Tamarack Valley Energy Ltd. Announces Increase to Bought Deal Equity Financing to $60.2 Million

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 agreed with a syndicate of underwriters led by
Dundee Securities Ltd., and including Clarus Securities Inc., GMP Securities
L.P., National Bank Financial Inc., Paradigm Capital Inc., Peters & Co. Limited,
AltaCorp Capital Inc. and RBC Capital Markets to increase the size of its
previously announced bought deal financing of 7,000,000 common shares ("Common
Shares") at a price of $4.30 (the "Offering Price") to a size of 14,000,000
Common Shares at the Offering Price for total gross proceeds of $60,200,000. 


The net proceeds of the financing will be initially used to repay outstanding
indebtedness which will be redrawn to fund the acceleration of the Cardium and
Viking drilling program as outlined in the Corporation's press release dated
January 28, 2014. 


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.


The securities offered have not been and will not be registered under the United
States Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or applicable exemption from the registration
requirements. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities in
any jurisdiction in which such offer, solicitation or sale would be unlawful.


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.


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
and new 2014 production forecasts including asset mix. 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