Mr. Michael Rose reports

TOURMALINE DECLARES QUARTERLY DIVIDEND AND PROVIDES MANAGEMENT UPDATE

Tourmaline Oil Corp.'s board of directors has declared a quarterly cash dividend on its common shares of 28 cents per common share. The dividend will be payable on Dec. 29, 2023, to shareholders of record at the close of business on Dec. 15, 2023. This quarterly cash dividend is designated as an eligible dividend for Canadian income tax purposes.

Management update

As part of Tourmaline's planned leadership succession process, Earl McKinnon has been appointed chief operating officer of the company. Mr. McKinnon has served as the vice-president, operations, of Tourmaline since 2015, and has been instrumental in the company's development of improved drilling and completions techniques, cost-reduction initiatives, enhanced well design, and relentless focus on execution of all of Tourmaline's operations. Al Bush, who joined Tourmaline in 2009 and served as chief operating officer from 2013 to 2023, has been a key contributor to Tourmaline's profitable growth and success to date. He will continue as a member of Tourmaline's senior management team as vice-president, corporate affairs, and will ensure an orderly transition of the COO responsibilities.

In addition, Sarah Tait, currently controller at Tourmaline, has been appointed vice-president, finance; Jamie Heard, currently manager, capital markets, has been appointed vice-president, capital markets; and Katie Beck, currently associate general counsel and corporate secretary, has been appointed general counsel and corporate secretary of the company. With the exception of the foregoing promotions, Tourmaline's senior management team remains unchanged.

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. It 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.