Mr. Michael Rose reports

TOURMALINE DECLARES QUARTERLY DIVIDEND, ANNOUNCES ELECTION OF DIRECTORS AND UPDATES FOREST FIRE SITUATION

Tourmaline Oil Corp.'s board of directors has declared a quarterly cash dividend on its common shares of 26 cents per share. The dividend will be payable on June 30, 2023, to shareholders of record at the close of business on June 15, 2023. This quarterly cash dividend is designated as an eligible dividend for Canadian income tax purposes.

Election of directors

Tourmaline also announces that the 10 individuals proposed by management were elected as directors of Tourmaline at its annual meeting of shareholders held on June 7, 2023.

Nominee                  Votes for  % for  Votes withheld   % withheld

Michael L. Rose        235,795,551  98.02       4,767,007         1.98      
Brian G. Robinson      218,488,014  90.82      22,074,544         9.18      
Jill T. Angevine       235,372,314  97.84       5,190,244         2.16      
William D. Armstrong   237,491,811  98.72       3,070,747         1.28      
Lee A. Baker           237,891,309  98.89       2,671,249         1.11      
John W. Elick          238,792,301  99.26       1,770,257         0.74      
Andrew B. MacDonald    212,059,466  88.15      28,503,092        11.85     
Lucy M. Miller         236,367,471  98.26       4,195,087         1.74      
Janet L. Weiss         239,804,744  99.68         757,814         0.32      
Ronald C. Wigham       234,783,180  97.60       5,779,378         2.40      

All other matters presented for approval at the meeting, including the appointment of auditors and approval of unallocated options under the company's share option plan, were approved by Tourmaline's shareholders. A report of voting results will be available on SEDAR.

Forest fire update

Tourmaline experienced evacuations and production disruptions during the month of May in both Alberta and northeast British Columbia. The company is pleased to report that there were no injuries to staff related to the fires, no damage to producing infrastructure and that production has resumed at all but one of the affected facilities. The Laprise Creek plant in northeast B.C., with net production of approximately 11,000 barrels of oil equivalent per day, is currently in an evacuation zone and remains shut in. The company is expecting to re-establish access during the next week. Tourmaline estimates that the overall net impact to Q2 2023 production from the wildfire events is in the 1.5-per-cent-to-2.0-per-cent range.

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. Tourmaline is an investment-grade exploration and production company providing strong and predictable operating and financial performance through the development of its three core areas in the Western Canadian sedimentary basin. With its existing large reserve base, decades-long drilling inventory, relentless focus on execution and cost management, and industry-leading environmental performance, Tourmaline is excited to provide shareholders an excellent return on capital and an attractive source of income through its base dividend and surplus free cash flow distribution strategies.

We seek Safe Harbor.