Tourmaline Increases 2013 Exit and 2014 Production Guidance, Updates EP Program, and Announces Asset Acquisitions in the Alberta

Tourmaline Increases 2013 Exit and 2014 Production Guidance, Updates EP 
Program, and Announces Asset Acquisitions in the Alberta Deep
CALGARY, ALBERTA -- (Marketwired) -- 09/09/13 -- Tourmaline Oil Corp.
(TSX:TOU) ("Tourmaline" or the "Company") is pleased to announce:  

--  The 100,000 boepd 2013 production exit volume is expected to be reached
    and exceeded during the fourth quarter. 
--  2014 production guidance increased to between 116,000 and 120,000 boepd.
--  The Company continues to successfully delineate and expand the major new
    light oil resource play in the Charlie Lake Formation on the Peace River
--  Significant strategic acquisitions thus far in 2013 to the Alberta Deep
    Basin asset base. 
--  Tourmaline is currently operating 15 drilling rigs and 8-9 frac spreads,
    ahead of forecast activity levels. 
--  The initial large pool Paleozoic Exploration well is currently drilling
    at Sunset BC. 
--  Strategy to grow a 50,000 bpd TOU liquids business by late 2016 well
    under way.

Production Update 
Tourmaline remains on track to achieve the upwards revised full year
production guidance of 80,000 boepd, representing 57% year over year
growth. The Company has tied in 8 wells during the past 3 weeks and
expects to tie in a further 11 wells in all three core operated areas
prior to the end of September. A further 55 tie-ins/production
start-ups during the fourth quarter, combined with the Deep Basin
plant expansions at Wild River and Minehead/Banshee will generate
2013 exit volumes in excess of 100,000 boepd. Current production
volumes are estimated to be 82,000 boepd with an additional 9,000
boepd expected to be on stream by the end of September. The expanded
2H 2013 drilling program and the Deep Basin acquisitions will lead to
an increase in 2014 average production guidance to between 116,000
and 120,000 boepd.  
Alberta Deep Basin Expansion 
During 2013 Tourmaline has significantly increased the overall asset
base in the Alberta Deep Basin. In aggregate, including a transaction
that will close at the end of September, the Company has added 148
sections of additional acreage to the existing Deep Basin land
position of over 1,800 sections. Thus far in 2013, five separate
asset purchases have been completed or are pending, as well as
acquisitions at multiple crown land sales. The asset base expansion
has targeted the Cretaceous Wilrich formation where the Company
continues to deliver very strong horizontal well results from the six
rigs currently pursuing Wilrich targets. A total of approximately 125
new horizontal locations have been added to the existing horizontal
inventory of over 3,600 locations, including key inventory additions
in the Kakwa, Smoky-Horse, Edson and the Lovett-Hanlan areas where
Wilrich results have consistently exceeded expectations. In total
these acquisitions will add approximately 4,000 boepd of existing
production which will contribute to overall corporate production
volumes in the fourth quarter. Total incremental capital spending for
the 2013 Deep Basin asset expansion program is $125.0 million through
to the end of September. 
The initial Wilrich horizontal in the Lovett-Basing frontal foothills
setting tested at a final gas rate of 25.5 mmcfpd @ 7.8 MPa from a
900m lateral section. Three to four similar Wilrich horizontals in
this area are planned prior to year end as the Company continues to
evaluate this subset of the overall Wilrich inventory. 
Tourmaline has the largest land position in the Alberta Deep Basin
and expects to eclipse the 0.5 bcf/day gas production level from this
core area alone early in 2015. 
Peace River High/Spirit River Oil Play Update 
Tourmaline is currently operating 4 drilling rigs pursuing the
regional Charlie Lake light oil play on the Peace River High, with
continued strong results. The Company plans to drill and complete
approximately 25 new Charlie Lake horizontals along the regional oil
pool trend during the last four months of the year.  
In the main Spirit River pool, current Charlie Lake production
capacity has reached 14,600 boepd well ahead of the 2H 2013 forecast
levels of 11,000 boepd. The third party plant that the Company is
currently utilizing to process the associated sour gas production
however has been unable to reliably handle the increased gas volumes
thus far, with current production averaging 6,500 boepd. Both
Tourmaline and the plant operator continue to pursue remedies to
bring on stream this behind pipe production. These plant issues will
reduce originally expected third and forecast fourth quarter 2013
overall corporate volumes by approximately 4,500 boepd. Production
additions elsewhere in the EP portfolio will more than offset the
fourth quarter shortfall from Spirit River. The Company is proceeding
with plans to build a new 60 mmcfpd capacity gas plant at Spirit
River with a Q2 2014 target start-up date, providing a significant
addition to sour gas processing capacity in the area. This new gas
plant, which will include enhanced natural gas liquid recovery, is
one component of a comprehensive, regional infrastructure plan that
will accommodate the growing, regional play oil and gas volumes.  
During 2013, the Company has acquired 485 sections of prospective
Charlie Lake rights along the defined oil fairway for total
consideration of $45.8 million. The Company expects oil production
from the regional Charlie Lake oil play to reach the 10,000 bpd level
in the second half of 2014, with similar continued oil production
growth in 2015. 
Liquids Business Growth 
In addition to growing into a Senior Canadian gas producer,
Tourmaline's overall liquid business is also expanding at a rapid
pace. Anchored by the regional Charlie Lake oil play, the Company's
oil, condensate and natural gas liquid production levels are now
projected to reach the 50,000 bpd level in approximately 3 years. The
Company has a number of projects underway in all three core operated
areas to maximize recovery of both condensate and associated natural
gas liquids. 

