CALGARY,
AB, June 7, 2023 /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$0.26 per share. The dividend will be payable on
June 30, 2023 to shareholders of
record at the close of business on June 15, 2023. This
quarterly cash dividend is designated as an "eligible dividend" for
Canadian income tax purposes.
ELECTION OF DIRECTORS
Tourmaline also announces that the following ten individuals
proposed by management were elected as directors of Tourmaline at
its annual meeting of shareholders held on June 7, 2023 (the "Meeting"):
Nominee
|
Votes For
|
% For
|
Votes Withheld
|
% Withheld
|
Michael L.
Rose
|
235,795,551
|
98.02
|
4,767,007
|
1.98
|
Brian G.
Robinson
|
218,488,014
|
90.82
|
22,074,544
|
9.18
|
Jill T.
Angevine
|
235,372,314
|
97.84
|
5,190,244
|
2.16
|
William D.
Armstrong
|
237,491,811
|
98.72
|
3,070,747
|
1.28
|
Lee A.
Baker
|
237,891,309
|
98.89
|
2,671,249
|
1.11
|
John W.
Elick
|
238,792,301
|
99.26
|
1,770,257
|
0.74
|
Andrew B.
MacDonald
|
212,059,466
|
88.15
|
28,503,092
|
11.85
|
Lucy M.
Miller
|
236,367,471
|
98.26
|
4,195,087
|
1.74
|
Janet L.
Weiss
|
239,804,744
|
99.68
|
757,814
|
0.32
|
Ronald C.
Wigham
|
234,783,180
|
97.60
|
5,779,378
|
2.40
|
All other matters presented for approval at the Meeting, including
the appointment of auditors and approval of unallocated options
under the Company's share option plan were approved by Tourmaline's
shareholders. A report of voting results will be available on SEDAR
at www.sedar.com.
FOREST FIRE UPDATE
Tourmaline experienced evacuations
and production disruptions during the month of May in both
Alberta and NEBC. The
Company is pleased to report that there were no injuries to staff
related to the fires, no damage to producing infrastructure and
that production has resumed at all but one of the affected
facilities. The Laprise Creek plant in NEBC, with net
production of approximately 11,000 boepd, is currently in an
evacuation zone and remains shut in. The Company is expecting
to re-establish access during the next week. Tourmaline
estimates that the overall net impact to Q2 2023 production from
the wildfire events is in the 1.5-2.0% range.
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 future payment
of dividends and the timing and amount thereof which assumes the
availability of free cash flow to fund such dividends and the
estimated net impact to Q2 2023 production of the fire related
production disruptions. 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;
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 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 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 Canada's largest
and most active natural gas producer dedicated to producing the
lowest-emission and lowest-cost natural gas in North America. We are an investment grade
exploration and production company providing strong and predictable
operating and financial performance through the development of our
three core areas in the Western Canadian Sedimentary Basin. With
our existing large reserve base, decades-long drilling inventory,
relentless focus on execution and cost management, and
industry-leading environmental performance, we are excited to
provide shareholders an excellent return on capital, and an
attractive source of income through our base dividend and surplus
free cash flow distribution strategies.
SOURCE Tourmaline Oil Corp.