CALGARY,
AB, Dec. 1, 2023 /CNW/ - Tourmaline Oil Corp.
(TSX: TOU) ("Tourmaline" or the "Company") is
pleased to announce that its Board of Directors has declared a
quarterly cash dividend on its common shares of C$0.28 per common share. The dividend will be
payable on December 29, 2023 to
shareholders of record at the close of business on December 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,
Mr. 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. Mr. 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, Ms. Sarah Tait,
currently Controller at Tourmaline, has been appointed Vice
President, Finance, Mr. Jamie Heard,
currently Manager, Capital Markets, has been appointed Vice
President, Capital Markets, and Ms. 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.
Reader Advisories
Currency
All amounts in this news release are stated in Canadian dollars
unless otherwise specified.
Forward-Looking Information
This news release contains forward-looking information and
statements (collectively, "forward-looking information")
within the meaning of applicable securities laws. 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.
More particularly and without limitation, this news release
contains forward-looking information concerning the future payment
of dividends and the timing and amount thereof which assumes the
availability of free cash flow to fund such dividends. The
forward-looking information is based on certain key expectations
and assumptions made by Tourmaline, including expectations and
assumptions concerning the following: prevailing and future
commodity prices and currency exchange rates; applicable royalty
rates and tax laws; interest rates; future well production rates
and reserve volumes; operating costs, the timing of receipt of
regulatory approvals; the performance of existing wells; the
success obtained in drilling new wells; anticipated timing and
results of capital expenditures; the sufficiency of budgeted
capital expenditures in carrying out planned activities; the
timing, location and extent of future drilling operations; the
benefits to be derived from acquisitions; the state of the economy
and the exploration and production business; the availability and
cost of financing, labour, services and materials; ability to
maintain its investment grade credit rating; and ability to market
crude oil, natural gas and natural gas liquids successfully.
Without limitation of the foregoing, future dividend payments, if
any, and the level thereof is uncertain, as the Company's dividend
policy and the funds available for the payment of dividends from
time to time is dependent upon, among other things, free cash flow,
financial requirements for the Company's operations and the
execution of its growth strategy, fluctuations in working capital
and the timing and amount of capital expenditures, debt service
requirements and other factors beyond the Company's
control. Further, the ability of Tourmaline to pay dividends
will be subject to applicable laws (including the satisfaction of
the solvency test contained in applicable corporate legislation)
and contractual restrictions contained in the instruments governing
its indebtedness, including its credit facility.
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. Since forward-looking
information addresses future events and conditions, by its very
nature it involves inherent risks and uncertainties. Actual results
could differ materially from those currently anticipated due to a
number of factors and risks. These include, but are not limited to:
the risks associated with the oil and gas industry in general such
as operational risks in development, exploration and production;
delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of
estimates and projections relating to reserves, production,
revenues, costs and expenses; health, safety and environmental
risks; commodity price and exchange rate fluctuations; interest
rate fluctuations; marketing and transportation; loss of markets;
environmental risks; competition; incorrect assessment of the value
of acquisitions; failure to complete or realize the anticipated
benefits of acquisitions or dispositions; ability to access
sufficient capital from internal and external sources;
uncertainties associated with counterparty credit risk; failure to
obtain required regulatory and other approvals; climate change
risks; severe weather (including forest fires); inflation; supply
chain risks; the impact of wars or other hostilities (including the
war in Ukraine) and pandemics
(including COVID-19); and changes in legislation, including but not
limited to tax laws, royalties and environmental regulations.
Readers are cautioned that the foregoing list of factors is not
exhaustive.
Additional information on these and other factors that could
affect Tourmaline, or its operations or financial results, are
included in the Company's most recently filed Management's
Discussion and Analysis (See "Forward-Looking Statements" therein),
Annual Information Form (See "Risk Factors" and "Forward-Looking
Statements" therein) and other reports on file with applicable
securities regulatory authorities and may be accessed through the
SEDAR+ website (www.sedarplus.ca) or Tourmaline's website
(www.tourmalineoil.com).
The forward-looking information contained in this news release
is made as of the date hereof and Tourmaline undertakes no
obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, unless expressly required by applicable securities
laws.
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. We are an investment grade
exploration and production company providing strong and predictable
operating and financial performance through the development of our
three core areas in the Western Canadian Sedimentary Basin. With
our existing large reserve base, decades-long drilling inventory,
relentless focus on execution and cost management, and
industry-leading environmental performance, we are excited to
provide shareholders an excellent return on capital, and an
attractive source of income through our base dividend and surplus
free cash flow distribution strategies.
SOURCE Tourmaline Oil Corp.
