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Tourmaline Provides Discovery & Expansion of Montney Complex

Source: www.gulfoilandgas.com 5/27/2015, Location: North America

Tourmaline Oil Corp. is pleased to provide results from the initial discovery and ongoing delineation of the liquid rich Lower Montney Turbidite lobe in the Dawson - Doe area of NEBC.

The initial discovery was made during the fourth quarter of 2013, and over the past 16 months the Company has now tested the horizon with ten, widely-spaced, horizontal delineation wells. The initial discovery well, at D05-5-80-15-W6, had a 30 day IP rate of 1,426 boepd and is currently producing 577 boepd (2.4 mmcfpd gas, 173 bbls/day condensate) after 421 days of production. The well has produced 366 mstboe (1.5 bcf of gas, 116.3 mstb of condensate) of the 661 mstboe of proved plus probable reserves currently assigned by GLJ (Dec.31, 2014). The average wellhead condensate yield to date is 77 bbls/mm, the current yield is 72 bbls/mm.The average 30 day IP rate of the 4 initial wells with over 1 month of production is 1,252 boepd (5.3 mmcfpd, 372 bpd condensate) including one well where only 50% of the stages in the horizontal were completed.

The average wellhead condensate yield over the 30 producing days for these 4 wells was 70.5 bbls/mm. Tourmaline has also acquired considerable 3D seismic to assist in imaging the deep and relatively subtle Montney Turbidite horizon. The seismic and drilling results were utilized to guide the play consolidation and acquisition strategy. The Company estimates that it now controls a total of 234 undrilled Lower Turbidite horizontal locations on existing Tourmaline lands. Depending upon the ultimate pace of development, the Company estimates that the Lower Turbidite development project could add an incremental 75 100 mmcfpd of gas production and 7,500 10,000 bpd of condensate production to the existing NEBC Company production levels estimated in the current 5 year development outlook. The Lower Turbidite development will complement the ongoing Upper and Middle Montney development where the Company has drilled its highest delive rability wells to date in both horizons in 2015.

Tourmaline expects to expend a total of $110 million on the Lower Turbidite play in 2015 including both EP drilling and acquisitions. A large proportion of the 2015 funds for this project were made availab le by the deferral of the originally planned 2015 Sundown development, which was deferred into 2016. Tourmaline has reduced NEBC Montney horizontal drilling and completion costs to approximately $3.7 million per well in 2015, hence the NEBC Lower Montney Turbidite play has very attractive economics.

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