TOURMALINE CONTINUES BC MONTNEY CONSOLIDATION STRATEGY WITH THE ACQUISITION OF CREW ENERGY INC. AND INCREASES BASE DIVIDEND

CALGARY, AB, Aug. 12, 2024 /CNW/ - Tourmaline Oil Corp. (TSX: TOU) ("Tourmaline" or the "Company") is pleased to announce that it has entered into a definitive arrangement agreement with Crew Energy Inc. ("Crew") to acquire all of the issued and outstanding common shares of Crew⁽¹⁾ (the "Acquisition" or the "Arrangement") in exchange for 18.778 million Tourmaline common shares and the assumption of net debt of approximately $240 million, including all transaction costs, for total consideration of approximately $1.3 billion⁽²⁾. The Acquisition is expected to close in early October 2024, subject to customary closing conditions.