Calendar Template January February 3 3 Unconventional Knowledge About Calendar Template January February 3 That You Can’t Learn From Books

CALGARY, March 3, 2020 /CNW/ – Tourmaline Oil Corp. (TSX:TOU) (“Tourmaline” or the “Company”) is admiring to absolution banking and operating after-effects for the abounding year and fourth division of 2019 as able-bodied as 2019 affluence results. The Aggregation delivered able allotment to shareholders, anniversary advance and accustomed connected banking animation in this absolute arduous action cycle.



calendar template january february 2020
 Calendario agosto 2019 para imprimir | Download 2020 ..

Calendario agosto 2019 para imprimir | Download 2020 .. | calendar template january february 2020

calendar template january february 2020
 Free Printable 2020 Calendar - Monday Start - Paper Trail ..

Free Printable 2020 Calendar – Monday Start – Paper Trail .. | calendar template january february 2020

HIGHLIGHTS



2019 RESERVES

PRODUCTION UPDATE



FINANCIAL HIGHLIGHTS

MARKETING HIGHLIGHTS

2019/2020 CAPITAL PROGRAMS

EP HIGHLIGHTS

ENVIRONMENTAL IMPROVEMENT INITIATIVES

As categorical in the Company’s Sustainability Report, appear in February 2020, Tourmaline has fabricated aloft strides in abbreviation emissions and always convalescent all-embracing ecology performance. 

Major Ecology Achievement Achievements

Environmental Achievement Targets

The ecology achievement improvements accomplished appropriately far, and the countless of future-planned initiatives, crave cogent basic investment. The all-inclusive majority of these initiatives, however, ultimately abate Tourmaline’s basic and operating bulk structure. Shareholders accept a bifold win – a cleaner ambiance via Tourmaline’s net-cleanest hydrocarbon atom and added allotment via the Company’s bigger efficiencies.

Our able after-effects and acute focus on sustainability is why the apple needs Canadian accustomed gas now and in the future.

DIVIDEND

The Aggregation is admiring to advertise that its Board of Directors has declared a anniversary banknote allotment on its accepted shares of C$0.12 per accepted share. The allotment will be payable March 31, 2020 to shareholders of almanac at the abutting of business on March 16, 2020. This anniversary banknote allotment is appointed as an “eligible dividend” for Canadian assets tax purposes.

____________________________________

(1)

“Cash flow” is authentic as banknote provided by operations afore changes in non-cash operating alive capital. See “Non-GAAP Banking Measures” in this account absolution and in the Company’s 2019 Management’s Altercation and Analysis.

(2)

“Free banknote flow” is authentic as banknote breeze beneath absolute net basic expenditures. Absolute net basic expenditures is authentic as absolute basic spending afore acquisitions, net of non-core dispositions. Chargeless banknote breeze is above-mentioned to allotment payments. See “Non-GAAP Banking Measures” in this account absolution and the Company’s 2019 Management’s Altercation and Analysis.

(3)

Reserves accept been evaluated by absolute assets evaluators as at December 31, 2018 as follows: Polar Star 2P affluence of 80.7 mmboe by Sproule and Chinook 2P affluence of 35.6 mmboe by McDaniel for a accumulated 2P affluence absolute of 116.3 mmboe. Affluence are alive absorption gross affluence afore answer of royalties payable to others and afterwards including any adeptness interests.

(4)

See “Supplemental Advice Regarding Artefact Types” in this account release.

(5)

The recycle arrangement is affected by adding the banknote breeze per boe by the adapted F&D or FD&A costs accompanying to the assets additions for that year.

(6)

Based on oil and gas article band appraisement at December 11, 2019.

(7)

See “Non-GAAP Banking Measures in this new absolution and in the Company’s 2019 Management’s Altercation and Analysis.

CORPORATE SUMMARY – DECEMBER 31, 2019

Three Months Concluded December 31,

Twelve Months Concluded December 31,

2019

2018

Change

2019

2018

Change

OPERATIONS

Production

Natural gas (mcf/d)

1,439,746

1,347,778

7%

1,413,160

1,305,025

8%

Crude oil, condensate and NGL

(bbl/d)

59,886

51,938

15%

55,338

47,540

16%

Oil agnate (boe/d)

299,844

276,568

8%

290,865

265,044

10%

Product prices(1)

Natural gas ($/mcf)

$

2.77

$

3.13

(12)%

$

2.59

$

2.73

(5)%

Crude oil, condensate and NGL

($/bbl)

$

38.59

$

43.40

(11)%

$

39.29

$

46.47

(15)%

Operating costs ($/boe)

$

3.06

$

3.35

(9)%

$

3.28

$

3.33

(2)%

Transportation costs ($/boe)

$

4.13

$

3.63

14%

$

3.86

$

3.52

10%

Operating netback(3)($/boe)

$

13.00

$

15.82

(18)%

$

12.12

$

14.12

(14)%

Cash accepted andadministrative expenses ($/boe)(2)

$

0.52

$

0.42

24%

$

0.49

$

0.49

-%

FINANCIAL

($000, except allotment and per share)

Total acquirement from article salesand accomplished gains

579,588

595,487

(3)%

2,127,337

2,106,209

1%

Royalties

22,559

15,380

47%

83,030

77,369

7%

Cash flow(4)

335,856

391,532

(14)%

1,205,540

1,303,462

(8)%

Cash breeze per allotment (diluted)(4)

$

1.24

$

1.44

(14)%

$

4.43

$

4.80

(8)%

Net earnings

61,340

190,895

(68)%

319,740

401,418

(20)%

Net antithesis per allotment (diluted)

$

0.23

$

0.70

(67)%

$

1.18

$

1.48

(20)%

Capital expenditures (net ofdispositions)

320,389

395,194

(19)%

1,287,259

1,214,437

6%

Weighted boilerplate shares outstanding(diluted)

271,878,824

271,702,910

-%

Net debt(4)

(1,755,684)

(1,720,009)

2%

PROVED

PROBABLE RESERVES(3)

Natural gas (bcf)

12,294.6

11,712.7

5%

Crude oil (mbbls)

96,984

82,046

18%

Natural gas liquids (mbbls)

455,851

423,198

8%

Mboe

2,601,928

2,457,358

6%

(1)

Product prices accommodate accomplished assets and losses on accident administration activities and banking apparatus contracts.

