board of Directors
(4) Member of the Environment, Safety & Sustainability Committee