Not for distribution to U.S. newswire services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities law.


Calgary, Alberta – Tourmaline Oil Corp. (TSX-TOU) (“Tourmaline” or the “Company”) is pleased to announce that in connection with its previously announced bought-deal financing, Tourmaline and the syndicate of underwriters led by led by Peters & Co. Limited and including FirstEnergy Capital Corp., Scotia Capital Inc., CIBC, National Bank Financial Inc., TD Securities Inc., RBC Capital Markets, and Raymond James Ltd. have agreed to increase the size of the financing. Tourmaline will now issue 4,250,000 common shares (“Common Shares”) at a price of $39.50 per Common Share for gross proceeds of $167,875,000. The Underwriters will have an option to purchase up to an additional 15% of the Common Shares issued under this brokered offering at a price of $39.50 per Common Share to cover over-allotments exercisable in whole or in part at any time until 30 days after the closing. In conjunction with the offering, certain officers, directors, employees of Tourmaline and their associates intend to participate by purchasing up to 60,000 Common Shares at a price of $39.50 per Common Share on a private placement basis.

The bought deal offering will be completed by way of short form prospectus in all of the provinces of Canada and on a private placement basis in the United States pursuant to exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended, (the “U.S. Securities Act”). The offering is subject to customary conditions including receipt of applicable regulatory approvals and is expected to close on or about June 23, 2015.

The net proceeds of the financing will be used to temporarily reduce indebtedness, which will then be available to be redrawn and applied to expand the Company’s planned 2015 drilling program in its NEBC Montney and Alberta Deep Basin core areas and for general working capital purposes. Additional wells will target new pool EP opportunities as well as follow-ups to successful Q1 2015 high deliverability delineation wells. All of the incremental wells are within the fetch area of Tourmaline’s existing infrastructure and are expected to be tied in by year end 2015 or during the first quarter of 2016.

The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.


Forward-Looking Information

This news release contains forward-looking information that involves known and unknown risks and uncertainties, most of which are beyond Tourmaline’s control, including, without limitation, those listed under “Risk Factors” and “Forward-Looking Statements” in Tourmaline’s Revised Annual Information Form and in its other filings available on SEDAR at Forward-looking information in this press release includes, but is not limited to, the anticipated use of proceeds of the financings, their completion and the timing thereof and receipt of necessary approvals. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking information. Accordingly, undue reliance should not be placed on this forward-looking information. This forward-looking information is made as of the date of this release and, other than as required by applicable securities laws, Tourmaline does not assume any obligation to update or revise it to reflect new events or circumstances. The forward looking information contained in this release is expressly qualified by this cautionary statement.


Tourmaline is a Canadian senior crude oil and natural gas exploration and production company focused on longterm growth through an aggressive exploration, development, production and acquisition program in the Western Canadian Sedimentary Basin.


Tourmaline Oil Corp.
Michael Rose
Chairman, President and Chief Executive Officer
(403) 266-5992


Tourmaline Oil Corp.
Brian Robinson
Vice President, Finance and Chief Financial Officer
(403) 767-3587;


Tourmaline Oil Corp.
Scott Kirker
Secretary and General Counsel
(403) 767-3593;


Tourmaline Oil Corp.
Suite 3700, 250 – 6th Avenue S.W.
Calgary, Alberta T2P 3H7
Phone: (403) 266-5992
Facsimile: (403) 266-5952