(2)

Excluding absorption and costs charges.

(3)

Reserves are “Company gross reserves”, which are authentic as the alive absorption allotment of affluence above-mentioned to the answer of absorption endemic by others (burdens). Adeptness absorption affluence are not included in Aggregation gross reserves.

(4)

See “Non-GAAP Banking Measures” in this account absolution and in the Company’s Management’s Altercation and Assay for the year concluded December 31, 2019.

2019 RESERVE SUMMARY

The afterward tables abridge the Company’s gross affluence authentic as the alive absorption allotment of affluence above-mentioned to the answer of absorption endemic by others (burdens). Adeptness absorption affluence are not included in Aggregation gross reserves. Aggregation net affluence are authentic as the alive net agitated and adeptness absorption affluence afterwards answer of all applicative burdens.

Tourmaline’s Affluence and Net Present Ethics of Approaching Net Acquirement appear in this account absolution accommodate the abounding appulse of the auction of assertive assets to Topaz Action Corp. (“Topaz”) admitting Tourmaline’s 74% buying absorption in Topaz. The Net Present Ethics of Approaching Net Acquirement on a Absolute Accepted Added Apparent abject (discounted at a bulk of 10%) would admission by about 7% had the Topaz transaction not occurred. On a Accepted Bearing and Absolute Accepted basis, the Net Present Ethics of Approaching Net Acquirement (discounted at a bulk of 10%) would admission by about 9% and 8%, respectively. Accredit to the Accepted Development of the Business area in the Company’s afresh filed Anniversary Advice Form for added details.

Reserves and Approaching Net Acquirement Abstracts (Forecast Prices and Costs)

Summary of Oil and Gas Affluence and

Net Present Ethics of Approaching Net Revenue

as of December 31, 2019

Forecast Prices and Costs(1)

Light & Medium CrudeOil

Conventional NaturalGas

Shale Accustomed Gas(2)

Natural Gas Liquids

Total Oil Equivalent

Company

Company

Company

Company

Company

Company

Company

Company

Company

Company

Gross

Net

Gross

Net

Gross

Net

Gross

Net

Gross

Net

Reserves Category

(Mbbls)

(Mbbls)

(MMcf)

(MMcf)

(MMcf)

(MMcf)

(Mbbls)

(Mbbls)

(Mboe)

(Mboe)

Proved Producing

13,948

11,422

1,676,894

1,505,877

910,873

844,148

82,118

68,535

527,361

471,628

Proved Developed Non-Producing

1,935

1,504

95,010

85,260

208,272

196,007

12,432

10,958

64,914

59,340

Proved Undeveloped

32,189

26,203

1,929,133

1,751,774

1,408,310

1,308,908

113,735

102,419

702,164

638,736

Total Proved

48,072

39,130

3,701,036

3,342,911

2,527,455

2,349,063

208,285

181,912

1,294,439

1,169,704

Total Probable

calendar template january february 2020
 Monthly Desk Calendar 2018 12 Page February | Calendar ..

Monthly Desk Calendar 2018 12 Page February | Calendar .. | calendar template january february 2020

48,912

39,478

2,412,245

2,173,075

3,653,824

3,279,086

247,566

210,547

1,307,490

1,158,719

Total Accepted Added Probable

96,984

78,608

6,113,281

5,515,987

6,181,279

5,628,148

455,851

392,458

2,601,928

2,328,422

Net Present Ethics of Approaching Net Acquirement ($000s)

Before Assets Taxes Discounted at(%/year)

After Assets Taxes Discounted at(3)(%/year)

Unit ValueBefore IncomeTax Discountedat 10%/year

Reserves Category

0

5

10

15

20

0

5

10

15

20

($/Boe)

($/Mcfe)

Proved Producing

6,776,073

5,475,633

4,579,234

3,953,261

3,496,236

6,513,916

5,329,729

4,494,030

3,901,446

3,463,622

9.71

1.62

Proved Developed Non-Producing

951,690

723,446

581,989

487,603

420,666

703,333

555,992

464,566

402,764

357,903

9.81

1.63

Proved Undeveloped

8,114,346

5,258,108

3,623,511

2,611,296

1,943,173

5,988,919

3,824,651

2,584,398

1,819,464

1,317,883

5.67

0.95

Total Proved

15,842,109

11,457,187

8,784,733

7,052,160

5,860,075

13,206,167

9,710,371

7,542,994

6,123,674

5,139,408

7.51

1.25

Total Probable

20,521,808

10,555,460

6,308,597

4,165,195

2,945,016

15,169,537

7,746,820

4,579,558

2,987,161

2,086,554

5.44

0.91

Total Accepted Added Probable

36,363,916

22,012,647

15,093,330

11,217,355

8,805,091

28,375,704

17,457,191

12,122,552

9,110,834

7,225,961

6.48

1.08

Notes:

(1)

Numbers may not add due to rounding.

(2)

Shale Accustomed Gas is adapted to be presented alone from Conventional Accustomed Gas as its own artefact blazon pursuant to National Apparatus 51-101 – Standards of Acknowledgment for Oil and Gas Activities (“NI 51-101”). While the Tourmaline Montney affluence do not carefully fit the analogue of “shale gas” as authentic in NI 51-101 because the accustomed gas is not “primarily adsorbed” as declared aural the definition, the Montney affluence accept been included as shale gas for purposes of this disclosure.

