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Tourmaline Oil Corp. Q2-2021 Earnings, Price Target Update

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Tourmaline Oil Corp (TOU) has grown to be the largest Canadian natural gas producer in Canada, moving ahead of Canadian Natural Resources Ltd.(CNQ-TSX) with the acquisition of Black Swan Energy in early Jul-2021. Production is 78% natural gas with the balance being oil and natural gas liquids from a total reserve base estimated at 4B boe at Dec-31-2021. This is an increase from 2.9M 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 6 times to $0.68 per share effective Q3-2021. 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.

Acquisitions

Jul-2021 – acquired Black Swan Resources for $1.1B adding 491M boe of reserves. Tourmaline acquires existing reserves of 491.9M boe (2P), 1,600 horizontal internally estimated drilling locations (237 booked as 2P reserves), and 230,000 net acres of rights. All the acquired reserves are in their Aitken core development area. Payment was with 26M Tourmaline shares and assumption of $350M in debt. This will increase production to 500M boe per day by mid-2022.

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