NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

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.