Tourmaline Oil Corp. Completes $78.4 Million Flow-Through Financing

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 -- (Marketwired - June 2, 2014) - Tourmaline Oil Corp. (TSX:TOU) ("Tourmaline") is pleased to announce that it has completed its previously announced flow-through share financing. At closing, Tourmaline issued 1,150,000 common shares (of which 1,000,000 were issued on a "bought deal" basis through a syndicate of underwriters and 150,000 were placed directly by Tourmaline primarily to directors, officers and employees of Tourmaline) on a "flow-through" basis in accordance with the provisions of the Income Tax Act (Canada) at a price of $68.15 per share for total proceeds of approximately $78.4 million. The underwriting syndicate was led by Peters & Co. Limited and included FirstEnergy Capital Corp., Scotia Capital Inc., CIBC World Markets Inc., National Bank Financial Inc., RBC Capital Markets and TD Securities Inc.

Tourmaline will use the proceeds of the financing to incur eligible Canadian Exploration Expenses on its properties. These qualifying expenditures will be renounced to subscribers for the 2014 tax year.

The securities offered have not been, and will not be, registered under the United States 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 the anticipated use of proceeds of the financing. 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.



Contact

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
robinson@tourmalineoil.com

Tourmaline Oil Corp.
Scott Kirker, Secretary and General Counsel
(403) 767-3593
kirker@tourmalineoil.com

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