Tourmaline Oil Corp. is pleased to provide updated production, cash flow and exploration and production capital spending guidance for 2016 and 2017.

2016/2017 PRODUCTION AND CAPITAL GUIDANCE

The Company's guidance for production growth, EP capital spending and cash flow for 2016/2017 is based on two commodity price scenarios which are set out in the table below.

If natural gas prices are in the $3.00-3.50/mcf (AECO) range in 2016, Tourmaline expects production to average 200,000 boepd with annual EP capital spending of $1.1 billion. Annual cash flow of $1,145 million is forecast in this Base Case scenario yielding essentially a cash flow budget.

If natural gas prices are in excess of $3.50/mcf (AECO) in 2016, an EP capital program of $1.35 billion is planned with resulting average production of 220,000 boepd. Annual cash flow in this Upside Case is estimated at $1,453 million, yielding free cash flow of $103 million.

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