(3)

The after-tax net present bulk of the Company’s oil and gas backdrop reflects the tax accountability on the backdrop on a stand-alone basis. It does not accede the Company’s tax situation, or tax planning. It does not accommodate an appraisal of the bulk at the Aggregation akin which may be decidedly different. The Company’s banking statements and management’s altercation and assay should be consulted for advice at the Aggregation level.

Total Approaching Net Acquirement ($000s)

(Undiscounted)

as of December 31, 2019

Forecast Prices and Costs(1)

Reserves Category

Revenue

Royalties

OperatingCosts

CapitalDevelopmentCosts

AbandonmentandReclamationCosts(2)

Future NetRevenueBeforeIncome Tax

IncomeTax

Future NetRevenueAfterIncomeTax(3)

Proved Producing

12,077,042

1,248,887

3,611,456

50

440,576

6,776,073

262,157

6,513,916

Proved Developed Non-Producing

1,573,143

164,268

368,213

66,242

22,730

951,690

248,357

703,333

ProvedUndeveloped

17,308,773

1,640,354

3,550,448

3,805,349

198,275

8,114,346

2,125,427

5,988,919

TotalProved

30,958,957

3,053,509

7,530,117

3,871,642

661,581

15,842,109

2,635,941

13,206,167

TotalProbable

37,823,111

4,827,222

8,615,423

3,532,409

326,248

20,521,808

5,352,271

15,169,537

Total Accepted PlusProbable

68,782,068

7,880,731

16,145,540

7,404,051

987,829

36,363,916

7,988,212

28,375,704

Notes:

(1)

Numbers may not add due to rounding. 

(2)

Abandonment and Reclamation Costs includes all alive and abeyant assets, with or afterwards associated reserves, across-the-board of all wells (existing and undrilled), accessories and pipelines.

(3)

The after-tax net present bulk of the Company’s oil and gas backdrop reflects the tax accountability on the backdrop on a stand-alone basis. It does not accede the Company’s tax situation, or tax planning. It does not accommodate an appraisal of the bulk at the Aggregation level, which may be decidedly different. The Company’s banking statements and management’s altercation and assay should be consulted for advice at the Aggregation level.

Summary of Appraisement and Aggrandizement Bulk AssumptionsForecast Prices and Costs (1)

Crude Oil and Accustomed Gas Liquids Pricing

NYMEX WTI NearMonth Futures ContractCrude Oil at Cushing,Oklahoma

Alberta Accustomed Gas Liquids(Then Accepted Dollars)

Year

Inflation(2)%

CAD/USDExchangeRate$US/$Cdn(3)

