TOURMALINE DELIVERS RECORD PRODUCTION IN Q1 2025, ANNOUNCES TWO ACQUISITIONS AND DECLARES A SPECIAL DIVIDEND

CALGARY, AB, Might 7, 2025 /CNW/ – Tourmaline Oil Corp. TOU (“Tourmaline” or the “Firm”) is happy to launch monetary and working outcomes for the primary quarter of 2025, announce two acquisitions within the NEBC Montney and declare a particular dividend.

HIGHLIGHTS

• First quarter 2025 common manufacturing was 637,867 boepd, an 8% enhance over first quarter 2024 and forward of the 630,000 – 635,000 boepd first quarter 2025 anticipated vary introduced on March 5, 2025.
• First quarter 2025 money circulation⁽¹⁾ (“CF”) was $963.0 million ($2.56 per diluted share⁽²⁾) on complete capital expenditures⁽³⁾ of $825.0 million (EP spending⁽⁴⁾ of $797.7 million) producing free money circulation⁽⁵⁾ (“FCF”) of $149.1 million for the quarter ($0.40 per diluted share⁽⁶⁾).
• In 2025, at strip pricing⁽⁷⁾, the Firm now expects to generate CF of $3.9 billion ($10.44 per diluted share) and FCF of $960.0 million ($2.55 per diluted share) on EP spending of $2.725 billion (midpoint of 2025 steering vary).
• Tourmaline continues to consolidate the NEBC Montney, some of the worthwhile gasoline performs in North America, in live performance with the Firm’s NEBC infrastructure buildout. Within the North Montney, the Firm has entered into an settlement to amass the stability of the jointly-owned Laprise-Conroy property by way of the acquisition of Saguaro Assets Ltd. As well as, Tourmaline has entered into an settlement to amass property situated within the Larger Septimus space of the South Montney. The Firm expects these acquisitions to shut in Q2 2025.
• Tourmaline’s Board of Administrators has declared a particular dividend of $0.35 per share payable on Might 26, 2025 to shareholders of file on Might 15, 2025.
• The Firm intends to declare a quarterly dividend of $0.50 per share, payable on June 30, 2025, to shareholders of file on June 16, 2025.

PRODUCTION UPDATE

• First quarter 2025 common manufacturing was 637,867 boepd, barely forward of the steering vary introduced on March 5, 2025 and up 8% from the primary quarter of 2024. March 2025 common manufacturing was 645,036 boepd.
• First quarter 2025 common liquids manufacturing (oil, condensate, NGLs) was 147,438 bpd, up 2% over the primary quarter 2024 common liquids manufacturing of 145,016 bpd.
• The 2025 forecast manufacturing vary of 635,000 – 665,000 boepd stays unchanged. Manufacturing averaged 660,000 boepd for the primary half of April.
• The Firm expects second quarter 2025 common manufacturing within the 615,000 – 625,000 boepd vary, reflecting elevated upkeep now scheduled given the anticipated weaker gasoline costs throughout that point interval, significantly at Station 2 the place pricing and quantity in April was impacted by upkeep on the third party-operated Aitken storage facility.

FINANCIAL RESULTS

• First quarter 2025 money circulation was $963.0 million ($2.56 per totally diluted share) and FCF was $149.1 million ($0.40 per totally diluted share).
• First quarter 2025 earnings had been $212.7 million ($0.56 per totally diluted share).
• First quarter EP capital spending was $797.7 million.  The Firm expects EP capital spending to be roughly $560.0 million in Q2 2025 throughout spring break-up, yielding an estimated 1H 2025 FCF of $430.0 million ($1.14 per diluted share) based mostly on strip pricing. The Firm expects commodity costs to enhance within the 2H 2025 with the start-up of the LNG Canada facility on the West Coast, leading to increased FCF in 2H 2025 relative to 1H 2025.

