Client credit balances are not used to facilitate any trading or risk businesses. In response to the COVID-19 pandemic, the Company is following all applicable rules and regulations as set out by the relevant health authorities and has implemented many health and safety protocols into its operations. For those reasons, estimates of the economically recoverable crude oil, NGL and natural gas reserves attributable to any particular group of properties, classification of such reserves based on risk of recovery and estimates of future net revenues associated with reserves prepared by different engineers, or by the same engineers at different times, may vary. We also offer a consultative approach, a commitment to service, and security-specific insights that allow us to trade effectively on clients’ behalf. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. Our commission management team members average over 20 years of experience and have a history of thought leadership in the commission management business. A 2020 production exit of 322,500 – 327,500 boepd is now estimated. Tourmaline Europe, LLP is a separate but affiliated entity of Tourmaline Partners, LLC. largest Montney producers, Large, regional, light oil and gas See "Non-GAAP Financial Measures" in this news release and in the Company's Q2 2020 Management's Discussion and Analysis, "Free cash flow" is defined as cash flow less total net capital expenditures. We systematically optimize and reduce operating costs across our entire asset base. In the past 5 years, we have achieved 50% well cost reductions in all three core areas. HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, Q2 2020 delivered significant free cash flow. Approximately 75% of Tourmaline's natural gas volumes are sold on the Western half of the continent (PGE, Malin, Sumas, Station 2, AECO) where 2021 gas supply diminishment is anticipated to be the greatest. The forward-looking information is based on certain key expectations and assumptions made by Tourmaline, including expectations and assumptions concerning the following: prevailing and future commodity prices and currency exchange rates including in the case of 2020 and 2021 production estimates, 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 for 2020 and 2021, respectively) and an exchange rate assumption of $0.73 and 0.74 (US/CAD) for 2020 and 2021, respectively; the degree to which Tourmaline's operations and production will be disrupted by circumstances attributable to the COVID-19 pandemic and the responses of governments and the public to the pandemic; applicable royalty rates and tax laws; interest rates; future well production rates and reserve volumes; operating costs, the timing of receipt of regulatory approvals; the performance of existing wells; the success obtained in drilling new wells; anticipated timing and results of capital expenditures; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the benefits to be derived from acquisitions; the state of the economy and the exploration and production business including the impacts of  the COVID-19 pandemic and the responses of governments and the public to the pandemic thereon; the availability and cost of financing, labour and services; and ability to market crude oil, natural gas and NGL successfully. Our flexible approach enables clients to credit their CCA/CSA account when trading directly with Tourmaline Partners and/or with the executing broker(s) of their choice, while aggregating their commissions in a single, centralized account. That is why we offer the ability to outsource their entire trading function to us, reducing fixed costs, improving execution, and leveraging the collective size of all our clients. 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.

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