Tourmaline declares quarterly dividend and pronounces election of administrators

Tourmaline Oil Corp. (TSX: TOU) (“Tourmaline” or the “Firm”) is happy to announce that its Board of Administrators has declared a quarterly money dividend on its widespread shares of C $ 0.16 per widespread share. The dividend shall be payable on June 30, 2021 to shareholders of report on the shut of enterprise on June 15, 2021. This quarterly money dividend is known as an “eligible dividend” for Canadian earnings tax functions.

Tourmaline additionally pronounces that the candidates listed in its data round dated April 16, 2021 had been elected administrators of Tourmaline at its annual assembly of shareholders held on June 2, 2021 (the ” Assembly All issues introduced for approval on the Assembly, together with the election of administrators and the appointment of auditors, have been accredited by the shareholders of Tourmaline. A report of the outcomes of the vote shall be out there on SEDAR at www.sedar.com .

In a ballot vote, every of the next ten candidates proposed by administration was elected director of Tourmaline:

Candidate

Votes for

% For

Votes retained

% retained

Michael L. Rose

197 379 859

98.21

3,587,908

1.79

Brian G. Robinson

178 990 234

89.06

21 977 533

10.94

Jill T. Angevine

198 408 454

98.73

2,559,313

1.27

William D. Armstrong

199 215 133

99.13

1,752,634

0.87

Lee a baker

197 522 741

98.29

3,445,026

1.71

John W. Elick

200 370 650

99.70

597,117

0.30

Andrew B. MacDonald

186,313,325

92.71

14 654 442

7.29

Lucy M. Miller

187 666 053

93.38

13,301,714

6.62

Janet L. Weiss

200 359 785

99.70

607,982

0.30

Ronald C. Wigham

199 311 916

99.18

1 655 851

0.82

Discover to readers

MOTTO

All quantities on this press launch are expressed in Canadian {dollars}, until in any other case indicated.

FORWARD-LOOKING INFORMATION

This press launch incorporates forward-looking data and statements (collectively, ” forward-looking data “) inside the that means of relevant securities legal guidelines. The usage of any of the phrases” anticipate “,” anticipate “,” anticipate “,” proceed “,” estimate “,” goal “,” in progress ”,“ on monitor ”,“ might ”,“ will ”,“ plan ”,“ ought to ”,“ imagine ”,“ plan ”,“ intend ”and comparable expressions are supposed to determine forward-looking data Extra significantly and with out limitation, this press launch incorporates forward-looking data relating to the long run declaration and fee of dividends and the timing and quantity thereof which assumes the supply of free money circulate to fund such dividends. dividends. Ahead-looking data is predicated on sure key expectations and assumptions made by Tourmaline, together with expectations and assumptions concerning the following: present and future commodity costs and trade charges; the diploma to which operations and Tourmaline manufacturing shall be disrupted by circumstances attributable to the COVID-19 pandemic and authorities and public responses to the pandemic; relevant royalty charges and tax legal guidelines; rate of interest; manufacturing fee of future wells and reserve volumes; working prices, timing of receipt of regulatory approvals; the efficiency of present wells; success in drilling new wells; the timing and anticipated outcomes of capital expenditures; the adequacy of the capital expenditure budgeted for the conclusion of the deliberate actions; the timing, location and extent of future drilling operations; the advantages to be derived from acquisitions; the state of the economic system and exploration and manufacturing actions, together with the impacts of the COVID-19 pandemic and authorities and public responses to the pandemic thereon; the supply and value of finance, labor and providers; and the flexibility to efficiently market crude oil, pure fuel and pure fuel liquids. With out limitation of the foregoing, future dividend funds, if any, and their stage are unsure because the dividend coverage of the Firm and the funds out there for the fee of dividends every so often rely, amongst different issues, on the free money circulate, the monetary necessities for the operations of the Firm and the execution of its development technique, fluctuations in working capital and the timing and quantity of capital expenditures, debt service necessities and different components past the management of the Firm. As well as, Tourmaline’s means to pay dividends shall be topic to relevant legal guidelines (together with satisfaction of the solvency check contained in relevant firm legislation) and to contractual restrictions contained within the devices governing its indebtedness, together with its facility. credit score.

Though Tourmaline believes that the expectations and assumptions upon which this forward-looking data is predicated are cheap, forward-looking data shouldn’t be relied on unduly as Tourmaline can’t assure that it’s going to show to be appropriate. As a result of forward-looking data offers with future occasions and situations, by its very nature it includes inherent dangers and uncertainties. Precise outcomes may differ materially from these at present anticipated as a result of various components and dangers. These embody, however should not restricted to: dangers related to the oil and fuel business normally, similar to operational dangers related to improvement, exploration and manufacturing; delays or modifications in plans for exploration or improvement tasks or capital expenditures; the unsure impacts of COVID-19 on Tourmaline’s enterprise, and the societal, financial and authorities response to COVID-19; the uncertainty of estimates and projections for reserves, manufacturing, revenues, prices and expenditures; dangers to well being, security and the surroundings; fluctuations in commodity costs and trade charges; rate of interest fluctuations; advertising and transport; lack of markets; environmental dangers; competitors; poor evaluation of the worth of acquisitions; the shortcoming to comprehend or understand the anticipated advantages of acquisitions or disposals; means to entry enough capital from inside and exterior sources; uncertainties related to counterparty credit score danger; failure to acquire required regulatory and different approvals; and modifications in laws, together with, however not restricted to, tax legal guidelines, royalties and environmental rules. Readers are cautioned that the above checklist of things isn’t exhaustive.

Extra data on these and different components that might have an effect on tourmaline, or its operations or monetary outcomes, is included within the newest MD&A filed by the Firm (see “Ahead-looking statements” together with), the Annual Data Kind ( see “Components” and “Ahead-Trying Statements” therein) and different studies filed with relevant securities regulatory authorities and out there on the SEDAR web site ( www.sedar.com ) or the Tourmaline website ( www.tourmalineoil.com ).

The forward-looking data contained on this press launch is made as of the date hereof and Tourmaline assumes no obligation to publicly replace or revise any forward-looking data, whether or not on account of new data, future occasions or in any other case, until expressly required by relevant securities legal guidelines.

ABOUT TOURMALINE OIL CORP.

Tourmaline is a number one Canadian crude oil and pure fuel exploration and manufacturing firm centered on delivering sturdy, predictable long-term development and constant shareholder returns via a program aggressive exploration, improvement, manufacturing and acquisition within the Western Canada Sedimentary Basin by constructing its in depth asset base in its three principal exploration and manufacturing areas and exploiting and growing these areas to extend reserves, manufacturing and money circulate at a beautiful return on invested capital.

SOURCE Tourmaline Oil Corp.

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