TOURMALINE DELIVERS RECORD CASH FLOW AND FREE CASH FLOW IN Q2 2022, DECLARES SPECIAL DIVIDEND AND ANNOUNCES STRATEGICALLY TIMED GROWTH PROJECTS CALGARY, AB , July 27, 2022 |CNW| - Tourmaline Oil Corp. (TSX: TOU ) ("Tourmaline" or the "Company") is pleased to release financial and operating results for the second quarter ("Q2") of 2022, declare a special dividend and announce strategically timed growth projects. HIGHLIGHTS Second quarter 2022 cash flow (1)(2) ("CF") was a record $1.35 billion ( $3.95 per diluted share (3) ), a 137% increase over second quarter 2021 cash flow. Net debt (4) at June 30, 2022 , was $430.0 million , well below the long-term debt target of $1.0 - $1.2 billion . This places Tourmaline in an excellent position to concurrently fund the Conroy project and to continue its free cash flow (5) ("FCF") allocation strategy. Second quarter 2022 free cash flow was a record $1.1 billion ( $3.25 per diluted share) enabling the Company to declare a special dividend of $2.00 per common share to be paid August 12, 2022 to shareholders of record on August 5, 2022 . Tourmaline''s trailing 12-months of distributed dividends now total $6.28 per share (inclusive of this August 2022 special dividend), an implied 9% trailing yield (6) .