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NEWS RELEASE TOURMALINE COIL CORP . MAY 5 , 2021 TOURMALINE DELIVERS RECORD PRODUCTION , CASH FLOW AND FREE CASH FLOW IN Q1 2021 Calgary , Alberta - Tourmaline Oil Corp. ( TSX : TOU ) ( " Tourmaline " or the " Company " ) is pleased to release financial and operating results for the first quarter of 2021 . HIGHLIGHTS • • • • First quarter cash flow ( 1 ) was a record $ 629.3 million ( $ 2.11 / fully diluted share ) . Tourmaline generated record free cash flow ( 2 ) of $ 233.5 million in the first quarter of 2021 , which was utilized to fund the dividend increase announced in the March 10 , 2021 year - end press release and to reduce net debt ( 3 ) by $ 153.1 million in the quarter . First quarter 2021 average production of 411,579 boepd , ahead of the upper range of the full - year guidance of 390,000-410,000 boepd . First quarter liquids production ( crude oil , condensate and NGLs ) averaged a record 91,971 bpd , also ahead of guidance . PRODUCTION UPDATE • • • • First quarter 2021 production averaged 411,579 boepd , ahead of the upper range of full - year guidance of 390,000 410,000 boepd . Driven by stronger than anticipated well performance , March production averaged 417,841 boepd . There were no storage withdrawal volumes in the March production totals . First quarter average liquid production was 91,971 bpd ( crude oil , condensate and NGLs ) , ahead of original full - year 2021 guidance of 87,000 bpd . Given stronger production performance in all three operated complexes , second quarter 2021 production of 400,000 - 405,000 boepd is anticipated , an increase from previous expectations of approximately 395,000 ( 1 ) ( 2 ) ( 3 ) " 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 Q1 2021 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 and non - core dispositions . Free cash flow is prior to dividend payments . See " Non - GAAP Financial Measures " in this news release and the Company's Q1 2021 Management's Discussion and Analysis . " Net debt " is defined as bank debt plus working capital ( adjusted for the fair value of short - term financial instruments , short - term lease liabilities , short - term decommissioning obligations and unrealized foreign exchange in working capital ( deficit ) ) . See “ Non - GAAP Financial Measures " in this news release and in the Company's Q1 2021 Management's Discussion and Analysis . 1