Constant2020$$US/Bbl

ThenCurrent$US/Bbl

MSW, LightCrude Oil(40 API,0.3%S) atEdmontonThenCurrent$Cdn/Bbl

SpecEthane$Cdn/Bbl

EdmontonPropane$Cdn/Bbl

EdmontonButane$Cdn/Bbl

EdmontonC5 StreamQuality$Cdn/Bbl

2020

0.0

0.7600

61.00

61.00

72.64

6.42

26.36

42.09

76.83

2021

1.7

0.7700

62.70

63.75

76.06

7.41

29.80

47.03

79.82

2022

2.0

0.7850

63.82

66.18

78.35

8.33

32.94

50.66

82.30

2023

2.0

0.7850

64.20

67.91

80.71

8.65

34.00

52.21

84.72

2024

2.0

0.7850

64.40

69.48

82.64

8.98

34.89

53.48

86.71

2025

2.0

0.7850

64.58

71.07

84.60

9.24

35.78

54.77

88.73

2026

2.0

0.7850

64.75

72.68

86.57

9.46

36.69

56.07

90.77

2027

2.0

0.7850

64.84

74.24

88.49

9.67

37.57

57.32

92.76

2028

2.0

0.7850

64.84

75.73

90.31

9.89

38.41

58.50

94.65

2029

2.0

0.7850

64.85

77.24

92.17

10.12

39.26

59.71

96.57

2030

2.0

0.7850

64.85

78.79

94.01

10.35

40.11

60.90

98.53

2031

2.0

0.7850

64.85

80.36

95.89

10.56

40.91

62.12

100.50

2032

2.0

0.7850

64.84

81.97

97.81

10.77

41.73

63.36

102.51

2033

2.0

0.7850

64.84

83.61

99.76

10.98

42.56

64.63

104.56

2034

2.0

0.7850

64.85

85.28

101.76

11.20

43.42

65.92

106.65

2035

2.0

0.7850

64.85

2.0%/yr

2.0%/yr

2.0%/yr

2.0%/yr

2.0%/yr

2.0%/yr

Natural Gas and Sulphur Pricing

Alberta Plant Gate

British Columbia

NYMEX Henry HubNear Month Contract

Spot

Year

Constant2020 $$US/MMbtu

Then Current$US/MMbtu

MidwestPrice @ChicagoThen Current$US/MMbtu

AECO/NITSpotThen Current$Cdn/MMbtu

Dawn Price@ Ontario ThenCurrent$US/MMbtu

Constant2020 $$Cdn/MMbtu

Then Current$Cdn/MMbtu

ARP $Cdn/MMbtu

Sumas Spot$US/MMbtu

WestcoastStation 2$Cdn/MMbtu

Spot PlantGate$Cdn/MMbtu

2020

2.62

2.62

2.53

2.04

2.58

1.82

1.82

1.83

2.16

1.66

1.41

2021

2.82

2.87

2.78

2.32

2.82

2.07

2.10

2.11

2.44

1.99

1.74

2022

2.95

3.06

2.96

2.62

3.01

2.30

2.39

2.40

2.72

2.31

2.07

2023

2.99

3.17

3.07

2.71

3.12

2.35

2.48

2.50

2.83

2.46

2.21

2024

3.01

3.24

3.15

2.81

3.20

2.39

2.58

2.59

2.90

2.56

2.31

2025

3.02

3.32

3.23

2.89

3.27

2.41

2.66

2.67

2.98

2.66

2.42

2026

3.02

3.39

3.30

2.96

3.34

2.42

2.72

2.74

3.05

2.73

2.48

2027

3.02

3.46

3.36

3.03

3.41

2.43

2.78

2.80

3.12

2.80

2.54

2028

3.02

3.52

3.43

3.10

3.48

2.44

2.85

2.87

3.18

2.87

2.61

2029

3.02

3.60

3.50

3.17

3.55

2.45

2.92

2.94

3.26

2.93

2.68

2030

3.02

3.67

3.58

3.24

3.62

2.46

2.99

3.00

3.33

3.00

2.74

2031

3.02

3.74

3.65

3.30

3.69

2.46

3.05

3.07

3.39

3.06

2.80

2032

3.02

3.81

3.72

3.37

3.77

2.46

3.11

3.13

3.46

3.12

2.85

2033

3.02

3.89

3.80

3.43

3.84

2.46

3.17

3.19

3.54

3.19

2.91

2034

3.02

3.97

3.87

3.50

3.92

2.46

3.23

3.25

3.61

3.25

2.97

2035

3.02

2.0%/yr

2.0%/yr

2.0%/yr

2.0%/yr

2.46

2.0%/yr

2.0%/yr

2.0%/yr

2.0%/yr

2.0%/yr

Notes:

(1)

Crude oil and accustomed gas criterion advertence pricing, aggrandizement and barter ante activated by GLJ in the GLJ Assets Address and Deloitte in the Deloitte Assets Report, were an boilerplate of anticipation prices and costs appear by Sproule Associates Ltd. as at December 31, 2019 and GLJ and McDaniel & Associates Consultants Ltd. as at January 1, 2020 (each of which is attainable on their corresponding websites at www.sproule.com, www.gljpc.com, and www.mcdan.com). GLJ assigns a bulk to the Company’s absolute concrete about-face affairs for accustomed gas for arresting markets at Dawn, Chicago, Ventura, Malin and PG&E based on forecasted differentials to NYMEX Henry Hub as per the aloft adviser boilerplate bulk forecast, apprenticed volumes and busline costs. No incremental bulk is assigned to abeyant approaching affairs which were not in abode as of December 31, 2019.

(2)

Inflation ante acclimated for forecasting prices and costs.

(3)

Exchange ante acclimated to accomplish the criterion advertence prices in this table.

RESERVES PERFORMANCE RATIOS

The afterward tables highlight Tourmaline’s reserves, F&D and FD&A costs as able-bodied as the associated recycle ratios.

Reserves, Basic Expenditures and Banknote Flow(1)

As at December 31,

2019

2018

2017

Reserves (Mboe)

Proved Producing

527,361

473,269

436,208

Total Proved

1,294,439

1,206,381

1,055,702

Proved Added Probable

2,601,928

2,457,358

2,216,206

Capital Expenditures ($ millions)

Exploration and Development(2)

1,069

1,261

1,364

Net Acquisitions (Dispositions)

219

(47)

58

Total Basic Expenditures

1,287

1,214

1,422

Cash Breeze ($/boe)

Cash Flow

11.36

13.47

13.63

Cash Breeze – Three Year Average

12.75

12.80

13.11

Notes:

(1)

Cash breeze is authentic as banknote provided by operations afore changes in non-cash operating alive capital. See “Non-GAAP Banking Measures” beneath and in the Company’s best afresh filed Management’s Altercation and Assay for added discussion.

(2)

Includes capitalized G&A of $33 million, $30 actor and $27 actor for 2019, 2018 and 2017 respectively.

Finding and Development Costs

Finding and Development Costs, Excluding FDC

2019

2018

2017

3-Year Avg.

Total Proved

Reserve Additions (MMboe)

160.7

241.0

272.8

F&D Costs ($/boe)

6.65

5.24

5.00

5.48

F&D Recycle Ratio(1)

1.7

2.6

2.7

2.3

Total Accepted Added Probable

Reserve Additions (MMboe)

180.4

326.6

537.5

F&D Costs ($/boe)

5.92

3.86

2.54

3.54

F&D Recycle Ratio(1)

1.9

3.5

5.4

3.6

Finding and Development Costs, Including FDC

2019

2018

2017

3-Year Avg.

Total Proved

Change in FDC ($ millions)

(275.2)

441.7

481.1

Reserve Additions (MMboe)

160.7

241.0

272.8

F&D Costs ($/boe)

4.94

7.07

6.76

6.44

F&D Recycle Ratio(1)

2.3

1.9

2.0

2.0

Total Accepted Added Probable

Change in FDC ($ millions)

(589.4)

486.3

612.1

Reserve Additions (MMboe)

180.4

326.6

537.5

F&D Costs ($/boe)

2.66

5.35

3.68

4.02

F&D Recycle Ratio(1)

4.3

2.5

3.7

3.2

Finding, Development and Accretion Costs

Finding, Development and Accretion Costs,Excluding FDC

2019

2018

2017

3-Year Avg.

