CALGARY, ALBERTA--(Marketwire - Nov. 16, 2011) -


Tamarack Valley Energy Ltd. (TSX VENTURE:TVE) ("Tamarack" or the "Company") is pleased to announce that it intends to complete a non-brokered flow-through share financing comprised of: (i) a private placement of 8,750,000 common shares of Tamarack ("Common Shares") at $0.40 per share issued on a flow-through basis related to Canadian exploration expense pursuant to the Income Tax Act (Canada) (the "Tax Act") for gross proceeds of $3,500,000; and (ii) a private placement of 1,600,000 common shares at a price of $0.375 per share issued on a flow-through basis related to Canadian development expense pursuant to the Tax Act for gross proceeds of $600,000.

The gross proceeds of the financing will be used to fund and accelerate the exploration and development activities of the Company by incurring eligible Canadian exploration expenses and Canadian development expenses. Tamarack plans to drill 2 to 4 heavy oil wells before the end of the fourth quarter, subject to rig availability, and drill 2 (1.5 net) Cardium oil wells in Buck Lake as soon as well licenses and oilfield services can be secured expected to occur in the first quarter of 2012.

The flow-through share financing is expected to close on or before November 25, 2011 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 flow-through shares will be subject to a four month plus a day hold period from the closing date under applicable Canadian securities laws.

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Act") and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of such Act. 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 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 company involved in the identification, evaluation and operation of resource plays in the western Canadian sedimentary basin. The Company uses a rigorous, proven modeling process to carefully manage risk and identify growth opportunities and has assets at Lochend, Garrington/Harmattan, Buck Lake and Quaich areas in Alberta, southeast of Lloydminster in Saskatchewan and at Wilder in northeast British Columbia.

Forward Looking Information

This press release contains certain forward-looking statements within the meaning of applicable securities laws, including statements relating to use of proceeds, closing of the financing and receipt of regulatory approvals. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "should", "believe", "intends", forecast", "plans", "guidance" and similar expressions are intended to identify forward-looking statements or information. The intended use of proceeds is based on assumptions relating to the current business and investment climate of the oil and gas business and the current business projections of the management of Tamarack. 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.

By their very nature, forward-looking statements involve inherent risks and uncertainties (both general and specific) and risks that forward-looking statements will not be achieved. 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; the uncertainty of estimates and projections relating to production, costs and expenses, health, safety, litigation and environmental risks and the risks inherent in the estimation of reserves); the risk of commodity price and foreign exchange rate fluctuations, the ability to access sufficient capital from internal and external sources and changes in tax, royalty and environmental legislation. Due to the nature of the oil and natural gas industry, budgets are regularly reviewed in light of the success of expenditures and other opportunities which may become available to Tamarack. Readers are cautioned that notwithstanding the Company's current intentions regarding the use of the proceeds of the financing, there may be circumstances where a reallocation of funds may be necessary, subject to contractual obligations. While Tamarack anticipates that it will spend the funds available to it as set forth above, there may be circumstances where, for sound business reasons, a reallocation of the proceeds may be necessary, depending on future operations on Tamarack's properties or unforeseen events.

The forward-looking statements contained in this news 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 the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information:

Tamarack Valley Energy Ltd.
Brian Schmidt
President & CEO

Tamarack Valley Energy Ltd.
Ron Hozjan
VP Finance & CFO