Tourmaline Oil Corp. Increases 2013 Production Guidance and Capital Program and Enters Into Bought Deal Financing

CALGARY, ALBERTA--(Marketwire - Feb. 20, 2013) -

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Tourmaline Oil Corp. (TSX:TOU) ("Tourmaline" or the "Company") is pleased to announce that it is increasing 2013 average production guidance to 80,000 boepd from the original target of 75,000 boepd. The production increase is a direct result of Tourmaline's continued success in the ongoing EP program in the Alberta Deep Basin, NEBC Montney and Spirit River, Alberta core areas. The 2013 capital program has been increased to $740 million from the original 2013 budget of $650 million.

The Company is currently operating 10-11 drilling rigs and the increased capital program will allow the Company to continue to employ 10-11 drilling rigs post spring break-up and for the balance of 2013.

In conjunction with the capital program increase, the Company has entered into a bought-deal financing with a syndicate of underwriters led by Peters & Co. Limited and including Scotia Capital Inc., FirstEnergy Capital Corp., CIBC World Markets Inc., National Bank Financial Inc., TD Securities Inc., Stifel Nicolaus Canada Inc., and RBC Capital Markets. Tourmaline will issue 3,000,000 common shares ("Common Shares") at a price of $34.25 per Common Share for gross proceeds of $102,750,000 and 400,000 flow-through common shares ("Flow-Through Shares") at a price of $42.15 per Flow-Through Share for gross proceeds of $16,860,000 for total gross proceeds of $119,610,000. 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 $34.25 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 30,000 Common Shares at a price of $34.25 per common share and up to 75,000 Flow-Through Shares at a price of $42.15 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 offerings are subject to customary conditions including receipt of applicable regulatory approvals and are expected to close on or about March 12, 2013.

The net proceeds of the financing will be used to temporarily reduce indebtedness, which will then be available to be redrawn and applied to fund the expanded 2013 capital program from $650 million to $740 million and for general corporate purposes. Tourmaline will use the proceeds of the Flow-Through Share financing to incur eligible Canadian Exploration Expenses on the exploration of its properties prior to December 31, 2014. These qualifying Canadian Exploration Expense expenditures will be renounced to subscribers for the 2013 tax year.

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.

About Tourmaline Oil Corp.

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

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 Annual Information Form and in its other filings available on SEDAR at www.sedar.com. Forward-looking information in this press release includes, but is not limited to, information concerning 2013 production levels, the number of drilling rigs to operated in 2013, 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.

BOE Equivalency

In this press release, production and reserves information may be presented on a "barrel of oil equivalent" or "BOE" basis. BOEs may be misleading, particularly if used in isolation. 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. In addition, as the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.