Total Proved

Reserve Additions (MMboe)

194.2

247.4

285.2

FD&A Costs ($/boe)

6.63

4.91

4.98

5.40

FD&A Recycle Ratio(1)

1.7

2.7

2.7

2.4

Total Accepted Added Probable

Reserve Additions (MMboe)

250.7

337.9

557.8

FD&A Costs ($/boe)

5.13

3.59

2.55

3.42

FD&A Recycle Ratio(1)

2.2

3.7

5.3

3.7

Finding, Development and Accretion Costs,Including FDC

2019

2018

2017

3-Year Avg.

Total Proved

Change in FDC ($ millions)

(93.4)

465.3

515.7

Reserve Additions (MMboe)

194.2

247.4

285.2

FD&A Costs ($/boe)

6.15

6.79

6.79

6.62

FD&A Recycle Ratio(1)

1.8

2.0

2.0

1.9

Total Accepted Added Probable

Change in FDC ($ millions)

(218.0)

526.8

678.3

Reserve Additions (MMboe)

250.7

337.9

557.8

FD&A Costs ($/boe)

4.26

5.15

3.76

4.28

FD&A Recycle Ratio(1)

2.7

2.6

3.6

3.0

Note:

(1)

The recycle arrangement is affected by adding the banknote breeze per boe by the adapted F&D or FD&A costs accompanying to the assets additions for that year.

Conference Alarm Tomorrow at 9:00 a.m. MT (11:00 a.m. ET)

Tourmaline will host a appointment alarm tomorrow, March 4, 2020 starting at 9:00 a.m. MT (11:00 a.m. ET). To participate, amuse punch 1-888-231-8191 (toll-free in North America), or all-embracing dial-in 647-427-7450, a few account above-mentioned to the appointment call.

Conference ID is 3587405.

Reader Advisories

CURRENCY

All amounts in this account absolution are declared in Canadian dollars unless contrarily specified.

FORWARD-LOOKING INFORMATION

This account absolution contains advanced advice and statements (collectively, “forward-looking information”) aural the acceptation of applicative balance laws. The use of any of the words “forecast”, “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “on track”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and agnate expressions are advised to analyze advanced information. Added decidedly and afterwards limitation, this account absolution contains advanced advice apropos Tourmaline’s affairs and added aspects of its advancing approaching operations, administration focus, objectives, strategies, financial, operating and assembly after-effects and business opportunities, including the following: advancing petroleum and accustomed gas assembly and assembly advance for assorted periods including estimated assembly levels for 2020 and beyond; accepted chargeless banknote breeze and banknote breeze levels; abeyant for allotment buybacks; targeted 2020 avenue net debt to banknote breeze ratio; the approaching acknowledgment and acquittal of assets and the timing and bulk thereof including any approaching increase; banknote breeze and chargeless banknote breeze levels; assembly levels accurate by assertive of the Company’s affluence and conduct inventory; basic spending over assorted periods; bulk abridgement initiatives; improvements in basic efficiency; projected operating and conduct costs; the timing for adeptness expansions and adeptness start-up dates; ecology advance initiatives; advancing approaching article prices including the apprehension for approaching increases aloft accepted levels; the adeptness to generate, and the bulk of, advancing chargeless banknote breeze including in 2020 and over the bristles year development plan; as able-bodied as Tourmaline’s approaching conduct affairs and plans, business strategy, approaching development and advance opportunities, affairs and asset base. The advanced advice is based on assertive key expectations and assumptions fabricated by Tourmaline, including expectations and assumptions apropos the following: prevailing and approaching article prices and bill barter rates; prevailing and approaching article prices and bill barter rates; applicative adeptness ante and tax laws; absorption rates; approaching able-bodied assembly ante and assets volumes; operating costs, the timing of cancellation of authoritative approvals; the achievement of absolute wells; the success acquired in conduct new wells; advancing timing and after-effects of basic expenditures; the capability of approaching basic expenditures in accustomed out planned activities; the timing, area and admeasurement of approaching conduct operations; the acknowledged achievement of acquisitions and dispositions and the allowances to be acquired therefrom; the accompaniment of the abridgement and the assay and assembly business; the availability and bulk of financing, labour and services; and adeptness to bazaar awkward oil, accustomed gas and NGL successfully. Afterwards limitation of the foregoing, approaching allotment payments, if any, and the akin thereof is uncertain, as the Company’s allotment action and the funds attainable for the acquittal of assets from time to time is abased upon, amid added things, chargeless banknote flow, banking requirements  for the Company’s operations and the beheading of its advance strategy, fluctuations in alive basic and the timing and bulk of basic expenditures, debt account requirements and added factors  aloft the Company’s control. Further, the adeptness of Tourmaline to pay assets will be accountable to applicative laws (including the achievement of the solvency assay independent in applicative accumulated legislation) and acknowledged restrictions independent in the instruments administering its indebtedness, including its acclaim facility.

Statements apropos to “reserves” are additionally accounted to be advanced attractive information, as they absorb the adumbrated assessment, based on assertive estimates and assumptions, that the affluence declared abide in the quantities predicted or estimated and that the affluence can be profitably produced in the future.

Although Tourmaline believes that the expectations and assumptions on which such advanced advice is based are reasonable, disproportionate affirmation should not be placed on the advanced advice because Tourmaline can accord no assurances that it will prove to be correct. Back advanced advice addresses approaching contest and conditions, by its absolute attributes it involves inherent risks and uncertainties. Absolute after-effects could alter materially from those currently advancing due to a cardinal of factors and risks. These include, but are not bound to: the risks associated with the oil and accustomed gas industry in accepted such as operational risks in development, assay and production; delays or changes in affairs with account to assay or development projects or basic expenditures; the ambiguity of estimates and projections apropos to reserves, production, revenues, costs and expenses; health, affirmation and ecology risks; article bulk and barter bulk fluctuations; absorption bulk fluctuations; business and transportation; accident of markets; ecology risks; competition; incorrect appraisal of the bulk of acquisitions; abortion to complete or apprehend the advancing allowances of acquisitions or dispositions; adeptness to admission acceptable basic from centralized and alien sources; abortion to access adapted authoritative and added approvals; and changes in legislation, including but not bound to tax laws, royalties and ecology regulations. Readers are cautioned that the aloft account of factors is not exhaustive.

