In This Article:
CALGARY, AB, June 5, 2024 /CNW/ - Tourmaline Oil Corp. (TSX: TOU) ("Tourmaline" or the "Company") is pleased to announce that its Board of Directors has declared a quarterly cash dividend on its common shares of C$0.32 per share. The dividend will be payable on June 28, 2024 to shareholders of record at the close of business on June 14, 2024. This quarterly cash dividend is designated as an "eligible dividend" for Canadian income tax purposes.
ELECTION OF DIRECTORS
Tourmaline also announces that the following nine individuals proposed by management were elected as directors of Tourmaline at its annual meeting of shareholders held on June 5, 2024 (the "Meeting"):
| Nominee | Votes For | % For | Votes Withheld | % Withheld |
| Michael L. Rose | 237,346,148 | 97.92 | 5,040,056 | 2.08 |
| Brian G. Robinson | 226,674,874 | 93.52 | 15,711,330 | 6.48 |
| Jill T. Angevine | 233,364,697 | 96.28 | 9,021,507 | 3.72 |
| William D. Armstrong | 239,621,224 | 98.86 | 2,764,980 | 1.14 |
| Lee A. Baker | 239,335,774 | 98.74 | 3,050,430 | 1.26 |
| Christopher E. Lee | 242,325,739 | 99.98 | 60,465 | 0.02 |
| Andrew B. MacDonald | 223,564,846 | 92.23 | 18,821,358 | 7.77 |
| Lucy M. Miller | 230,286,549 | 95.01 | 12,099,655 | 4.99 |
| Janet L. Weiss | 242,273,066 | 99.95 | 113,138 | 0.05 |
All other matters presented for approval at the Meeting, including the appointment of auditors, were approved by Tourmaline's shareholders. A report of voting results will be available on SEDAR+ at www.sedarplus.ca.
Reader Advisories
CURRENCY
All amounts in this news release are stated in Canadian dollars unless otherwise specified.
FORWARD-LOOKING INFORMATION
This news release contains forward-looking information and statements (collectively, "forward-looking information") within the meaning of applicable securities laws. The use of any of the words "forecast", "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "on track", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information. More particularly and without limitation, this news release contains forward-looking information concerning the future payment of dividends and the timing and amount thereof which assumes the availability of free cash flow to fund such dividends. 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; 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 availability and cost of financing, labour and services; ability to maintain its investment grade credit rating; and ability to market crude oil, natural gas and natural gas liquids successfully. Without limitation of the foregoing, future dividend payments, if any, and the level thereof is uncertain, as the Company's dividend policy and the funds available for the payment of dividends from time to time is dependent upon, among other things, free cash flow, financial requirements for the Company's operations and the execution of its growth strategy, fluctuations in working capital and the timing and amount of capital expenditures, debt service requirements and other factors beyond the Company's control. Further, the ability of Tourmaline to pay dividends will be subject to applicable laws (including the satisfaction of the solvency test contained in applicable corporate legislation) and contractual restrictions contained in the instruments governing its indebtedness, including its credit facility.