CALGARY, June 17, 2019 /CNW/ – Tourmaline Oil Corp. (TSX – TOU) (“Tourmaline“) is pleased to announce that it intends to make a normal course issuer bid (the “NCIB“) to purchase its common shares. The NCIB is subject to approval by the Toronto Stock Exchange (the “TSX“), and if approved, will be made in accordance with the applicable rules and policies of the TSX and applicable Canadian securities laws.
Tourmaline intends to purchase up to 5% of its outstanding common shares over a period of twelve months commencing after TSX approval.
Under the NCIB, common shares may be repurchased in open market transactions on the TSX and other alternative trading platforms in Canada in accordance with the rules of the TSX governing NCIB’s.
Tourmaline believes that, at times, the prevailing share price does not reflect the underlying value of the common shares and the repurchase of its common shares for cancellation represents an attractive opportunity to enhance Tourmaline’s per share metrics and thereby increase the underlying value of its common shares to its shareholders. Tourmaline will use the NCIB as another tool to enhance total long-term shareholder returns and will be used in conjunction with management’s disciplined free funds flow capital allocation strategy.
About Tourmaline Oil Corp.
Tourmaline is a Canadian senior 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.