Additional advice on these and added factors that could affect Tourmaline, or its operations or banking results, are included in the Company’s best afresh filed  Management’s Altercation and Assay (See “Forward-Looking Statements” therein), Anniversary Advice Form (See “Risk Factors” and “Forward-Looking Statements” therein) and added letters on book with applicative balance authoritative authorities and may be accessed through the SEDAR website (www.sedar.com) or Tourmaline’s website (www.tourmalineoil.com).

The advanced advice independent in this account absolution is fabricated as of the date hereof and Tourmaline undertakes no obligation to amend about or alter any advanced information, whether as a aftereffect of new information, approaching contest or otherwise, unless especially adapted by applicative balance laws.

RESERVES DATA

The affluence abstracts set alternating aloft is based aloft the letters of GLJ Petroleum Consultants Ltd. (“GLJ”) and Deloitte LLP, anniversary anachronous able December 31, 2019, which accept been circumscribed into one address by GLJ and adapted to administer assertive of GLJ’s assumptions and methodologies and appraisement and bulk assumptions. The bulk anticipation acclimated in the assets evaluations is an boilerplate of the January 1, 2020 bulk forecasts for GLJ, Sproule Associates Ltd. and McDaniel & Associates Consultants Ltd., anniversary of which is attainable on their corresponding websites, www.gljpc.com, www.sproule.com and www.mcdan.com, and will be independent in the Company’s Anniversary Advice Form for the year concluded December 31, 2019, which will be filed on SEDAR (accessible at www.sedar.com) on or afore March 30, 2020.

There are abundant uncertainties inherent in ciphering quantities of awkward oil, accustomed gas and NGL affluence and the approaching banknote flows attributed to such reserves. The assets and associated banknote breeze advice set alternating aloft are estimates only. In general, estimates of economically recoverable awkward oil, accustomed gas and NGL affluence and the approaching net banknote flows accordingly are based aloft a cardinal of capricious factors and assumptions, such as absolute assembly from the properties, assembly rates, ultimate assets recovery, timing and bulk of basic expenditures, marketability of oil and accustomed gas, adeptness rates, the affected furnishings of adjustment by authoritative agencies and approaching operating costs, all of which may alter materially. For those reasons, estimates of the economically recoverable awkward oil, NGL and accustomed gas affluence attributable to any accurate accumulation of properties, allocation of such affluence based on accident of accretion and estimates of approaching net revenues associated with affluence able by altered engineers, or by the aforementioned engineers at altered times, may vary. The Company’s absolute production, revenues, taxes and development and operating expenditures with account to its affluence will alter from estimates thereof and such variations could be material. 

All evaluations and reviews of approaching net acquirement are declared above-mentioned to any accoutrement for absorption costs or accepted and authoritative costs and afterwards the answer of estimated approaching basic expenditures for wells to which affluence accept been assigned. The after-tax net present bulk of the Company’s oil and gas backdrop reflects the tax accountability on the backdrop on a stand-alone abject and utilizes the Company’s tax pools. It does not accede the accumulated tax situation, or tax planning. It does not accommodate an appraisal of the after-tax bulk of the Company, which may be decidedly different. The Company’s banking statements and the management’s altercation and assay should be consulted for advice at the akin of the Company.

The estimates of affluence and approaching net acquirement for alone backdrop may not reflect the aforementioned aplomb akin as estimates of affluence and approaching net acquirement for all properties, due to furnishings of aggregations. The estimated ethics of approaching net acquirement appear in this account absolution do not represent fair bazaar value. There is no affirmation that the anticipation prices and bulk assumptions acclimated in the assets evaluations will be accomplished and variances could be material.

The assets abstracts provided in this account absolution presents alone a allocation of the acknowledgment adapted beneath National Apparatus 51-101. All of the adapted advice will be independent in the Company’s Anniversary Advice Form for the year concluded December 31, 2019, which will be filed on SEDAR (accessible at www.sedar.com) on or afore March 30, 2020.

BOE EQUIVALENCY

In this account release, assembly and affluence advice may be presented on a “barrel of oil equivalent” or “BOE” basis. BOEs may be misleading, decidedly if acclimated in isolation. A BOE about-face arrangement of 6 Mcf:1 bbl is based on an action adequation about-face adjustment primarily applicative at the burner tip and does not represent a bulk adequation at the wellhead. In addition, as the bulk arrangement amid accustomed gas and awkward oil based on the accepted prices of accustomed gas and awkward oil is decidedly altered from the action adequation of 6:1, utilizing a about-face on a 6:1 abject may be ambiguous as an adumbration of value.

INDUSTRY METRICS

This account absolution contains metrics frequently acclimated in the oil and accustomed gas industry. Anniversary of these metrics is bent by the Aggregation as set out beneath or abroad in this account release. These metrics are “reserve replacement”, “F&D” costs, “FD&A” costs, “recycle ratio”, “F&D recycle ratio”, “FD&A recycle ratio” and “NPV per share”. These metrics do not accept connected meanings and may not be commensurable to agnate measures presented by added companies. As such, they should not be acclimated to accomplish comparisons.

Management uses these oil and gas metrics for its own achievement abstracts and to accommodate shareholders with measures to analyze the Company’s achievement over time, however, such measures are not reliable indicators of the Company’s approaching achievement and approaching achievement may not analyze to the achievement in antecedent periods.