2025 CAPITAL PROGRAM

• The total 12 months 2025 EP capital program stays unchanged at $2.60 to $2.85 billion.
• Given weak Station 2 gasoline costs, the Firm intends to defer some deliberate Q2 frac exercise into the third quarter of 2025. The Firm continues to anticipate stronger costs at each the Station 2 and AECO hubs throughout the second half of 2025 as gasoline volumes start flowing west to the LNG Canada liquification facility. The Firm will proceed to match deliberate manufacturing development to the anticipated rising pure gasoline value curve.
• The Firm expects to launch an up to date multi-year EP plan, together with the complete NEBC Montney gasoline and liquids infrastructure buildout, and incorporation of all latest acquisitions within the second half of 2025.  Inclusive of initiatives not but integrated within the EP plan and up to date acquisitions, the Firm forecasts to enter the following decade producing at roughly 850,000 boepd⁽⁸⁾.

ACQUISITION UPDATE

• Tourmaline continues to consolidate the NEBC Montney, some of the worthwhile gasoline performs in North America, in live performance with the Firm’s NEBC infrastructure buildout.
• Within the North Montney, the Firm has entered into an settlement to amass the stability of the jointly-owned Laprise-Conroy property by way of the acquisition of Saguaro Assets Ltd., and within the South Montney, Tourmaline has entered into an settlement to amass property within the Larger Septimus space from a 3rd social gathering.  Each transactions are anticipated to shut in Q2 2025, and Tourmaline’s ahead steering and EP plan will replicate these acquisitions within the Firm’s subsequent replace.
• In combination, these two transactions add roughly 20,000 boepd of present manufacturing, an estimated 369.4 mmboe of present 2P reserves⁽⁹⁾, and roughly 410 primarily Tier 1 future internet drilling areas.  Manufacturing and reserves from these property are anticipated to expertise important future development as every asset is systematically developed as a part of the Firm’s NEBC Montney buildout.
• The Laprise-Conroy asset is the important thing part of the North Montney Section 2 venture, and the Larger Septimus asset is complementary and adjoining to Tourmaline’s deliberate Groundbirch 400 mmcfpd / 20,000 bpd two-phase gasoline plant improvement venture.
• As a part of these transactions, Tourmaline can even purchase 9 internet sections and an estimated 54 internet drilling areas within the Resthaven space of the Alberta Deep Basin.
• Tourmaline will problem a complete of roughly 13 million widespread shares as consideration for the 2 transactions, leaving the stability sheet in a really sturdy place for potential additional asset acquisitions going ahead. The ultimate variety of shares to be issued pursuant to those acquisitions might be decided on the closing of the transactions based mostly on the worth of Tourmaline widespread shares main as much as the respective time limits.

MARKETING UPDATE

• Tourmaline’s common realized pure gasoline value within the first quarter of 2025 was CAD $4.30/mcf, meaningfully (CAD $2.11/mcf) above the AECO 5A benchmark value of CAD $2.19/mcf over the identical time interval, because the Firm continues to profit from its diversification portfolio and strategic hedging program. 
• From Q2 to This autumn 2025, Tourmaline will common 2.1 bcfpd of pure gasoline gross sales that aren’t uncovered to floating native market costs (AECO and Station 2).
• Tourmaline has a median of 1.16 bcfpd hedged in 2025 at a weighted common mounted value of CAD $4.95/mcf. This contains 72 mmcfpd hedged at a weighted common value of CAD $20.76/mcf in worldwide markets and 156 mmcfpd at a weighted common value of CAD $6.68/mcf in Western US markets.
• The Firm is extremely inspired by the rising demand-driven pure gasoline value outlook in North America, together with the Western Canadian gasoline buying and selling hubs. The Firm’s EP and acquisition actions are guided by this sturdy multi-year value outlook; nonetheless, Tourmaline continues to stay disciplined to not oversupply native hubs. The pure gasoline development achieved by the Firm in 2023-24 was primarily matched with new export contracts out of the Western Canadian Sedimentary Basin, together with 95 mmcfpd that may circulation to the Gulf Coast in November of this 12 months. 

