Page 1

NEWS RELEASE TOURMALINE COIL CORP . MARCH 10 , 2021 TOURMALINE DELIVERS EARNINGS OF $ 618.3 MILLION IN 2020 , ADDS 826 MMBOE OF 2P RESERVES AND INCREASES DIVIDEND FOR Q1 2021 Calgary , Alberta - Tourmaline Oil Corp. ( TSX : TOU ) ( “ Tourmaline " or the " Company " ) is pleased to release financial and operating results for the full year and fourth quarter of 2020 as well as 2020 reserves . HIGHLIGHTS • Achieved record production in Q4 2020 , exiting 2020 producing in excess of 400,000 boepd . • Achieved a record 2P reserve addition of 826.0 mmboe in 2020 with finding , development and acquisition ( " FD & A " ) costs of $ 3.80 / boe , including changes in future development capital ( " FDC " ) . • • • • Fourth quarter 2020 cash flow ( 1 ) was $ 396.9 million ( $ 1.44 per diluted share ) and full - year 2020 cash flow was $ 1,185.7 billion ( $ 4.36 per diluted share ) . Fourth quarter 2020 free cash flow ( 2 ) was $ 144.8 million . In 2021 , at current strip pricing ( 3 ) , the Company expects to generate cash flow of $ 2.2 billion and free cash flow of $ 1.1 billion on EP capital spending of $ 1.075 billion . Increased the dividend in 2020 despite a difficult year for Industry - the fourth increase since inception of the dividend in 2018. Given stronger than anticipated cash flow in future years , the Company is increasing its dividend by 14 % from $ 0.14 per share per quarter to $ 0.16 per share per quarter , commencing in the first quarter of 2021 . Completed four accretive corporate acquisitions in 2020 that are estimated to have increased the five - year plan free cash flow generation by over 20 % or approximately $ 200 million per annum starting in 2022 . Delivered full - year 2020 earnings of $ 618.3 million , underscoring the inherent profitability of the Company's business model . • Tourmaline received an ' A ' rating in the MSCI Global ESG Performance Ranking for its sustainability and environmental initiatives . ( 1 ) ( 2 ) " Cash flow " is defined as cash provided by operations before changes in non - cash operating working capital . See " Non - GAAP Financial Measures " in this news release and in the Company's 2020 Management's Discussion and Analysis . " Free cash flow " is defined as cash flow less total net capital expenditures . Total net capital expenditures is defined as total capital spending before acquisitions , net of non - core dispositions . Free cash flow is prior to dividend payments . See " Non - GAAP Financial Measures " in this news release and the Company's 2020 Management's Discussion and Analysis . ( 3 ) Based on oil and gas commodity strip pricing at March 1 , 2021 . 1