Tamarack Valley Energy Ltd. reported unaudited consolidated earnings and operating results for the first quarter ended March 31, 2013. For the quarter, the company reported total revenue of CAD 12,922,879 against CAD 4,082,888 for the same period in the last year. Funds from operations were CAD 7,005,572 or CAD 0.24 per basic and diluted share against CAD 1,678,117 or CAD 0.10 per basic and diluted share for the same period in the last year. Net income was CAD 296,846 or CAD 0.01 per basic and diluted share against net loss of CAD 1,695,020 or CAD 0.10 per basic and diluted share for the same period in the last year. Net debt as at March 31, 2013 was CAD 52,397,617 against CAD 12,613,516 as at March 31, 2012. Capital expenditures were CAD 11,783,298 against CAD 6,669,930 for the same period in the last year. For the first quarter, the company reported total production average of 2,701 boe/d against 1,242 boe/d for the same period in the last year. During the first quarter of 2013, Tamarack enjoyed continued Viking oil drilling success in the Redwater area of Alberta, where the company drilled 5 (4.7 net) Viking oil wells. Two of the wells came on production during the last week of the first quarter of 2013 and the remaining three wells began producing in early April. The company also has been successful in purchasing undeveloped acreage and adding to its low risk drilling inventory in its core Redwater and Garrington areas. During the first quarter 2013, the company added 1.32 sections of land, resulting in 17 locations being added to the company's drilling inventory. The company is on target to meet its 2013 average production guidance of 2,900 to 3,000 boe/d. The percentage of oil and natural gas liquids weighting increased to a record 54% of total production in the first quarter of 2013 compared to 51% of total production in the fourth quarter of 2012. The company expects to spud a 100% working interest Garrington well within the next two weeks as it is currently preparing to construct a surface location. During the first quarter of 2013 Tamarack was successful in increasing its working interest from 67% to 100% working interest on these Garrington lands. The company will continue to add undeveloped acreage in its core Viking and Cardium areas. Tamarack also plans to commence a second 5 well Viking oil drilling program either late in the second quarter of 2013 or early third quarter of 2013, pending surface access.

Tamarack Valley Energy Ltd. announced that its board of directors has approved and adopted amendments to the Company's By-Laws, including introducing an advance notice requirement in connection with shareholders intending to nominate directors in certain circumstances (the By-Law Amendments). In particular, the By-Law Amendments set forth a procedure requiring advance notice to the Company by any shareholder who intends to nominate any person for election as director of the Company other than pursuant to: a requisition of a meeting made pursuant to the provisions of the Business Corporations Act (Alberta) (the ABCA), or a shareholder proposal made pursuant to the provisions of the ABCA. Among other things, the By-Law Amendments set a deadline by which such shareholders must notify the Company in writing of an intention to nominate directors prior to any meeting of shareholders at which directors are to be elected and set forth the information that the shareholder must include in the notice for it to be valid. The Board believes that the By-Law Amendments will provide a clear and transparent process for all shareholders to follow if they intend to nominate directors. In that regard, the By-Law Amendments provide a reasonable time frame for shareholders to notify the Company of their intention to nominate directors, and requires a nominating shareholder to disclose information concerning the proposed nominees and the nature of the nominating shareholder's interest in the Company. The Board will be able to evaluate the proposed nominees' qualifications and suitability as directors and respond as appropriate in the best interests of the Company. The By-Law Amendments are also intended to facilitate an orderly and efficient meeting process. In the case of an annual meeting of shareholders, notice to the Company must be made not less than 30 days and not more than 65 days prior to the date of the annual meeting; provided, however, that in the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10(th) day following such public announcement. In the case of a special meeting of shareholders (which is not also an annual meeting), notice to the Company must be made not later than the close of business on the 15(th) day following the day on which the first public announcement of the date of the special meeting was made. The By-Law Amendments also increase the quorum required for the conduct of business at meetings of shareholders if the director nominations submitted to the Company by a shareholder may result in a change in the composition of a majority of the Board. The enhanced quorum requirement is intended to ensure the enfranchisement of all shareholders and ensure that a material number of shares are presented at shareholder meetings where such a fundamental change to the business and strategic direction of the Company may occur. The By-Law Amendments provide that a quorum of at least two persons present in person and entitled to vote at any annual meeting of shareholders, or at any special meeting of shareholders, if one of the purposes for which the special meeting was called was the election of directors, and who, together, hold or represent by proxy at least a majority of the shares issued and outstanding in the capital of the Company and entitled to be voted at any such meeting be required where nominations of persons for election to the Board made by shareholders may result in persons who were members of the Board immediately prior to the meeting ceasing to constitute a majority of the Board following the meeting, other than pursuant to a "Change of Control" of the Company. Such a nominating shareholder must also disclose certain information concerning each proposed nominee and the nature of the nominating shareholder's interest in the Company. For all other shareholder meetings, a quorum of at least two persons present in person and entitled to vote at the meeting and who, together, hold or represent by proxy not less than 5% of the votes entitled to be cast at the meeting will continue to be required. The enhanced quorum cannot be used to defeat the wishes of the shareholders to make significant changes to the Board. In the absence of an enhanced quorum for the transaction of business at any meeting where the enhanced quorum is required, those present and entitled to vote shall constitute a quorum for the purpose of conducting all business other than for the election of directors, and the adjourning of such meeting. The meeting may be adjourned no more than twice for an aggregate of no more than 65 days. If an enhanced quorum is not present at the opening of the second adjourned meeting, if any, those shareholders present and entitled to vote at that adjourned meeting will constitute quorum for the transaction of business, including the election of directors, at the adjourned meeting. The By-Law Amendments are effective immediately and will be placed before shareholders for ratification at the annual and special meeting of shareholders of the Company on June 13, 2013.

Tamarack Valley Energy Ltd. reported unaudited consolidated earnings and production results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported total revenue of CAD 11,444,879 compared to CAD 5,644,601 last year. Funds from operations were CAD 6,029,731 or CAD 0.20 per diluted share compared to CAD 2,894,004 or CAD 0.18 per diluted share last year. Net loss was CAD 2,455,973 or CAD 0.08 per basic and diluted share compared to CAD 2,441,267 or CAD 0.15 per diluted share last year. Capital expenditures were CAD 11,872,879 compared to CAD 8,724,373 last year. Cash flow from operations for the first quarter of 2012 was CAD 1.7 million. For the year, the company reported total revenue of CAD 34,413,170 compared to CAD 16,624,658 last year. Funds from operations were CAD 16,666,872 or CAD 0.65 per diluted share compared to CAD 8,846,541 or CAD 0.60 per diluted share last year. Net loss was CAD 4,140,275 or CAD 0.16 per basic and diluted share compared to CAD 3,062,843 or CAD 0.21 per diluted share last year. Capital expenditures were CAD 35,729,818 compared to CAD 40,545,790 last year. Cash flow from operations for the first quarter of 2012 was CAD 1.7 million. For the quarter, the company announced production increased by 70% to 2,561 boe/d from 1,507 boe/d in 2011. Crude oil and natural gas liquids production weighting increased to 51% in fourth quarter 2012 from 49% in third quarter 2012. For the year, the company announced Production increased by 103% to 2,166 boe/d in 2012 from 1,069 boe/d in 2011. The company’s average 2013 production guidance of 2,900-3,000 boe/d.