CALGARY,
AB, Sept. 3, 2024 /CNW/ - Tourmaline Oil Corp.
(TSXL 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$0.35 per common share. The dividend will be
payable on September 27, 2024 to
shareholders of record at the close of business on September 13, 2024. This quarterly cash dividend
is designated as an "eligible dividend" for Canadian income tax
purposes.
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. 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 and interest rates;
applicable royalty rates and tax laws; future well production rates
and reserve volumes; operating costs, the timing of receipt of
regulatory approvals; the performance of existing and future 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
successful completion of acquisitions and dispositions and the
benefits to be derived therefrom; the state of the economy and the
exploration and production business; 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 is 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; supply chain
disruptions; 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; changes in rates of
inflation; 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; stock market volatility;
ability to access sufficient capital from internal and external
sources; uncertainties associated with counterparty credit risk;
failure to obtain required regulatory and other approvals including
drilling permits and the impact of not receiving such approvals on
the Company's long-term planning; climate change risks; severe
weather (including wildfires and drought); risks of wars or other
hostilities or geopolitical events, civil insurrection and
pandemics; risks relating to Indigenous land claims and duty to
consult; data breaches and cyber attacks; risks relating to the use
of artificial intelligence; changes in legislation, including but
not limited to tax laws, royalties and environmental regulations
(including greenhouse gas emission reduction requirements and other
decarbonization or social policies and including uncertainty with
respect to the interpretation of omnibus Bill C-59 and the related
amendments to the Competition Act (Canada)) and general economic and business
conditions and markets. 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.sedarplus.ca) 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-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.
Website: www.tourmalineoil.com
SOURCE Tourmaline Oil Corp.
