CALGARY,
AB, May 10, 2023 /CNW/ - Tourmaline Oil
Corp. (TSX:TOU) ("Tourmaline" or the "Company") is providing an
operations update in the wildfire-affected areas of Alberta.
Seven of Tourmaline's nine facilities, previously shut-in due to
the wildfires, have resumed operations and are operating at
previous production rates. The remaining two facilities, West
Wolf and Columbia, are undamaged and ready to resume operations;
both are awaiting final start-up clearance from the Ministry of
Forestry. Net production shut-in from these two facilities is
approximately 16,000 boepd. The Company expects the start-up
of these two facilities to commence in the next several days.
Again, Tourmaline would like to thank all those involved in
managing the wildfire situation.
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.
Forward-Looking Information
This news release may contain forward-looking information and
statements (collectively, "forward-looking information") within the
meaning of applicable securities laws that involve risks,
uncertainties and assumptions, including with respect to the
anticipated approvals and timing for the start-up of certain
facilities, the potential damage to the Company's facilities and
other impacts on operations and production from the Alberta wildfires. The forward-looking
information made herein speak only as of the date of this news
release and, unless otherwise required by law, Tourmaline does not
undertake any obligation to publicly update such forward-looking
information to reflect subsequent events or circumstances.
Additional information on factors that could affect Tourmaline, or
its operations or financial results, are included in Tourmaline'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.sedar.com) or
Tourmaline's website (www.tourmalineoil.com).
BOE Equivalency
In this news release, "boepd" means barrel of oil equivalent per
day and production information is presented on a "barrel of oil
equivalent" or "BOE" basis. BOEs may be misleading, particularly if
used in isolation. A BOE conversion ratio of 6 Mcf:1 bbl is
based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value
equivalency at the wellhead. In addition, as the value ratio
between natural gas and crude oil based on the current prices of
natural gas and crude oil is significantly different from the
energy equivalency of 6:1, utilizing a conversion on a 6:1 basis
may be misleading as an indication of value.
SOURCE Tourmaline Oil Corp.
