Tourmaline Announces Closing of Bonavista Acquisition

Press Release

NOVEMBER 17, 2023

Calgary, Alberta – Tourmaline Oil Corp. (TSX:TOU) (“Tourmaline” or the “Company”) is pleased to announce the completion of its previously announced acquisition of Bonavista Energy Corporation for $1.45 billion, consisting of $725 million in Tourmaline common shares and $725 million of cash, less Bonavista’s net debt(1). The Company expects exit 2023 production of over 600,000 boepd, including the acquired Bonavista volumes.

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FOR FURTHER INFORMATION, PLEASE CONTACT:

Tourmaline Oil Corp.

Michael Rose

Chairman, President and Chief Executive Officer

(403) 266-5992

Tourmaline Oil Corp.

Brian Robinson

Vice President, Finance and Chief Financial Officer

(403) 767-3587; brian.robinson@tourmalineoil.com