TOURMALINE EXPANDS CAPITAL PROGRAM AND ENTERS INTO FINANCING

25/04/2011

Tourmaline Oil Corp. is pleased to announce that it has entered into a common share financing agreement on a bought deal basis. Tourmaline will use the proceeds of the financing to temporarily reduce indebtedness, which will then be available to be redrawn and applied to fund its accelereated and expanded 2011 capital expenditure program, which has been increased from $350 million to $450 million, and for general corporate purposes. The expanded program includes incremental opportunities in the liquids rich natural gas development program at Dawson/Sunrise in north east British Columbia; accelerated horizontal drilling in the Alberta Deep Basin exploiting specific liquids rich natural gas reservoirs; follow up locations to the recent high rate new pool vertical discoveries in the Alberta Deep Basin; and additional horizontal oil wells at Spirit Rivier, Alberta.

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