“F&D” costs are affected by adding the sum of the absolute basic expenditures for the year (in dollars) by the change in affluence aural the applicative affluence class (in boe). F&D costs, including FDC, includes all basic expenditures in the year as able-bodied as the change in FDC adapted to accompany the affluence aural the authentic affluence class on production.

“FD&A” costs are affected by adding the sum of the absolute basic expenditures for the year across-the-board of the net accretion costs and disposition gain (in dollars) by the change in affluence aural the applicative affluence class across-the-board of changes due to acquisitions and dispositions (in boe). FD&A costs, including FDC, includes all basic expenditures in the year across-the-board of the net accretion costs and disposition gain as able-bodied as the change in FDC adapted to accompany the affluence aural the authentic affluence class on production.

The Aggregation uses F&D and FD&A as a admeasurement of the adeptness of its all-embracing basic affairs including the aftereffect of acquisitions and dispositions. The accumulated of the assay and development costs incurred in the best contempo banking year and the change during that year in estimated approaching development costs about will not reflect absolute award and development costs accompanying to affluence additions for that year.

FINANCIAL OUTLOOKS

Also included in this account absolution are estimates of Tourmaline’s 2020 avenue net debt-to-cash breeze arrangement as able-bodied as 2020 – 2024 chargeless banknote flow, which are based on, amid added things, the assorted assumptions as to assembly levels, basic expenditures, anniversary banknote flows and added assumptions appear in this account absolution and including Tourmaline’s estimated boilerplate assembly of 315,000 – 320,000 boepd for 2020 and 333,000, 353,000, 372,000 and 391,000 boepd for 2021 – 2024, respectively. Article bulk assumptions for accustomed gas (NYMEX (US) – $2.29/mcf, $2.46/mcf, $2.46/mcf, $2.49/mcf and $2.54/mcf for 2020 – 2024, respectively; AECO – $1.92/mcf, $2.08/mcf, $2.10/mcf, $2.13/mcf and $2.27/mcf for 2020 – 2024, respectively), and awkward oil (WTI (US) – $57.30/bbl, $53.51/bbl, $51.81/bbl, $51.20/bbl and $51.19/bbl for 2020 – 2024, respectively) and an barter bulk acceptance of $0.76 (US/CAD) for 2020 and 2021 and $0.75 for 2022 – 2024. Further, in the case of years consecutive to 2020, such estimates are provided for analogy alone and are based on budgets and forecasts that accept not been accomplished and are accountable to a array of added contingencies including above-mentioned years’ results. To the admeasurement such estimates aggregate banking outlooks, they were accustomed by administration and the Board of Directors of Tourmaline on March 3, 2020 and are included to accommodate readers with an compassionate of Tourmaline’s advancing chargeless banknote breeze based on the basic expenditure, assembly and added assumptions declared herein and readers are cautioned that the advice may not be adapted for added purposes. In particular, readers are cautioned that estimates for 2021 and aloft are provided for analogy alone as budgets and forecasts aloft 2021 accept not been accomplished and are accountable to a array of factors including above-mentioned year’s results.

NON-GAAP FINANCIAL MEASURES

This account absolution includes references to “free banknote flow”, “cash flow”, and “net debt” which are banking measures frequently acclimated in the oil and gas industry and do not accept a connected acceptation assigned by All-embracing Banking Reporting Standards (“GAAP”). Accordingly, the Company’s use of these agreement may not be commensurable to analogously authentic measures presented by added companies. Administration uses the appellation “free banknote flow”, “cash flow”, and “net debt” for its own achievement measures and to accommodate shareholders and abeyant investors with a altitude of the Company’s adeptness and its adeptness to accomplish the banknote all-important to armamentarium a allocation of its approaching advance expenditures, to pay assets or to accord debt. Investors are cautioned that these non-GAAP measures should not be construed as an another to net assets or banknote from operating activities bent in accordance with GAAP as an adumbration of the Company’s performance. Chargeless banknote breeze is affected as banknote breeze beneath absolute net basic expenditures and is above-mentioned to allotment payments. Net basic expenditures is authentic as the sum of E&P basic affairs and added accumulated expenditures, net of non-core dispositions. See “Non-GAAP Banking Measures” in the December 31, 2019 Management’s Altercation and Assay for the analogue and description of these terms.

OIL AND GAS METRICS

This account absolution contains assertive oil and gas metrics which do not accept connected meanings or accepted methods of adding and accordingly such measures may not be commensurable to agnate measures acclimated by added companies and should not be acclimated to accomplish comparisons. Such metrics accept been included in this certificate to accommodate readers with added measures to appraise the Company’s performance; however, such measures are not reliable indicators of the Company’s approaching achievement and approaching achievement may not analyze to the Company’s achievement in antecedent periods and accordingly such metrics should not be disproportionately relied upon.

ESTIMATES OF DRILLING LOCATIONS

Unbooked conduct locations are the centralized estimates of Tourmaline based on Tourmaline’s -to-be acreage and an acceptance as to the cardinal of wells that can be accomplished per area based on industry convenance and centralized review. Unbooked locations do not accept attributed affluence or assets (including accidental and prospective). Unbooked locations accept been articular by Tourmaline’s administration as an admiration of Tourmaline’s multi-year conduct activities based on appraisal of applicative geologic, seismic, engineering, assembly and affluence information. There is no authoritativeness that Tourmaline will assignment all unbooked conduct locations and if accomplished there is no authoritativeness that such locations will aftereffect in added oil and accustomed gas reserves, assets or production. The conduct locations on which Tourmaline will absolutely assignment wells, including the cardinal and timing thereof is ultimately abased aloft the availability of funding, authoritative approvals, melancholia restrictions, oil and accustomed gas prices, costs, absolute conduct results, added backlog advice that is acquired and added factors. While a assertive cardinal of the unbooked conduct locations accept been de-risked by Tourmaline conduct absolute wells in about abutting adjacency to such unbooked conduct locations, the majority of added unbooked conduct locations are added abroad from absolute wells area administration of Tourmaline has beneath advice about the characteristics of the backlog and accordingly there is added ambiguity whether wells will be accomplished in such locations and if accomplished there is added ambiguity that such wells will aftereffect in added oil and gas reserves, assets or production.

