Tourmaline renews 19.34-million-share buyback

Executive Summary

• Tourmaline Oil Corp. received TSX approval to renew its normal course issuer bid, permitting the repurchase of up to 19,342,343 common shares (≈5 % of outstanding shares).
• The new NCIB runs for 12 months from Aug. 8 2025 to Aug. 7 2026, with daily and weekly purchase limits designed to manage market impact.
• Shares repurchased under the program will be cancelled, supporting per‑share metrics and long‑term shareholder returns.

Key Details

• Authorized Repurchase Amount: Up to 19,342,343 common shares (≈5 % of issued & outstanding shares as of July 31 2025).
• Program Duration: 12 months – commencing Aug. 8 2025 and expiring Aug. 7 2026.
• Daily Purchase Limit: 563,429 shares per day (25 % of the average daily trading volume of 2,253,717 shares for the six‑month period ended July 31 2025).
• Weekly Block Purchase: One block purchase permitted per calendar week, which may exceed the daily limit.
• Cancellation Policy: All shares purchased under the NCIB will be cancelled immediately upon acquisition.
• Previous NCIB Activity: Under the prior bid, Tourmaline was authorized to buy up to 17,621,578 shares but did not purchase any.
• Strategic Rationale: Management believes the current share price may undervalue the company; repurchases are intended to enhance per‑share metrics and total long‑term shareholder returns, complementing its disciplined free‑cash‑flow capital allocation strategy.

Notable Quotes

“Tourmaline believes that, at times, the prevailing share price does not reflect the underlying value of the common shares, and the repurchase of its common shares for cancellation represents an attractive opportunity to enhance Tourmaline's per‑share metrics and thereby increase the underlying value of its common shares to its shareholders.” – Tourmaline Management

Safe Harbor Statement omitted as per instruction.