Free cash flow is prior to dividend payments. Tourmaline acquired a 75% working interest in a 13 section block of acreage (including 3D seismic) adjacent to the Company’s Gundy complex for $49 million in Q4 2019. }, See “Non-GAAP Financial Measures” in this news release and in the Company’s Q1 2019 Management’s Discussion and Analysis. TC Energy makes $2 billion offer to take over U.S. pipeline... Chetwynd, Dawson Creek, Fort Nelson, Fort St John, Tumbler Ridge, Have the Alaska Highway News delivered to your inbox every day! Alberta Deep Basin and Peace River High complexes will progress to maintenance capital mode with no incremental facility investments in the … The use of any of the words “forecast”, “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “on track”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information. "d": "NYMEX Natural Gas" "belowLineFillColorFalling": "rgba(255, 74, 104, 0.05)", }, "belowLineFillColorGrowing": "rgba(60, 188, 152, 0.05)", ABOUT TOURMALINE OIL CORP. { TC Energy makes $2 billion offer to take over U.S. pipeline partnership. }, { “Cash flow” is defined as cash provided by operations before changes in non-cash operating working capital. The lands offset the Company’s highest deliverability, most liquid-rich lands at South Gundy. "title": "Commodities", Such rates are based on field estimates and may be based on limited data available at this time. { }, The Chinook NEBC assets include approximately 3,500 boepd of production, 35.6 mmboe of 2P reserves, 54,000 acres of Montney lands, a gas plant, a compressor station, and a 190 mmcfpd regional 12-inch pipeline. "locale": "en", ] "s": "TVC:USOIL+NYMEX:ICL1! “Net debt” is defined as bank debt plus working capital (adjusted for the fair value of financial instruments and lease liabilities). Business owners get FREE listings on GuidedBy.ca. Tourmaline will host a conference call tomorrow, May 9, 2019 starting at 9:00 a.m. MT (11:00 a.m. Tourmaline plans to commence drilling on the Gundy Creek property in the first quarter of 2017. Gundy Tourmaline Overview The Scale, Resource, and Infrastructure Required to Profitably Grow in the WCSB and Provide Returns to Shareholders Tourmaline Overview • Largest natural gas producer in Canada(2) • 5th largest Canadian gas processing midstream operator • 2.6 Billion Boe 2P Reserves, 12.3 Tcf Gas and 552.8 MMbbls He added that Gundy has superior economics compared to Tourmaline’s other operating areas, with operating costs less than $3.00/boe. Tourmaline Oil has given the green light to expand a brand new natural gas processing plant in Northeast B.C. Reserves have been evaluated by independent reserve evaluators as at December 31, 2018 as follows: Polar Star 2P reserves of 80.7 mmboe by Sproule and Chinook 2P reserves of 35.6 mmboe by McDaniel for a combined 2P reserves total of 116.3 mmboe. The 2020 EP capital program remains at $925 million, yielding production volumes of 315,000-320,000 boepd. "s": "OANDA:NATGASUSD", Construction of the C-60-A Gundy deep-cut gas plant is complete, and the Company has received the necessary approvals from the B.C. { "plotLineColorFalling": "#FF4A68", { Tourmaline Oil has given the green light to expand a brand new natural gas processing plant in northeast B.C. }, Help us to improve EnergyNow, Give us your feedback, Post Pandemic Oil and Gas: Four Scenarios – Geoffrey Cann, Canada Energy Regulator responds to crude oil release at Enbridge’s Express Line Pump Station, near Youngstown, Alberta, Bonterra Energy Corp. All of the directors and executive officers of Chinook and a significant shareholder of Chinook have entered into support agreements with Tourmaline and have agreed to vote an aggregate of approximately 37% of the outstanding Chinook common shares in favor of the transaction, subject to the provisions of such support agreements. 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Also included in this news release is an estimate of the annual cash flow to be generated by the Chinook/Polar Star assets, which is based on, among other things, the various assumptions as to production levels, capital expenditures and other assumptions disclosed in this news release and including commodity price assumptions for natural gas (NYMEX (US) – $2.14/mcf), and crude oil (WTI (US) – $53.18/bbl) and an exchange rate assumption of $0.76 (US/CAD). Cash general and The two corporate transactions add approximately 6,000 boepd of current production, 2P reserves of 116.3 mmboe(1), and 160,000 acres of Montney lands for a combined cash purchase price of $33.4 million. Tourmaline continues to reduce completed and stimulated well costs. 2021 Canada Gas & LNG Exhibition & Conference Call For Abstracts Now Open! The Company is planning to bring a new nine-well pad on production in Q3 2020 from the acquired lands, with an estimated initial production rate of 15,000 boepd (gross) (65 mmcfpd, 5,000 bpd liquids). ET). "d": "TSX Energy" The Gundy plant expansion is expected to come online in late 2021. "plotLineColorGrowing": "rgba(61, 133, 198, 1)", Read the full story at the Daily Oil Bulletin. ACQUISITION PROGRAM FUNDING. { Accordingly, readers should not place undue reliance on the forward-looking information contained in this news release concerning these times. 2021 Canada Gas & LNG Exhibition & Conference Call For Abstracts Now Open! Minimal development of the assets is expected in the next two years while Tourmaline assembles a regional facility plan as a key aspect of the future development of these assets, including a Gundy scale deep-cut facility (200 mmcfpd, 15,000 bpd condensate and NGLs). "s": "TVC:USOIL+NYMEX:WCW1! Tourmaline is a Canadian senior oil and natural gas company focused on long-term growth through an aggressive exploration, development, production }, Other Selected Commodities “Tourmaline remains bullish on the outlook for Canadian natural gas pricing, believing the fourth quarter 2021 commissioning will better align with an improved gas quote, thus justifying the increase in associated natural gas production at Gundy,” Fitzmartyn wrote in a research note. and acquisition program in the Western Canadian Sedimentary Basin. On Thursday, Tourmaline said it has approved a project to effectively double capacity at the Gundy plant, from 200 mmcf/d to 400 mmcf/d, noted GMP FirstEnergy analyst Robert Fitzmartyn. administrative expenses ($/boe)(2), FINANCIAL Although Tourmaline believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Tourmaline can give no assurances that it will prove to be correct. The transaction is expected to close, subject to regulatory, court and shareholder approval, in late April 2020. AST Toll Free (Transfer Agent) “Free cash flow” is defined as cash flow less total net capital expenditures. ] ET). See “Non-GAAP Financial Measures” in this news release. "s": "INDEX:JX", "symbols": [ } ($000, except share and per share), Total revenue from commodity sales This portfolio of transactions is accretive to debt-adjusted cash flow per share in 2020 and 2021 and provides accretive free cash flow yield commencing in 2021. "s": "FX_IDC:CADUSD", { 1-800-937-5449 or 718-921-8124, © Copyright 2018 Tourmaline. GUNDY B.C.

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