EP UPDATE

• First quarter 2025 EP exercise was highlighted by a collection of pads in NEBC which might be effectively forward of efficiency kind curve up to now.  At Dawn within the South Montney, the 4 effectively pad produced at common per effectively 30-day IP charges of seven.2 mmcfpd and 218 bbls/day of condensate.  At Groundbirch, the 6 wells on the 4-17 effectively pad have common 30-day IP charges of 10.4 mmcfpd at a flowing casing strain of 11.9 MPa.  At Gundy within the North Montney, the 7 wells on the C-2-G pad have common 30-day IP charges of 8.4 mmcfpd and 128 bbls/day of condensate. At Aitken, the 4 wells on the C-100-C pad have averaged 8.2 mmcfpd with 169 bbls/day of condensate over the primary 22 days of manufacturing.
• The sturdy 2024 effectively efficiency within the Alberta Deep Basin continued within the first quarter of 2025 with file March common manufacturing of 330,000 boepd. Sturdy pads forward of efficiency curves had been delivered throughout all the advanced, together with at Hanlan (6-29 pad), Lambert-Minehead and Kakwa (3-28 pad).
• The Firm plans to drill a complete of 364 internet wells in 2025, together with 169 wells within the Alberta Deep Basin, 159 wells within the NEBC gasoline condensate advanced, and 36 wells on the Peace River Excessive.
• Notable exploration successes had been realized within the South Deep Basin.  At Willesden Inexperienced, the Firm’s preliminary Stomach River effectively examined at over 700 bblpd of wellhead liquids (

DIVIDENDS

• Tourmaline’s Board of Administrators has declared a particular dividend of $0.35 per share, payable on Might 26, 2025 to shareholders of file on Might 15, 2025.
• The Firm intends to declare the quarterly base dividend of $0.50 per share in early June, which might be payable on June 30, 2025 to shareholders of file on the shut of enterprise on June 16, 2025. The particular dividend is, and the quarterly base dividend might be, designated as an eligible dividend for Canadian earnings tax functions.

CORPORATE SUMMARY – FIRST QUARTER 2025

Convention Name Tomorrow at 9:00 a.m. MT (11:00 a.m. ET)

Tourmaline will host a convention name tomorrow, Might 8, 2025, beginning at 9:00 a.m. MT (11:00 a.m. ET).

To take part with out operator help, you could register and enter your cellphone quantity at https://emportal.ink/41TmpoT to obtain an on the spot automated name again.

To take part utilizing an operator, please dial 1-888-510-2154 (toll-free in North America), or 1-416-900-0527 (worldwide dial-in), a couple of minutes previous to the convention name.

REPLAY DETAILS

In case you are unable to dial into the dwell convention name on Might 8, 2025, a replay might be obtainable by dialing 1-888-660-6345 (worldwide 1-289-819-1450), referencing Encore Replay Code 08772. The recording will expire on Might 22, 2025.

Reader Advisories

CURRENCY

All quantities on this information launch are said in Canadian {dollars} until in any other case specified.

FORWARD-LOOKING INFORMATION

This information launch incorporates forward-looking data and statements (collectively, “forward-looking data“) inside the which means of relevant securities legal guidelines. Using any of the phrases “forecast”, “anticipate”, “anticipate”, “proceed”, “estimate”, “goal”, “ongoing”, “on monitor”, “could”, “will”, “venture”, “ought to”, “imagine”, “plans”, “intends” and comparable expressions are supposed to determine forward-looking data. Extra significantly and with out limitation, this information launch incorporates forward-looking data regarding Tourmaline’s plans and different elements of its anticipated future operations, administration focus, aims, methods, monetary, working and manufacturing outcomes and enterprise alternatives, together with the next: the long run declaration and fee of base and particular dividends and the timing and quantity thereof which assumes, amongst different issues, the supply of free money circulation to fund such dividends; anticipated money circulation and free money circulation ranges; anticipated liquids and pure gasoline manufacturing and manufacturing development for varied durations together with estimated manufacturing ranges; anticipated full-year 2025 EP capital finances; anticipated pure gasoline costs and demand development outlooks; the timing for the discharge of up to date steering and an up to date EP plan; the completion of the acquisitions described on this information launch together with the timing and phrases thereof and the anticipated advantages to be derived therefrom together with the anticipated variety of shares to be issued in reference to such acquisitions; in addition to Tourmaline’s future drilling prospects and plans, enterprise technique, future improvement and development alternatives, prospects and asset base.  The forward-looking data relies on sure key expectations and assumptions made by Tourmaline, together with expectations and assumptions in regards to the following: prevailing and future commodity costs and forex trade charges; the diploma to which Tourmaline’s operations and manufacturing could also be disrupted or by circumstances attributable to produce chain disruptions; relevant royalty charges and tax legal guidelines; rates of interest; inflation charges; future effectively manufacturing charges and reserve volumes; working prices, receipt of regulatory approvals and the timing thereof (together with with respect to the acquisitions described on this information launch); the efficiency of current and future wells; the success obtained in drilling new wells; anticipated timing and outcomes of capital expenditures; the sufficiency of budgeted capital expenditures in finishing up deliberate actions; the timing, location and extent of future drilling operations; the advantages to be derived from acquisitions (together with the acquisitions described on this information launch); the state of the financial system and the exploration and manufacturing enterprise; the supply and value of financing, labour and companies; skill to keep up funding grade credit standing; and talent to market crude oil, pure gasoline and pure gasoline liquids efficiently. With out limitation of the foregoing, future dividend funds, if any, and the extent thereof is unsure, because the Firm’s dividend coverage and the funds obtainable for the fee of dividends on occasion depends upon, amongst different issues, free money circulation, monetary necessities for the Firm’s operations and the execution of its development technique, fluctuations in working capital and the timing and quantity of capital expenditures, debt service necessities and different elements past the Firm’s management. Additional, the power of Tourmaline to pay dividends is topic to relevant legal guidelines (together with the satisfaction of the solvency check contained in relevant company laws) and contractual restrictions contained within the devices governing its indebtedness, together with its credit score facility.

