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Tamarack Valley Announces Results of Reserves Evaluation

Tamarack Valley Energy Ltd. (TVE.V) announced the results of its independent reserves evaluation as at December 31, 2012, reporting a 98% increase in Proved plus Probable reserves to 11.185 million boe in 2012 from 5.653 million boe in 2011.

The company increased Proved plus Probable oil and natural gas liquids reserves by 160% to 7.047 million barrels in 2012 from 2.706 million barrels in 2011. On a per share basis, Proved plus Probable oil and natural gas liquids reserves increased by 44% in 2012 from 2011. Oil and natural gas liquids made up 63% of the company's total Proved plus Probable reserves in 2012 up from 48% in 2011.

TVE shares gained 5% to $2.17.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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