Tourmaline renews 19.34-million-share buyback

Mr. Michael Rose reports TOURMALINE ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID The Toronto Stock Exchange has approved the renewal of Tourmaline Oil Corp.'s normal course issuer bid. The NCIB allows Tourmaline to purchase up to 19,342,343 common shares (representing 5 per cent of its issued and outstanding common shares as of July 31, 2025) over a period of 12 months commencing on Aug. 8, 2025. The NCIB will expire on Aug. 7, 2026. Under the NCIB, common shares may be repurchased in open market transactions on the TSX and other alternative trading platforms in Canada and in accordance with the rules of the TSX governing NCIBs. The total number of common shares Tourmaline is permitted to purchase is subject to a daily purchase limit of 563,429 common shares, representing 25 per cent of the average daily trading volume of 2,253,717 common shares on the TSX calculated for the six-month period ended July 31, 2025; however, Tourmaline may make one block purchase per calendar week, which exceeds the daily repurchase restrictions. Any common shares that are purchased under the NCIB will be cancelled upon their purchase by Tourmaline. Under its most recent normal course issuer bid, Tourmaline obtained approval to purchase up to 17,621,578 of its common shares, of which Tourmaline purchased no common shares. 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 will use the NCIB as another tool to enhance total long-term shareholder returns, and it will be used in conjunction with management's disciplined free cash flow capital allocation strategy. About Tourmaline Oil Corp. Tourmaline is Canada's largest and most active natural gas producer dedicated to producing the lowest-development-cost natural gas in North America. It is an investment-grade exploration and production company providing strong and predictable operating and financial performance through the development of its three core areas in the Western Canadian sedimentary basin. With its existing large reserve base, decades-long drilling inventory, and relentless focus on execution, cost management, safety and environmental performance improvement, it is excited to provide shareholders an excellent return on capital and an attractive source of income through its base dividend and surplus free cash flow distribution strategies. We seek Safe Harbor.