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NEWS RELEASE ● Calgary , Alberta - Tourmaline Oil Corp. ( TSX : TOU ) ( “ Tourmaline " or the " Company " ) is pleased to release financial and operating results for the third quarter of 2021 . TOURMALINE OIL CORP . HIGHLIGHTS Record quarterly cash flow ( 1 ) of $ 761.3 million and free cash flow ( 2 ) of $ 369.5 million in the third quarter . Current production is ranging between 485,000 - 490,000 boepd ; the Company expects to achieve 500,000 boepd by early December , a month earlier than previously anticipated . ● NOVEMBER 3 , 2021 ( 1 ) TOURMALINE DELIVERS RECORD FREE CASH FLOW IN THIRD QUARTER 2021 ( 2 ) The Company now expects exit 2021 net debt ( ³ ) of approximately $ 815 million ( at current strip pricing ( 4 ) ) , after giving effect to the special dividend of $ 0.75 / share ( $ 247.2 million ) paid on October 7 , 2021. Long term , the Company intends to keep net debt in the $ 1.0 - $ 1.2 billion range . PRODUCTION UPDATE Current production is ranging between 485,000 - 490,000 boepd ; the Company expects to achieve the exit production target of 500,000 boepd by early December - ahead of schedule . The Gundy and Aitken facility expansions will be completed and on production in December 2021 , approximately one month earlier than expected . The Company's original methane emission reduction target of 25 % below 2018 levels by 2023 has already been achieved three years ahead of schedule . Q3 2021 average production was 456,489 boepd . Force majeure events impacting Pembina's Redwater fractionation facilities and Pembina's Northern NGL pipeline system reduced Q3 average volumes by a total of 2,825 boepd . Pembina's Redwater fractionation facilities and Northern NGL pipeline system have both resumed operations . Because the Pembina Northern NGL pipeline system continued to be offline for the first " 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 Q3 2021 Management's Discussion and Analysis . " Free cash flow " or " FCF " 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 Q3 2021 Management's Discussion and Analysis . ( 3 ) " Net debt " is defined as bank debt and senior unsecured notes plus working capital deficit ( adjusted for the fair value of 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 Q3 2021 Management's Discussion and Analysis . ( 4 ) Based on oil and gas commodity strip pricing at October 15 , 2021 . 1