Statements referring to “reserves” are additionally deemed to be ahead wanting data, as they contain the implied evaluation, based mostly on sure estimates and assumptions, that the reserves described exist within the portions predicted or estimated and that the reserves might be profitably produced sooner or later.

Though Tourmaline believes that the expectations and assumptions on which such forward-looking data relies are cheap, undue reliance shouldn’t be positioned on the forward-looking data as a result of Tourmaline may give no assurances that it’s going to show to be right. Since forward-looking data addresses future occasions and situations, by its very nature it entails inherent dangers and uncertainties. Precise outcomes might differ materially from these at the moment anticipated because of quite a few elements and dangers. These embody, however should not restricted to: the dangers related to the oil and gasoline trade basically akin to operational dangers in improvement, exploration and manufacturing; delays or modifications in plans with respect to exploration or improvement initiatives or capital expenditures; provide chain disruptions; the uncertainty of estimates and projections referring to reserves, manufacturing, revenues, prices and bills; well being, security and environmental dangers; commodity value and trade price fluctuations; rate of interest fluctuations; modifications in charges of inflation; advertising and marketing and transportation; lack of markets; environmental dangers; competitors; incorrect evaluation of the worth of acquisitions; failure to finish or notice the anticipated advantages of acquisitions or tendencies; inventory market volatility; skill to entry ample capital from inside and exterior sources; uncertainties related to counterparty credit score danger; failure to acquire required regulatory and different approvals together with drilling permits and the influence of not receiving such approvals on the Firm’s long-term planning; local weather change dangers; extreme climate (together with wildfires and drought); dangers of wars or different hostilities or geopolitical occasions, civil rebel and pandemics; dangers referring to Indigenous land claims and responsibility to seek the advice of; knowledge breaches and cyber assaults; dangers referring to the usage of synthetic intelligence; modifications in laws, together with however not restricted to tax legal guidelines, royalties and environmental laws (together with greenhouse gasoline emission discount necessities and different decarbonization or social insurance policies) and together with uncertainty with respect to the interpretation of omnibus Invoice C-59 and the associated amendments to the Competitors Act (Canada)); commerce coverage, boundaries, disputes or wars (together with new tariffs or modifications to current worldwide commerce preparations); basic financial and enterprise situations and markets. Readers are cautioned that the foregoing listing of things is just not exhaustive.

Further data on these and different elements that might have an effect on Tourmaline, or its operations or monetary outcomes, are included within the Firm’s most lately filed  Administration’s Dialogue and Evaluation (See “Ahead-Wanting Statements” therein), Annual Info Kind (See “Danger Elements” and “Ahead-Wanting Statements” therein) and different stories on file with relevant securities regulatory authorities which can be accessed by way of the SEDAR+ web site (www.sedarplus.ca) or Tourmaline’s web site (www.tourmaline.com).

