Tamarack Valley Energy : 2024 Assurance Report

KPMG LLP

205 5th Avenue SW Suite 3100 Calgary AB T2P 4B9 Tel [phone] Fax [phone] www.kpmg.ca

INDEPENDENT PRACTITIONER'S LIMITED ASSURANCE REPORT

To the Management of Tamarack Valley Energy Ltd.

We have undertaken a limited assurance engagement on certain key performance indicators of Tamarack Valley Energy Ltd. ("the Entity"), included in the accompanying 2024 Sustainability Report (the "Report") and as described below, as at and for the year ended December 31, 2023.

Subject matter information and applicable criteria

The scope of our limited assurance engagement, as agreed with management, comprises the following performance information (collectively, the "subject matter information") and criteria:

Subject Matter Information	Results	Applicable Criteria
Net ARO Spend (Entity funded)	$12.9 million CAD	Internally developed criteria
Percentage of ARO Spending	153%	Internally developed criteria
Indigenous Workforce Participation	10.42%	Internally developed criteria
Scope 1 Greenhouse Gas Emissions	848,098 tonnes CO2e	Greenhouse Gas Protocol -
		Corporate Accounting and Reporting
		Standard (Revised Edition) ("GHG
		Protocol")
Scope 2 Greenhouse Gas Emissions	31,092 tonnes CO2e	GHG Protocol & GHG Protocol
		Scope 2 Guidance (Supplement to
		the GHG Protocol)
Scope 1 & Scope 2 Greenhouse Gas	35.93 kg CO2e/boe	GHG Protocol & Internally
Emissions Intensity		developed criteria
Methane Emissions	5,085 tonnes	GHG Protocol

Other than as described in the preceding paragraph, we did not perform assurance procedures on the remaining information included in the Report, and accordingly, we do not express a conclusion on this information.

KPMG LLP, an Ontario limited liability partnership and member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. KPMG Canada provides services to KPMG LLP.

There are no mandatory requirements for the preparation or presentation of the subject matter information. As such, the Entity has applied the Greenhouse Gas Protocol - Corporate Accounting and Reporting Standard (Revised Edition) in relation to greenhouse gas emissions, and internally developed criteria for the remaining subject matter information. The criteria are further described in the footnotes on pages 41-42 of the Report.

Management's Responsibility

Management is responsible for the preparation and presentation of the subject matter information in accordance with the applicable criteria.

Management is also responsible for such internal control as management determines necessary to enable the preparation and presentation of the subject matter information that is free from material misstatement, whether due to fraud or error. This responsibility includes determining the Entity's objectives in respect of sustainability performance and reporting, identifying stakeholders and material issues, and selecting or developing appropriate criteria.

Our Responsibility

Our responsibility is to express a limited assurance conclusion on the subject matter information based on procedures we have performed and the evidence we have obtained. We conducted our limited assurance engagement in accordance with International Standards on Assurance Engagements (ISAE) 3000, Attestation Engagements Other than Audits or Reviews of Historical Financial Information and ISAE 3410 Assurance Engagements on Greenhouse Gas Statements, issued by the International Auditing and Assurance Standards Board. These standards require that we plan and perform our engagement to obtain limited assurance about whether the subject matter information is free from material misstatement.

A limited assurance engagement involves assessing the suitability of the criteria used by the Entity in preparing the subject matter information in the circumstances of the engagement, assessing the risks of material misstatement, whether due to fraud or error, and responding to the assessed risks as necessary in the circumstances.

We exercised professional judgment and maintained professional skepticism throughout the engagement. Our procedures were designed and performed to obtain evidence that is sufficient and appropriate to provide a basis for our conclusion. In carrying out our engagement, we:

• Evaluated the suitability of the Entity's use of the criteria, as the basis for preparing the subject matter information in the circumstances;
• Through inquiries, obtained an understanding of the Entity's control environment, processes and systems relevant to the preparation of the subject matter information, but did not evaluate the design of particular control activities, obtain evidence about their implementation or test their operating effectiveness;
• Through inquiries, obtained an understanding and performed walkthroughs of the data collection and reporting processes for the subject matter information;
• Conducted interviews with relevant staff at the corporate and business unit level responsible for providing the information;

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• Compared a sample of the reported data for the subject matter information to underlying data sources and made inquiries of management to obtain explanations for any significant differences we identified;
• Through inquiries, obtained an understanding of key assumptions and, where relevant, reperformed a sample of calculations ; and,
• Reviewed the subject matter information presented in the Report to determine whether it is consistent with our overall knowledge of, and experience with, the sustainability performance of the Entity.

The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.

Our Independence and Quality Management

We have complied with the independence and other ethical requirements of the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants and the independence and other ethical requirements of relevant rules of professional conduct/code of ethics in Canada applicable to the practice of public accounting and related to assurance engagements, issued by various professional accounting bodies.

The firm applies Canadian Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements which requires the firm to design, implement and operate a system of quality management, including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

Significant Inherent Limitations

Historical non-financial information, such as that contained in the Report, is subject to more inherent limitations than historical financial information, given the qualitative characteristics of the underlying subject matter and methods used for determining this information. The absence of a significant body of established practice on which to draw allows for the selection of different but acceptable evaluation techniques, which can result in materially different measurements and can impact comparability. The nature and methods used to determine such information, as described in the applicable criteria, may change over time., It is important to read the Entity's reporting methodology available in the footnotes on pages 41-42 of the Report.

Emphasis of Matter

We draw attention to the methodology for calculating emissions intensty available in the footnotes on pages 41- 42 of the Report. As described in the footnotes to the Report, Scope 1 and 2 emissions are determined using the operational control approach to consolidation and annual production is determined using a method consistent with the Entity's financial statement disclosure which utilizes accrual based net working interest production sales.

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Differences in consolidation approach between the numerator and the denominator can lead to changes in reported intensities between periods for reasons other than improvements or deteriorations in emissions per barrel of oil equivalent at the operational level. As a result, it is important to be aware of this element of the methodology when reading the related emissions intensity.

Or conclusion is not modified in respect of this matter.

Conclusion

Our conclusion has been formed on the basis of, and is subject to, the matters outlined in this report. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.

Based on the procedures performed and evidence obtained, no matters have come to our attention to cause us to believe that the Entity's subject matter information as at and for the year ended December 31, 2023, is not prepared and presented, in all material respects, in accordance with the applicable criteria.

Restriction on Use

Our report is intended solely for use by the Entity for the purpose(s) set out in our engagement agreement. Our report may not be suitable for any other purpose and is not intended for use or reliance by any third parties. While KPMG LLP acknowledges that disclosure of our report may be made, in full, by the Entity in the 2024 Sustainability Report, KPMG LLP does not assume or accept any responsibility or liability to any third party in connection with the disclosure of our report.

Chartered Professional Accountants

Calgary, Canada

May 7, 2024

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