TOURMALINE INCREASES 2023 CASH FLOW GUIDANCE

Calgary, Alberta – Tourmaline Oil Corp. (TSX:TOU) (“Tourmaline” or the “Company”) is pleased to provide
a production and marketing update.

2023 OUTLOOK

Given improving 2023 natural gas strip pricing(1) at several sales hubs, 2023 cash flow(2)(3) guidance
has been increased to $6.58 billion, up 28% from previous guidance of $5.14 billion.
2023 average production guidance remains at 545,000 boepd (2.5 bcf/day of natural gas and 126,000
bpd of oil, condensate, and NGLs).

Tourmaline expects to export approximately 926 mmcfpd of natural gas at exit 2023 including an initial
140 mmcfpd on the Gulf Coast fully exposed to JKM pricing, commencing January 1, 2023.

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Tourmaline Oil Corp. Wells Drilled Since 2020

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Tourmaline Oil Corp. Facility Permits Since 2020

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PRODUCTION UPDATE

As a result of the Alberta/BC pipeline maintenance and related natural gas price collapse at AECO and
Station 2 in the second half of August, Tourmaline shut in approximately 100 mmcfpd of existing
production and delayed the startup of several new pads from August to September/October 2022.

In anticipation of this period of planned pipeline maintenance and resulting weaker expected prices,
Tourmaline scheduled facility turnarounds and hedged higher than usual natural gas volumes during
the month of August 2022. Furthermore, volumes were also impacted by an unscheduled outage at the
Pembina Resthaven deep cut facility due to start-up issues which resulted in a subsequent five-day
unplanned outage.

Q3 2022 production average of 480,000 – 485,000 boepd is now anticipated, down 1.5% from previous
guidance of 485,000 – 495,000 boepd.

The Company also expects to inject approximately 3,200 boepd into storage facilities at Dawn and
California during the third quarter of 2022, with the majority of those volumes to be withdrawn during
winter months when natural gas prices are expected to be higher.

Q4 2022 production guidance is expected to average between 525,000 – 530,000 boepd and average
full year 2022 production of 507,000 boepd remains unchanged.