Tourmaline Oil Corp. is increasing 2013 average production guidance to 80,000 boepd from the original target of 75,000 boepd. The production increase is a direct result of Tourmaline's continued success in the ongoing EP program in the Alberta Deep Basin, NEBC Montney and Spirit River, Alberta core areas. The 2013 capital program has been increased to $740 million from the original 2013 budget of $650 million.

The Company is currently operating 10-11 drilling rigs and the increased capital program will allow the Company to continue to employ 10-11 drilling rigs post spring break-up and for the balance of 2013.

In conjunction with the capital program increase, the Company has entered into a bought-deal financing with a syndicate of underwriters led by Peters & Co. Limited and including Scotia Capital Inc., FirstEnergy Capital Corp., CIBC World Markets Inc., National Bank Financial Inc., TD Securities Inc., Stifel Nicolaus Canada Inc., and RBC Capital Markets.

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