1.  Tourmaline will be the principal gas supplier to a planned third party
    2015 deep cut facility in the Deep Basin which will yield approximately
    10,000 bpd of liquid production net to the Company upon facility start-
2.  Condensate and natural gas liquids production from the new enhanced
    shallow cut facility at West Doe BC has been averaging between 1,700-
    2,000 bpd since plant start-up in July. Tourmaline plans two similar,
    company operated, enhanced shallow cut facilities in 2014, a second one
    in the BC Montney core area as well as one associated with the new gas
    plant at Spirit River Alberta. 
3.  With continued success in the Peace River High resource play, light oil
    production volumes are expected to reach 10,000 bpd in 2H 2014 and
    20,000 bpd by 2016. 
4.  Tourmaline has initiated preliminary assessments for 2015/2016 deep cut
    facilities at Spirit River and for the NEBC Montney complex. Timing,
    facility sizing and facility funding/ownership structure are under

Additional liquid production opportunities are being evaluated for
both 2015 and 2016, as the Company continues to evolve this overall
strategy to address all aspects of oil and liquid capture, storage,
transportation, fractionation and marketing.  
EP Program Update 
2013 EP Capital spending will be increased from $847.5 million to
$950.0 million to reflect the Deep Basin acquisitions and the
increased 2H 2013 drilling/completion program. Forecast exit 2013 net
debt(1) is now $534.9 million or approximately 0.92 times anticipated
2013 cash flow(1). The recent reduction in 2013 full year cash flow
estimates is primarily due to the widening in the NYMEX-AECO natural
gas price differential experienced in the third quarter of 2013. The
Company expects this issue will be significantly diminished during
the fourth quarter of 2013. Current forecast 2014 exit debt of $371.5
million to estimated 2014 cash flow of $1,013.5 million is
approximately 0.4 times. 2014 cash flow estimates have been increased
by $51.2 million as a result of an increase in 2014 full year average
production estimates by 6,000 boepd from 112,000 boepd to 118,000
(1) See "Non-GAAP Financial Measures" 
Forward-Looking Information 
This press release contains forward-looking information within the
meaning of applicable securities laws. The use of any of the words
"forecast", "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 information
concerning Tourmaline's plans and other aspects of its anticipated
future operations, management focus, objectives, strategies,
financial, operating and production results and business
opportunities, including anticipated petroleum and natural gas
production for various periods, cash flows, net debt levels, debt to
cash flow ratios, capital efficiency and capital spending, projected
operating and drilling costs, the timing for facility construction,
expansions and facility start-up dates, as well as Tourmaline's
anticipated new and existing drilling locations and future drilling
prospects and plans, completion of acquisitions, the timing thereof
and the benefits to be derived therefrom, 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; 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 successful
completion of acquisitions and dispositions; the availability and
cost of labour and services; the state of the economy and the
exploration and production business; the availability and cost of
financing, labor and services; and ability to market oil and natural
gas successfully.  
Statements relating to "reserves" are also deemed to be forward
looking statements, as they involve the implied assessment, based on
certain estimates and assumptions, that the reserves described exist
in the quantities predicted or estimated and that the reserves can be
profitably produced in the future. 
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; 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; 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.  
Also included in this press release are estimates of Tourmaline's
2013 and 2014 annual cash flow, and net debt at the end of 2013 and
2014, respectively, which are based on the various assumptions as to
production levels, including estimated 2013 average production of
80,000 boepd, estimated 2014 average production of between 116,000
and 120,000 boepd, capital expenditures, and other assumptions
disclosed in this press release and including commodity price
assumptions for natural gas (AECO - $3.43 /mcf 2013 and $ 3.86 /mcf
2014), and crude oil (WTI (US) - $95.00 /bbl 2013 and $95.00 /bbl
2014) and an exchange rate assumption of $0.99 (US/CAD) for 2013 and
$1.00 (US/CAD) for 2014. To the extent any such estimates constitute
a financial outlook, they were approved by management and the Board
of Directors of Tourmaline on September 5, 2013 and are included to
provide readers with an understanding of Tourmaline's anticipated
cash flow for and net debt as at the periods indicated based on the
capital expenditure and other assumptions described herein and
readers are cautioned that the information may not be appropriate for
other purposes.  
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 which 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 
Boe Conversions 
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. 
Production Tests 
Production tests are not necessarily indicative of long-term
performance or ultimate recovery. 
Non-GAAP Financial Measures 
This press release includes references to financial measures commonly
used in the oil and gas industry such as "cash flow", and "net debt",
which do not have any standardized meaning prescribed by
International Financial Reporting Standards ("GAAP"). Management
believes that in addition to net income and cash flow from operating
activities, the aforementioned non-GAAP financial measures are useful
supplemental measures in assessing Tourmaline's ability to generate
the cash necessary to repay debt or fund future growth through
capital investment. Readers are cautioned, however, that these
measures should not be construed as an alternative to net income or
cash flow from operating activities determined in accordance with
GAAP as an indication of Tourmaline's performance. Tourmaline's
method of calculating these measures may differ from other companies
and accordingly, they may not be comparable to measures used by other
companies. For these purposes, Tourmaline defines "cash flow" as cash
flow from operating activities before changes in non-cash operating
working capital and defines "net debt" as long-term bank debt plus
working capital (adjusted for the fair value of financial
Certain Definitions: 

bbls          barrels                                                     
bcf           billion cubic feet                                          
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                                          
mcf           thousand 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                               
mstboe        thousand stock tank barrels of oil equivalent               

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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