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

RESERVES DATA

The reserves knowledge set forth on this new launch relies upon inside estimates. There are quite a few uncertainties inherent in estimating portions of crude oil, pure gasoline and NGL reserves and the long run money flows attributed to such reserves. The reserve and related money circulation data set forth above are estimates solely. On the whole, estimates of economically recoverable crude oil, pure gasoline and NGL reserves and the long run internet money flows therefrom are based mostly upon quite a few variable elements and assumptions, akin to historic manufacturing from the properties, manufacturing charges, final reserve restoration, timing and quantity of capital expenditures, marketability of oil and pure gasoline, royalty charges, the assumed results of regulation by governmental companies and future working prices, all of which can range materially. For these causes, estimates of the economically recoverable crude oil, NGL and pure gasoline reserves attributable to any explicit group of properties, classification of such reserves based mostly on danger of restoration and estimates of future internet revenues related to reserves ready by totally different engineers, or by the identical engineers at totally different instances, could range. The Firm’s precise manufacturing, revenues, taxes and improvement and working expenditures with respect to its reserves will range from estimates thereof and such variations may very well be materials.

BOE EQUIVALENCY

On this information launch, manufacturing and reserves data could also be introduced on a “barrel of oil equal” or “BOE” foundation. BOEs could also be deceptive, significantly if utilized in isolation. A BOE conversion ratio of 6 Mcf:1 bbl relies on an vitality equivalency conversion methodology primarily relevant on the burner tip and doesn’t signify a worth equivalency on the wellhead. As well as, as the worth ratio between pure gasoline and crude oil based mostly on the present costs of pure gasoline and crude oil is considerably totally different from the vitality equivalency of 6:1, using a conversion on a 6:1 foundation could also be deceptive as a sign of worth.

FINANCIAL OUTLOOKS

Additionally included on this information launch are estimates of Tourmaline’s 2025 money circulation and free money circulation, that are based mostly on, amongst different issues, the assorted assumptions as to manufacturing ranges, capital expenditures and different assumptions disclosed on this information launch and together with Tourmaline’s estimated 2025 common manufacturing of 635,000 – 665,000 boepd, 2025 commodity value assumptions for pure gasoline ($3.78/mmbtu NYMEX US,  $2.58/mcf AECO, $12.60/mcf JKM US), crude oil ($62.72/bbl WTI US) and an trade price assumption (CAD/USD) of $0.71. These estimates are included to supply readers with an understanding of Tourmaline’s anticipated money circulation and free money circulation based mostly on the capital expenditure, manufacturing, pricing, trade price and different assumptions described herein and readers are cautioned that the data might not be acceptable for different functions.

NON-GAAP AND OTHER FINANCIAL MEASURES

This information launch incorporates the phrases “money circulation”, “capital expenditures”, “EP spending”, “free money circulation”, and “working netback”, that are thought of “non-GAAP monetary measures” and the phrases “money circulation per diluted share”, “free money circulation per diluted share”, “working netback per boe”, and “money circulation per-boe”, that are thought of “non-GAAP monetary ratios”. These phrases would not have a standardized which means prescribed by GAAP. As well as, this information launch incorporates the phrases “adjusted working capital” and “internet debt”, that are thought of “capital administration measures” and would not have standardized meanings prescribed by GAAP. Accordingly, the Firm’s use of those phrases might not be corresponding to equally outlined measures introduced by different corporations. Buyers are cautioned that these measures shouldn’t be construed as an alternative choice to or extra significant than essentially the most immediately comparable GAAP measures in evaluating the Firm’s efficiency. See “Non-GAAP and Different Monetary Measures” in the latest Administration’s Dialogue and Evaluation for extra data on the definition and outline of those phrases.

