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Tourmaline Oil Corp. Q1-2021 Earnings, Price Target Update

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Tourmaline Oil Corp (TOU) is the 2nd largest Canadian natural gas producer in Canada next to Canadian Natural Resources Ltd.(CNQ-TSX). Production is 78% natural gas with the balance being oil and natural gas liquids from a total reserve base of 3.7B boe at Mar-31-2021. This is an increase from 2.6M boe as of Dec-31-2019 due to acquisitions and capital programs. Production and reserves are located in deeper basins of western Alberta and the Montney area in northwestern Alberta. Carbon reduction initiatives include conversion of all diesel powered equipment to natural gas. Tourmaline commenced paying dividends in Q2-2018 at $0.32 per share annually and have been increased 5 times to $0.64 per share effective Q2-2021. As of the Nov-22-2020 update Tourmaline Energy was priced at $17.86 providing a 2.6% dividend yield based on a $0.48 per share dividend. Another dividend increase of $0.01 per share will commence in Q3-2021.

Acquisitions

The 33% production increase for Q1-2021 to 411,579 from 308,349 boe per day was a result the capital development program and property acquisitions completed in 2020. Acquisitions completed in 2020 including Polar Star Canadian Oil and Gas Inc., Chinook Energy Inc., Modern Resources Inc. and Jupiter Resources Inc. account for 76% of the increase in production compared to Q1-2020. Growth in condensate and NGL production also reflects the continued development of the Gundy area. Production is expected to continue to increase in the area with construction beginning on Gundy Phase 2 which is expected to be commissioned in early 2022.

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