Tamarack Valley Energy Ltd. Announces Equity Financing

NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR DISSEMINTATION IN THE UNITED STATES

Tamarack Valley Energy Ltd. ("Tamarack" or the "Company") (TSX VENTURE:TVE) is
pleased to announce that it has entered into a financing agreement with a
syndicate of underwriters led by Dundee Securities Ltd. (the "Underwriters") to
issue and sell on a "bought deal" basis, 7,000,000 common shares of Tamarack
(the "Common Shares") at an issue price of $4.30 per Common Share resulting in
gross proceeds of $30,100,000. Proceeds of the offering will be used to
initially reduce bank indebtedness and thereafter to partially fund the
Company's continuing capital program and for general corporate purposes.


The Common Shares will be offered in all provinces of Canada, except Quebec, by
way of a short form prospectus and the Common Shares may be sold in the United
States on a private placement basis pursuant to exemptions from registration
requirements. Closing of the offering is expected to occur on or about February
19, 2014 and is subject to certain conditions including, but not limited to, the
receipt of all necessary approvals including the approval of the TSX Venture
Exchange.


This news release does not constitute an offer to sell or a solicitation of any
offer to buy the securities in the United States. The securities offered have
not been and will not be registered under the U.S. Securities Act of 1933, as
amended (the "U.S. Securities Act") and may not be offered or sold in the United
States except in certain transactions exempt from the registration requirements
of the U.S. Securities Act and applicable state securities laws. 


Increase to 2014 Capital Budget

In conjunction with the financing, Tamarack's Board of Directors approved an
increase to the 2014 capital budget to $90-92 million for 2014, focused on
drilling Cardium horizontal development and Viking oil development wells. The
accelerated capital program will allow the Company to drill a minimum of an
additional 5.0 net Cardium 1-mile horizontals and up to 1.0 net Cardium 1.5 to
2-mile horizontal well in the second half of 2014. This drilling program, will
focus on accelerating horizontal Cardium oil development in the greater Pembina
area. Tamarack's new 2014 production forecast is 5,300 - 5,500 boe/d with a 2014
exit rate of 6,500 to 6,700 boe/d (60% oil and natural gas liquids). This
program will earn over 13 net sections of Cardium lands in the greater Pembina
area and achieve approximately 65% of its total farm-in drilling commitment by
the end of 2014. The 2014 capital program will be fully funded with forecasted
cash flow from operations and available lines of credit. 


About Tamarack Valley Energy Ltd.

Tamarack is an oil and gas exploration and production company committed to
long-term growth and the increased identification, evaluation and operation of
resource plays in the Western Canadian sedimentary basin. Tamarack's strategic
direction is focused on two key principles - ensuring resource plays provide
long-life reserves, and using a rigorous, proven modeling process to carefully
manage risk and identify opportunities. The Company recently expanded its
inventory of low-risk development oil locations in the Redwater Viking play
through the acquisition of Sure Energy Inc. Continuing to build on its
sustainable growth platform, Tamarack also increased its low-risk development
locations within the Cardium fairway through a farm-in agreement with an
industry major. These endeavors add to Tamarack's strong resource portfolio,
including Cardium properties at Lochend, Garrington and Buck Lake and heavy oil
properties in Saskatchewan. With a balanced portfolio, and experienced and
committed management team, Tamarack intends to continue to deliver on its
promise to increase its production and maximize shareholder return.


Abbreviations



bbl      Barrel                                                             
bbls/d   barrels per day                                                    
boe/d    barrels of oil equivalent per day                                  
mcf      thousand cubic feet                                                
mcf/d    thousand cubic feet per day                                        



Unit Cost Calculation

For the purpose of calculating unit costs, natural gas volumes have been
converted to a barrel of oil equivalent ("boe") using six thousand cubic feet
equal to one barrel unless otherwise stated. A boe conversion ratio of 6:1 is
based upon an energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the wellhead. This
conversion conforms with Canadian Securities Regulators' National Instrument
51-101 Standards of Disclosure for Oil and Gas Activities. Boe's may be
misleading, particularly if used in isolation.


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 "anticipate", "believe",
"plan", "potential", "intend", "objective", "continuous", "ongoing",
"encouraging", "estimate", "expect", "may", "will", "project", "should", or
similar words suggesting future outcomes. More particularly, this press release
contains statements concerning the timing and completion of the financing, the
use of proceeds and Tamarack's planned and future drilling plans and operations.
The completion and timing of the proposed equity financing, is based on a number
of assumptions, including, that all approvals for the financing will be
received, no material adverse change will occur in Tamarack's operations nor
will there be any of the events that would trigger termination rights under the
agreement with the Underwriters. The forward-looking statements contained in
this document are based on certain key expectations and assumptions made by
Tamarack relating to prevailing commodity prices, the availability of drilling
rigs and other oilfield services, the timing of past operations and activities
in the planned areas of focus, the drilling, completion and tie-in of wells
being completed as planned, the production performance of new and existing
wells, the application of existing drilling and fracturing techniques, the
continued availability of capital and skilled personnel, surface access to
leases, the ability to continue to deliver crude oil and natural gas to market,
the ability to maintain or grow the banking facilities and the accuracy of
Tamarack's geological interpretation of its drilling and land opportunities.
Although management considers these assumptions to be reasonable based on
information currently available to it, undue reliance should not be placed on
the forward-looking statements because Tamarack can give no assurances that they
may prove to be correct. The intended use of the net proceeds of the offering by
Tamarack might change if the board of directors of Tamarack determines that it
would be in the best interests of Tamarack to deploy the proceeds for some other
purpose.


By their very 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 associated with the oil and gas industry (e.g. operational
risks in development, exploration and production; delays or changes in plans
with respect to exploration or development projects or capital expenditures);
commodity prices; the uncertainty of estimates and projections relating to
production, cash generation, costs and expenses; health, safety, litigation and
environmental risks; and access to capital. Due to the nature of the oil and
natural gas industry, drilling plans and operational activities may be delayed
or modified to react to market conditions, results of past operations,
regulatory approvals or availability of services causing results to be delayed.
Additional information on these and other factors that could affect the
Company's operations or financial results are included in reports on file with
the applicable securities regulatory authorities and may be accessed through the
SEDAR website (www.sedar.com).


The forward-looking statements contained in this press release are made as of
the date hereof and the Company does not undertake any obligation to update
publicly or to revise any of the included forward-looking statements, except as
required by applicable law. The forward-looking statements contained herein are
expressly qualified by this cautionary statement. 


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Tamarack Valley Energy Ltd.
Brian Schmidt
President & CEO
403.263.4440


Tamarack Valley Energy Ltd.
Ron Hozjan
VP Finance & CFO
403.263.4440
www.tamarackvalley.ca