CALGARY,
AB, Dec. 1, 2022 /CNW/ - Tourmaline Oil Corp.
(TSX: TOU) ("Tourmaline" or the "Company") is pleased
to announce that its Board of Directors has declared a quarterly
cash dividend on its common shares of C$0.25 per common share. The dividend will be
payable on December 30, 2022 to
shareholders of record at the close of business on December 15, 2022. This quarterly cash dividend
is designated as an "eligible dividend" for Canadian income tax
purposes.
Reader Advisories
CURRENCY
All amounts in this news release are stated in Canadian dollars
unless otherwise specified.
FORWARD-LOOKING
INFORMATION
This news release contains forward-looking information and
statements (collectively, "forward-looking information")
within the meaning of applicable securities laws. The use of any of
the words "forecast", "expect", "anticipate", "continue",
"estimate", "objective", "ongoing", "on track", "may", "will",
"project", "should", "believe", "plans", "intends" and similar
expressions are intended to identify forward-looking information.
More particularly and without limitation, this news release
contains forward-looking information concerning the Company's
outlook for free cash flow generation and the future declaration
and payment of dividends and the timing and amount thereof which
assumes the availability of free cash flow to fund such dividends.
The forward-looking information is based on certain key
expectations and assumptions made by Tourmaline, including
expectations and assumptions concerning the following: prevailing
and future commodity prices and currency exchange rates; the degree
to which Tourmaline's operations and production will be disrupted
by circumstances attributable to the COVID-19 pandemic and the
responses of governments and the public to the pandemic; 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
benefits to be derived from acquisitions; the state of the economy
and the exploration and production business including the impacts
of the COVID-19 pandemic and the responses of governments and the
public to the pandemic thereon; the availability and cost of
financing, labour and services; ability to maintain its investment
grade credit rating; and ability to market crude oil, natural gas
and natural gas liquids successfully. Without limitation of the
foregoing, future dividend payments, if any, and the level thereof
is uncertain, as the Company's dividend policy and the funds
available for the payment of dividends from time to time is
dependent upon, among other things, free cash flow, financial
requirements for the Company's operations and the execution of its
growth strategy, fluctuations in working capital and the timing and
amount of capital expenditures, debt service requirements and other
factors beyond the Company's control. Further, the ability of
Tourmaline to pay dividends will be subject to applicable laws
(including the satisfaction of the solvency test contained in
applicable corporate legislation) and contractual restrictions
contained in the instruments governing its indebtedness, including
its credit facility.
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 it 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 uncertain
impacts of COVID-19 on Tourmaline's business, and the societal,
economic and governmental response to COVID-19; the uncertainty of
estimates and projections relating to reserves, production,
revenues, 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;
uncertainties associated with counterparty credit risk; failure to
obtain required regulatory and other approvals; climate change
risks; inflation; supply chain risks; the impact of wars (including
the war in Ukraine), hostilities,
civil insurrections, pandemics, epidemics or outbreaks of an
infectious disease in Canada or
worldwide; 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 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 and may be accessed through the
SEDAR website (www.sedar.com) or Tourmaline's website
(www.tourmalineoil.com).
The forward-looking information contained in this news 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.
ABOUT TOURMALINE OIL
CORP.
Tourmaline is an investment grade Canadian senior crude oil and
natural gas exploration and production company focused on providing
strong and predictable long-term growth and a steady return to
shareholders through an aggressive exploration, development,
production and acquisition program in the Western Canadian
Sedimentary Basin by building its extensive asset base in its three
core exploration and production areas and exploiting and developing
these areas to increase reserves, production and cash flows at an
attractive return on invested capital.
SOURCE Tourmaline Oil Corp.