Financial data is in Canadian dollars and environmental data is in metric units, unless otherwise noted. An estimated 42 new wells will be brought on production in Q3 and an additional 57 wells during Q4, yielding strong Q4 and 2020 exit production growth. Also included in this news release are estimates of Tourmaline's 2021 exit net debt-to-cash flow ratio as well as 2020 cash flow, which are based on, among other things, the various assumptions as to production levels, capital expenditures, annual cash flows and other assumptions disclosed in this news release and including Tourmaline's estimated average production of 305,000 – 310,000 boepd for 2020 and 320,000 for 2021. Investors are cautioned that these non-GAAP financial measures should not be construed as an alternative to net income or cash from operating activities determined in accordance with GAAP as an indication of the Company's performance. Because successful investing goes well beyond efficient trading, we couple trade support with the back-office services clients need. The second half EP program will drill approximately 79 new wells and complete approximately 99 wells including 24 DUCs from the 1H program. The second half EP program will drill approximately 79 new wells and complete approximately 99 wells including 24 DUCs from the 1H program. Tourmaline understands the importance of local culture and knowledge. For United Way that has helped over 10,000 families, For the Ronald McDonald House of Southern Alberta, For Alberta Children’s Hospital Foundation Intensive Pain Rehabilitation Program, For Parkinson’s Research at the University of Calgary, Total funds raised at the annual golf tournament for local charities. We understand all the aspects that make best execution possible. Topaz will begin operations with zero debt and will have a scalable business model with the potential for additional transactions with Tourmaline and other industry participants. Tourmaline recognizes the unique relationships that such communities hold with the land. Net capital expenditures is defined as the sum of E&P capital program and other corporate expenditures, net of non-core dispositions. More particularly and without limitation, this news release contains forward-looking information concerning Tourmaline's plans and other aspects of its anticipated future operations, management focus, objectives, strategies, financial, operating and production results and business opportunities, including the following: anticipated petroleum and natural gas production and production for various periods including estimated production levels for 2020 and 2021 and 2020 exit production; planned storage withdrawals realizing higher commodity prices; capital expenditure budgets for various periods including 2020; estimated cash flow for various periods including 2020; estimated available liquidity and credit capacity; estimated 2021 exit net debt-to-cash flow; expectations for future natural gas price increases; expectations for future opportunities for Topaz in 2021 and benefits to be realized therefrom; future capital efficiencies to be realized; the future declaration and payment of dividends and the timing and amount thereof including the aggregate amount of dividends to be paid in 2020 and the availability of free cash flow to fund such dividends; cost reduction initiatives; projected operating and drilling costs including anticipated reductions in operating costs; the timing for facility expansions and facility start-up dates; the benefits to be derived from the Chinook and Deep Basin acquisitions ; the benefits to be derived from expanding diesel replacement initiatives through new technology development across all core-operated complexes; the Company's plan to reduce overall emissions intensity; as well as Tourmaline's future drilling prospects and plans, business strategy, future development and growth opportunities, prospects and asset base. Tourmaline serves as a single point of contact for all trade reconciliation and client research payments – to brokers, independent analysts and other valued sources of content. A boe conversion ratio of 6 mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Topaz will begin operations with zero debt and will have a scalable business model with the potential for additional transactions with Tourmaline and other industry participants. Such metrics have been included in this document to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the Company's future performance and future performance may not compare to the Company's performance in previous periods and therefore such metrics should not be unduly relied upon. Management uses the term "free cash flow", "cash flow", "net debt" and "net capital expenditures" for its own performance measures and to provide shareholders and potential investors with a measurement of the Company's efficiency and its ability to generate the cash necessary to fund a portion of its future growth expenditures, to pay dividends or to repay debt. This news release contains forward-looking information and statements (collectively, "forward-looking information") within the meaning of applicable securities laws. See "Non-GAAP Financial Measures" in the most recently filed Management's Discussion and Analysis for additional information regarding these non-GAAP financial measures including reconciliations to the most directly comparable GAAP financial measures. Reserves have been evaluated by independent reserve evaluators as follows: Chinook 2P reserves of 35.6 mmboe as at December 31, 2018 by McDaniel & Associates Consultants Ltd. and Deep Basin 2P reserves of 32.0 mmboe as at December 31, 2019 by McDaniel & Associates Consultants Ltd. Reserves are working interest gross reserves before deduction of royalties payable to others and without including any royalty interests. The Q2 free cash flow was utilized to fully fund the dividend, acquire Chinook Energy Inc. ("Chinook"), fund the Deep Basin acquisitions, and reduce debt, all during one of the most difficult quarters in the history of the industry. We help these firms by offering trading on an ad-hoc basis, augmenting existing in-house teams. Additional information on these and other factors that could affect Tourmaline, or its operations or financial results, are included in the Company's most recently filed  Management's Discussion and Analysis (See "Forward-Looking Statements" therein), Annual Information Form (See "Risk Factors" and "Forward-Looking Statements" therein) and other reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or Tourmaline's website (www.tourmalineoil.com). Some clients are concerned about the expense of building and staffing their own trading desk. We also contribute to multiple charitable organizations promoting education, health and sports and children empowerment. Tourmaline plans to maintain leverage between 1.0 and 1.5 times with excess free cash flow allocated towards dividend increases and share buybacks. We are a significant employer in the region and over 5,400 vendors benefit from our operations. This news release includes references to Tourmaline's 2020 exit rate production, Q2 2020, Q3 2020, Q4 2020 and 2021 average daily production and average daily production from recently completed acquisitions. Accordingly, NGLs in this disclosure exclude condensate. Tourmaline Partners, LLC is regulated by the Securities and Exchange Commission under United States laws which differ from Australian laws.Tourmaline Europe, LLP is authorized and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Tourmaline used the Global Reporting Initiative (“GRI”) Standards. Tourmaline is a Canadian senior oil and natural gas company focused on long-term growth through an aggressive exploration, development, production It allows our company to make strategic long term decisions with multiple perspectives. Commodity price assumptions for natural gas (NYMEX (US) - $1.91/mcf and $2.62/mcf for 2020 and 2021, respectively, AECO - $2.08/mcf and $2.43/mcf for 2020 and 2021, respectively), and crude oil (WTI (US) - $38.98/bbl and $42.33/bbl for 2020 and 2021, respectively) and an exchange rate assumption of $0.73 and 0.74 (US/CAD) for 2020 and 2021, respectively. BOE proved plus probable reserves at December 31, 2018. This report includes specific data from prior years up to and including 2018, as well as certain data current to 2019. Decrease in contractor lost time injury frequency since 2017, Decrease in contractor recordable injuries since 2017, Annual reviews of our corporate HSER governance (Code of Practice) to ensure we are agile and able to react to any issue efficiently and effectively, Continuously complete proactive HSER focused inspections of our assets and operations, Adoption technologies, such as drones and satellites, to reduce kilometers driven by employees and contractors. To view Tourmaline's Management's Discussion and Analysis and Interim Condensed Consolidated Financial Statements for the periods ended June 30, 2020 and 2019, please refer to SEDAR (www.sedar.com) or Tourmaline's website at www.tourmalineoil.com.

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