Tourmaline Oil to issue $250-million in senior notes

Mr. Michael Rose reports TOURMALINE ANNOUNCES ISSUANCE OF SENIOR UNSECURED NOTES Tourmaline Oil Corp. has agreed to issue $250-million aggregate principal amount of senior unsecured notes due March 16, 2031. The notes will be issued at par for aggregate gross proceeds of $250-million and will bear interest at a fixed rate of 3.934 per cent per annum, payable semi-annually on March 16 and Sept. 16 of each year, commencing on Sept. 16, 2026. Tourmaline continues its strategy of diversifying its sources of low-cost capital and continuing its progression as one of the largest, most efficient producers of oil and gas in North America. The notes have been assigned a provisional rating of BBB (high), with a stable trend, by DBRS Ltd. (Morningstar DBRS). The notes will be direct, unsecured obligations of Tourmaline and will rank equally with all other present and future unsecured and unsubordinated indebtedness of the company. The notes are being offered in Canada on a private-placement basis in reliance upon exemptions from the prospectus requirements under applicable securities legislation. The notes, offered on a best-efforts basis through a syndicate of agents co-led by Scotiabank, CIBC Capital Markets and National Bank Capital Markets, are expected to be issued on or about March 16, 2026, subject to customary closing conditions. The net proceeds of the offering will be used to repay existing indebtedness and for general corporate purposes. The company has set a long-term net debt target of $1.75-billion (approximately 0.5 times net debt to cash flow). 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. Tourmaline is an investment-grade exploration and production company providing strong and predictable operating and financial performance through the development of its two 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, Tourmaline is excited to provide shareholders an excellent return on capital and an attractive source of income through the company's base dividend and surplus free cash flow distribution strategies. We seek Safe Harbor.