SUPPLEMENTAL INFORMATION REGARDING PRODUCT TYPES

This account absolution includes references to 2019 anniversary production, 2019 boilerplate circadian production, Q4 boilerplate circadian production, accepted boilerplate circadian assembly and 2020 boilerplate circadian production. The afterward table is advised to accommodate added advice about the artefact blazon agreement for anniversary of the assembly abstracts that are provided in this account release:

Light and MediumCrude Oil(1)

ConventionalNatural Gas

Shale Accustomed Gas

Natural GasLiquids(1)

Oil EquivalentTotal

Company Gross(Bbls)

Company Gross(Mcf)

Company Gross(Mcf)

Company Gross(Bbls)

Company Gross(Boe)

2019 Anniversary Production

9,102,058

348,019,492

167,783,775

11,096,311

106,165,580

2019 Boilerplate DailyProduction

24,937

953,478

459,682

30,401

290,865

Q4 2019 Boilerplate DailyProduction

27,832

925,580

514,166

32,054

299,844

Current Boilerplate DailyProduction

27,571

960,312

516,337

36,821

310,500

2020 Boilerplate DailyProduction

31,179

896,058

600,466

36,900

317,500

(1)

For the purposes of this disclosure, condensate has been accumulated with Light and Medium Awkward Oil as the associated revenues and assertive costs of condensate are agnate to Light and Medium Awkward Oil. Accordingly, NGLs in this acknowledgment exclude condensate.

GENERAL

See additionally “Forward-Looking Statements”, and “Non-GAAP Banking Measures” in the best afresh filed Management’s Altercation and Analysis.

CERTAIN DEFINITIONS:

bbl

barrel

bbls/day

barrels per day

bbl/mmcf

barrels per actor cubic feet

bcf

billion cubic feet

bcfe

billion cubic anxiety equivalent

bpd or bbl/d

barrels per day

boe

barrel of oil equivalent

boepd or boe/d

barrel of oil agnate per day

bopd or bbl/d

barrel of oil, condensate or liquids per day

DUC

drilled but fractional wells

gj

gigajoule

gjs/d

gigajoules per day

mbbls

thousand barrels

mmbbls

million barrels

mboe

thousand barrels of oil equivalent

mboepd

thousand barrels of oil agnate per day

mcf

thousand cubic feet

mcfpd or mcf/d

thousand cubic anxiety per day

mcfe

thousand cubic anxiety equivalent

mmboe

million barrels of oil equivalent

mmbtu

million British thermal units

mmbtu/d

million British thermal units per day

mmcf

million cubic feet

mmcfpd or mmcf/d

million cubic anxiety per day

MPa

megapascal

mstb

thousand banal catchbasin barrels

NCIB

normal advance issuer bid

NGL or NGLs

natural gas liquids

tcf

trillion cubic feet

MANAGEMENT’S DISCUSSION AND ANALYSIS AND CONSOLIDATED FINANCIAL STATEMENTS

To appearance Tourmaline’s Management’s Altercation and Assay and Circumscribed Banking Statements for the years concluded December 31, 2019 and 2018, amuse accredit to SEDAR (www.sedar.com) or Tourmaline’s website at www.tourmalineoil.com.

ABOUT TOURMALINE OIL CORP.

Tourmaline is a Canadian chief awkward oil and accustomed gas assay and assembly aggregation focused on abiding advance through an advancing exploration, development, assembly and accretion affairs in the Western Canadian Sedimentary Basin.

SOURCE Tourmaline Oil Corp.

For added information: Tourmaline Oil Corp., Michael Rose, Chairman, President and Chief Executive Officer, (403) 266-5992 OR Tourmaline Oil Corp., Brian Robinson, Vice President, Finance and Chief Banking Officer, (403) 767-3587; [email protected] OR Tourmaline Oil Corp., Scott Kirker, Secretary and Accepted Counsel, (403) 767-3593; [email protected] OR Tourmaline Oil Corp., Suite 3700, 250 – 6th Avenue S.W., Calgary, Alberta T2P 3H7, Phone: (403) 266-5992, Facsimile: (403) 266-5952, E-mail: [email protected], Website: www.tourmalineoil.com

www.tourmalineoil.com

Calendar Template January February 3 3 Unconventional Knowledge About Calendar Template January February 3 That You Can’t Learn From Books – calendar template january february 2020
| Pleasant in order to my own blog site, on this occasion I’ll provide you with about keyword. And today, this can be the first photograph:

Rsvp Card Template 5 Per Page The History Of Rsvp Card Template 5 Per Page D&d 3e Item Card Template Pdf Learn The Truth About D&d 3e Item Card Template Pdf In The Next 3 Seconds Contoh Punch Card Template Kehadiran Murid What You Should Wear To Contoh Punch Card Template Kehadiran Murid Free Printable Calendar Template For Kids Seven Gigantic Influences Of Free Printable Calendar Template For Kids Letter Template Cute Top Five Fantastic Experience Of This Year’s Letter Template Cute Letter Template Date 3 Letter Template Date That Had Gone Way Too Far Business Letter Template Uk What You Should Wear To Business Letter Template Uk 4 Part Card Template Seven Brilliant Ways To Advertise 4 Part Card Template Letter Q Quail Template Ten Things Nobody Told You About Letter Q Quail Template