Non-GAAP Monetary Measures

Money Movement

Administration makes use of the time period “money circulation” for its personal efficiency measure and to supply shareholders and potential buyers with a measurement of the Firm’s effectivity and its skill to generate the money (internet of present earnings taxes) essential to fund its future development expenditures, to repay debt or to pay dividends. Probably the most immediately comparable GAAP measure for money circulation is money circulation from working actions. A abstract of the reconciliation of money circulation from working actions to money circulation, is about forth beneath:

Capital Expenditures

Administration makes use of the time period “capital expenditures” as a measure of capital funding in exploration and manufacturing exercise, in addition to property acquisitions and tendencies, and such spending is in comparison with the Firm’s annual budgeted capital expenditures. Probably the most immediately comparable GAAP measure for capital expenditures is money circulation utilized in investing actions. A abstract of the reconciliation of money circulation utilized in investing actions to capital expenditures, is about forth beneath:

EP Spending

Administration makes use of the time period “EP spending” or exploration and manufacturing expenditures as a measure of capital funding in exploration and manufacturing exercise, and such spending is in comparison with the Firm’s annual budgeted exploration and manufacturing expenditures. Probably the most immediately comparable GAAP measure for EP spending is money circulation utilized in investing actions. A abstract of the reconciliation of money circulation utilized in investing actions to EP spending is about forth beneath:

Free Money Movement

Administration makes use of the time period “free money circulation” for its personal efficiency measure and to supply shareholders and potential buyers with a measurement of the Firm’s effectivity and its skill to generate the money essential to fund its future development expenditures, to repay debt and supply shareholder returns.  Free money circulation is outlined as money circulation much less capital expenditures, excluding acquisitions and tendencies.  Free money circulation is previous to dividend fee. Probably the most immediately comparable GAAP measure for money circulation is money circulation from working actions. See “Non-GAAP Monetary Measures – Money Movement” and ” Non-GAAP Monetary Measures – Capital Expenditures” above.

Working Netback

Administration makes use of the time period “working netback” as a key efficiency indicator and one that’s generally introduced by different oil and pure gasoline producers.  Working netback is outlined because the sum of commodity gross sales from manufacturing, premium on danger administration actions and realized (loss) on monetary devices much less the sum of royalties, transportation prices and working bills.  A abstract of the reconciliation of working netback from commodity gross sales from manufacturing, which is a GAAP measure, is about forth beneath:

Non-GAAP Monetary Ratios

Working Netback per-boe

Administration calculates “working netback per-boe” as working netback divided by complete manufacturing for the interval.  Working netback per-boe is a key efficiency indicator and measure of operational effectivity and one that’s generally introduced by different oil and pure gasoline producers.  A abstract of the calculation of working netback per boe, is about forth beneath:

Capital Administration Measures

Adjusted Working Capital

Administration makes use of the time period “adjusted working capital” for its personal efficiency measures and to supply shareholders and potential buyers with a measurement of the Firm’s liquidity. A abstract of the reconciliation of working capital (deficit) to adjusted working capital (deficit), is about forth beneath:

Web Debt

Administration makes use of the time period “internet debt”, as a key measure for evaluating its capital construction and to supply shareholders and potential buyers with a measurement of the Firm’s complete indebtedness.  A abstract of the composition of internet debt, is about forth beneath:

Supplementary Monetary Measures

The next measures are supplementary monetary measures: money circulation per diluted share, working bills ($/boe), money basic and administrative bills ($/boe) and transportation prices ($/boe). These measures are calculated by dividing the numerator by a diluted share rely or by complete manufacturing for the interval, relying on the monetary measure mentioned.

