TOURMALINE ANNOUNCES CLOSING OF BONAVISTA ACQUISITION

CALGARY, AB, Nov. 17, 2023 /CNW/ - Tourmaline Oil Corp. (TSX: TOU) ("Tourmaline" or the "Company") is pleased to announce the completion of its previously announced acquisition of Bonavista Energy Corporation for $1.45 billion, consisting of $725 million in Tourmaline common shares and $725 million of cash, less Bonavista's net debt⁽¹⁾. The Company expects exit 2023 production of over 600,000 boepd, including the acquired Bonavista volumes.

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Currency

All amounts in this news release are stated in Canadian dollars unless otherwise specified.

Forward-Looking Information

This news release contains forward-looking information and statements (collectively, "forward-looking information") within the meaning of applicable securities laws. The use of the word "expects", and similar expressions is intended to identify forward-looking information. More particularly this news release contains forward-looking information concerning the Company's expected 2023 exit production. This estimate is based on certain key expectations and assumptions made by Tourmaline and is subject to a number of inherent risks and uncertainties, including those outlined in the Company's most recently filed  Management's Discussion and Analysis (See "Forward-Looking Statements" therein), Annual Information Form (See "Risk Factors" and "Forward-Looking Statements" therein) and other reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca) or Tourmaline's website (www.tourmalineoil.com). Undue reliance should not be placed on the forward-looking information because Tourmaline can give no assurances that it will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated.  The forward-looking information contained in this news release is made as of the date hereof and Tourmaline undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless expressly required by applicable securities laws.

BOE Equivalency

In this news release, production and reserves information may be presented on a "barrel of oil equivalent" or "BOE" basis. BOEs may be misleading, particularly if used in isolation.  A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.  In addition, as the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

(1)	For the purposes of the Bonavista acquisition "net debt", which is a non-GAAP financial measure, is defined as all indebtedness (including bank debt) plus working capital (excluding commodity hedging) and including all transaction and related costs.

About Tourmaline Oil Corp.

Tourmaline is Canada's largest and most active natural gas producer dedicated to producing the lowest-emission and lowest-cost natural gas in North America. We are an investment grade exploration and production company providing strong and predictable operating and financial performance through the development of our three core areas in the Western Canadian Sedimentary Basin. With our existing large reserve base, decades-long drilling inventory, relentless focus on execution and cost management, and industry-leading environmental performance, we are excited to provide shareholders an excellent return on capital, and an attractive source of income through our base dividend and surplus free cash flow distribution strategies.

SOURCE Tourmaline Oil Corp.

Tourmaline Oil Corp., Michael Rose, Chairman, President and Chief Executive Officer, [phone]; OR Tourmaline Oil Corp., Brian Robinson, Vice President, Finance and Chief Financial Officer, [phone]; [email protected]; OR Tourmaline Oil Corp., Scott Kirker, Chief Legal Officer, [phone]; [email protected]; OR Tourmaline Oil Corp., Jamie Heard, Manager, Capital Markets, [phone]; [email protected]; OR Tourmaline Oil Corp., Suite 2900, 250 - 6th Avenue S.W., Calgary, Alberta T2P 3H7, Phone: [phone]; Facsimile: [phone], E-mail: [email protected], Website: www.tourmalineoil.com