Tourmaline Oil Corp. Updates Exit Volumes, Reaffirms 2013

Tourmaline Oil Corp. Updates Exit Volumes, Reaffirms 2013 Guidance
and Announces Disposition 
CALGARY, ALBERTA -- (Marketwire) -- 12/19/12 -- Tourmaline Oil Corp.
(TSX:TOU) ("Tourmaline" or the "Company") is pleased to report
continued success in the Company's ongoing 2012 EP program which has
generated strong production growth throughout the operated property
portfolio. Tourmaline now expects to exit 2012 at 70,000 boepd, an
increase from previous exit guidance of 63,000-65,000 boepd.  
The Company currently expects to average 75,000 boepd in 2013,
representing approximately 50% growth over 2012 expected average
production of between 50,000 and 51,000 boepd. In addition,
Tourmaline has approximately 15,000 boepd of tested production
awaiting tie-in. The Company is currently operating 10 drilling rigs
and will continue to operate between 9 and 10 rigs during the first
quarter of 2013. Tourmaline will revisit 2013 average annual
production guidance during the second quarter of 2013 after assessing
new results from the winter program, as well as the impact of ongoing
major facility projects at Sunrise-Dawson, BC and Spirit River, AB
that are expected to be completed in the second quarter. 
Full year 2013 EP capital spending guidance remains at $650.0 million
and the debt to cash flow ratio will be maintained at less than 1.0
times. The Company has entered into an agreement to dispose of its
non-producing Elmworth property, along with its partner, Perpetual
Energy Inc., for gross proceeds of $155.0 million or $77.5 million
net subject to closing adjustments and transaction costs. The
transaction is expected to close on or prior to March 1, 2013. The
proceeds from the transaction are incremental to the current 2013
capital and financial plan, and provide the Company with additional
financial flexibility. 
Forward-Looking Information 
This press release contains forward-looking information within the
meaning of applicable securities laws. The use of any of the words
"expect", "anticipate", "continue", "estimate", "objective",
"ongoing", "may", "will", "project", "should", "believe", "plans",
"intends" and similar expressions are intended to identify
forward-looking information. More particularly and without
limitation, this press release contains forward-looking inform
concerning Tourmaline's anticipated petroleum and natural gas
production, cash flows, debt to cash flow ratios, drilling rigs to be
operated, capital spending, disposition initiatives and the use of
proceeds therefrom, the timing for facility expansions, as well as
Tourmaline's future drilling prospects and plans, business strategy,
future development and growth opportunities, prospects and asset
base. The forward-looking information is based on certain key
expectations and assumptions made by Tourmaline, including
expectations and assumptions concerning: prevailing commodity prices
and exchange rates; applicable royalty rates and tax laws; future
well production rates and reserve volumes; the timing of receipt of
regulatory approvals; the performance of existing wells; the success
obtained in drilling new wells; the sufficiency of budgeted capital
expenditures in carrying out planned activities; the successful
completion of acquisition and dispositions; and the availability and
cost of labour and services. 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 they 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, costs and expenses; health, safety and environmental
risks; commodity price and exchange 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; failure to obtain required regulatory and other
approvals; 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 Tourmaline's most recent Management's Discussion and
Analysis (See "Forward-Looking Statements" therein) and other reports
on file with applicable securities regulatory authorities and may be
accessed through the SEDAR website ( or Tourmaline's
website ( 
The forward-looking information contained in this press 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. 
Additional Reader Advisories 
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. 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. 
"Cash flow" as used in this press release is a financial measure
commonly used in the oil and gas industry, which does not have any
standardized meaning prescribed by International Financial Reporting
Standards ("IFRS"). Management believes that in addition to net
income, cash flow is a useful supplemental measure as it is a measure
of a company's ability to generate the cash necessary to repay debt
or fund future growth through capital investment. However, investors
are cautioned that this measure should not be construed as an
alternative to net income determined in accordance with IFRS as an
indication of Tourmaline performance. The method of calculating this
measure may differ from other companies and, accordingly, it may not
be comparable to similar measures used by other companies. For these
purposes, "cash flow" is defined as cash provided by operations
before changes in non-cash working capital. 
Certain Definitions: 

bbls                          barrels                                       
boe                           barrel of oil equivalent                      
boepd                         barrel of oil equivalent per day              
bopd                          barrel of oil, condensate or liquids per day  
gjsd                          gigajoules per day                            
mmboe                         millions of barrels of oil equivalent         
mbbls                         thousand barrels                              
mmcf                          million cubic feet                            
mmcfpd                        million cubic feet per day                    
mmcfpde                       million cubic feet per day equivalent         
mcfe                          thousand cubic feet equivalent                
mmbtu                         million British thermal units                 

About Tourmaline Oil Corp. 
Tourmaline is a Canadian intermediate crude oil and natural gas
exploration and production company focused on long-term growth
through an aggressive exploration, development, production and
acquisition program in the Western Canadian Sedimentary Basin.
Tourmaline Oil Corp.
Michael Rose
Chairman, President and Chief Executive Officer
(403) 266-5992 
Tourmaline Oil Corp.
Brian Robinson
Vice President, Finance and Chief Financial Officer
(403) 767-3587 
Tourmaline Oil Corp.
Scott Kirker
Secretary and General Counsel
(403) 767-3593 
Tourmaline Oil Corp.
Suite 3700, 250 - 6th Avenue S.W.
Calgary, Alberta T2P 3H7
(403) 266-5992
(403) 266-5952 (FAX)
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