Tourmaline Increases Quarterly Dividend by 11%

Source: www.gulfoilandgas.com 1/17/2022, Location: North America

Tourmaline Oil Corp. is pleased to announce a quarterly dividend increase and special cash dividend and provide an operational update.

QUARTERLY DIVIDEND INCREASE AND SPECIAL DIVIDEND
Tourmaline is pleased to announce both a quarterly base dividend increase of 11% and the declaration of a special cash dividend of $1.25/share, given the continued strong financial performance and outlook for the Company. The quarterly dividend will be increased from $0.18/share to $0.20/share beginning in the first quarter of 2022. The special dividend, the second by the Company, is part of Tourmaline's comprehensive shareholder return plan and will be paid on February 1, 2022, to shareholders of record on January 25, 2022. This special cash dividend is designated as an "eligible dividend" for Canadian income tax purposes.

The Company anticipates paying further special dividends in 2022 as well as utilizing its normal course issuer bid during the course of the year. Net debt(1) is forecast below the long-term net debt target of $1.0-$1.2 billion.

EP OPERATIONS UPDATE
Tourmaline achieved the 2021 exit production target of 500,000 boepd and expects first quarter 2022 production to range between 500,000 and 510,000 boepd.

Current liquids production is 115,000 bpd, including 35,000 bpd of condensate.

Full-year 2022 production guidance remains at 500,000 boepd on unchanged EP capital spending of $1.125 billion.

Q4 2021 production averaged approximately 485,000 boepd, within the lower end of guidance. Production was impacted by approximately 6,000 boepd in December due to weather related outages and minor EP operational and start-up delays.

The Company plans to drill 85 wells (gross), complete 97 wells (gross) and bring on production 83 new wells (gross) during the first quarter of 2022. The Company accelerated the drilling of one NEBC pad and fracs on two additional pads into 2H December 2021 from Q1 2022, for operational continuity and to be in a position to take advantage of stronger winter natural gas prices.

Tourmaline is currently operating 13 drilling rigs and five frac spreads across the three operated EP complexes.

The two 2H 2021 BC major facility expansions were completed on budget. The 2022 EP capital budget contains minimal new facility expenditures resulting in anticipated record 2022 capital efficiencies of approximately $6,000/boepd.


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