ESTIMATED DRILLING INVENTORY

This information launch discloses drilling areas in respect of the 2 acquisitions. Drilling areas are categorized as follows: (i) proved undeveloped areas; (ii) possible undeveloped areas; (iii) unbooked areas; and (iv) an combination complete of (i), (ii) and (iii). Of the 464 (internet) areas disclosed on this press launch, 119.1 are proved undeveloped areas, 0.0 (internet) are proved non-producing areas, 83.7 (internet) are possible undeveloped areas, and 261.8 (internet) are unbooked. Proved producing wells, proved undeveloped areas, proved non-producing areas, possible undeveloped areas and possible non-producing areas are based mostly on inside estimates and account for drilling areas which have related proved and/or possible reserves, as relevant, and anticipated to be booked within the Firm’s 2025 reserve report. Unbooked areas are inside estimates based mostly on the Firm’s potential acreage and an assumption as to the variety of wells that may be drilled per part based mostly on trade observe and inside evaluate. Unbooked areas would not have attributed reserves or assets (together with contingent and potential). Unbooked areas have been recognized by administration as an estimation of the Firm’s multi-year drilling actions based mostly on analysis of relevant geologic, seismic, engineering, manufacturing and reserves data. There is no such thing as a certainty that the Firm will drill all unbooked drilling areas and if drilled there is no such thing as a certainty that such areas will end in further oil and gasoline reserves, assets or manufacturing. The drilling areas on which the Firm will truly drill wells, together with the quantity and timing thereof is finally dependent upon the supply of funding, regulatory approvals, seasonal restrictions, oil and pure gasoline costs, prices, precise drilling outcomes, further reservoir data that’s obtained and different elements. Whereas a sure variety of the unbooked drilling areas have been derisked by drilling current wells in relative shut proximity to such unbooked drilling areas, the vast majority of different unbooked drilling areas are farther away from current wells the place administration has much less details about the traits of the reservoir and subsequently there may be extra uncertainty whether or not wells might be drilled in such areas and if drilled there may be extra uncertainty that such wells will end in further oil and gasoline reserves, assets or manufacturing.

OIL AND GAS METRICS

This information launch incorporates sure oil and gasoline metrics which would not have standardized meanings or commonplace strategies of calculation and subsequently such measures might not be corresponding to comparable measures utilized by different corporations and shouldn’t be used to make comparisons. Such metrics have been included on this doc to supply readers with further measures to guage the Firm’s efficiency; nonetheless, such measures should not dependable indicators of the Firm’s future efficiency and future efficiency could not examine to the Firm’s efficiency in earlier durations and subsequently such metrics shouldn’t be unduly relied upon.

SUPPLEMENTAL INFORMATION REGARDING PRODUCT TYPES

This information launch contains references to Q1 2025 common every day manufacturing, Q2 2025 forecast common every day manufacturing and 2025 forecast common every day manufacturing. The next desk is meant to supply supplemental details about the product kind composition for every of the manufacturing figures which might be supplied on this information launch:

CREDIT RATINGS

Credit score rankings are supposed to supply buyers with an impartial measure of credit score high quality of a problem of securities. Credit score rankings should not suggestions to buy, maintain or promote securities and don’t handle the market value or suitability of a particular safety for a selected investor. There is no such thing as a assurance that any ranking will stay in impact for any given time period or that any ranking won’t be revised or withdrawn solely by a ranking company sooner or later if, in its judgment, circumstances so warrant.

INITIAL PRODUCTION RATES

Any references on this information launch to preliminary manufacturing charges are helpful in confirming the presence of hydrocarbons; nonetheless, such charges should not determinative of the charges at which such wells will proceed manufacturing and decline thereafter and should not essentially indicative of long-term efficiency or final restoration. Whereas encouraging, readers are cautioned to not place reliance on such charges in calculating the mixture manufacturing for the corporate. Such charges are based mostly on subject estimates and could also be based mostly on restricted knowledge obtainable right now.

GENERAL

See additionally “Ahead-Wanting Statements”, and “Non-GAAP and Different Monetary Measures” in essentially the most lately filed Administration’s Dialogue and Evaluation. 

CERTAIN DEFINITIONS:

MANAGEMENT’S DISCUSSION AND ANALYSIS AND CONSOLIDATED FINANCIAL STATEMENTS

To view Tourmaline’s Administration’s Dialogue and Evaluation and Consolidated Monetary Statements for the durations ended March 31, 2025 and 2024, please confer with SEDAR+ (www.sedarplus.ca) or Tourmaline’s web site at www.tourmaline.com.

ABOUT TOURMALINE OIL CORP.

Tourmaline is Canada’s largest and most lively pure gasoline producer devoted to producing the lowest-development-cost pure gasoline in North America.  We’re an funding grade exploration and manufacturing firm offering sturdy and predictable working and monetary efficiency by way of the event of our three core areas within the Western Canadian Sedimentary Basin.  With our current giant reserve base, decades-long drilling stock, relentless concentrate on execution, value administration, security and environmental efficiency enchancment, we’re excited to supply shareholders a wonderful return on capital and a horny supply of earnings by way of our base dividend and surplus free money circulation distribution methods.

SOURCE Tourmaline Oil Corp.