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 closed its previously announced bought deal
financing of 14,000,000 common shares at a price of $4.30 per common share for
aggregate gross proceeds of $60,200,000. The syndicate of underwriters for the
offering was led by Dundee Securities Ltd. and included Clarus Securities Inc.,
GMP Securities L.P., National Bank Financial Inc., Paradigm Capital Inc., Peters
& Co. Limited, AltaCorp Capital Inc. and RBC Dominion Securities Inc.


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 returns.


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