SOURCE: Tourmaline Oil Corp.

Tourmaline Oil Corp.

SOURCE: Mapan Energy Ltd.

Mapan Energy Ltd.

August 14, 2015 16:20 ET

Tourmaline Oil Corp. Completes Acquisition of Mapan Energy Ltd.

CALGARY, AB--(Marketwired - August 14, 2015) - Tourmaline Oil Corp. (TSX: TOU) ("Tourmaline") and Mapan Energy Ltd. (TSX VENTURE: MPG) ("Mapan") jointly announce the completion of Tourmaline's previously announced acquisition of all of the outstanding Mapan common shares pursuant to an arrangement under the Business Corporations Act (Alberta) (the "Arrangement"). Under the Arrangement, which was approved by Mapan shareholders by a vote of greater than 99.9% of the votes cast at the meeting, Mapan shareholders received 0.0379 of a Tourmaline common share for each Mapan common share resulting in the issue of approximately 2.7 million Tourmaline common shares. It is anticipated that the Mapan common shares will be delisted from trading at the close of markets on the TSX Venture Exchange on or about August 17, 2015.

Peters & Co. Limited acted as exclusive financial advisor to Tourmaline and FirstEnergy Capital Corp. acted as exclusive financial advisor to Mapan with respect to the Arrangement.

Mapan shareholders who have not already done so should submit their Mapan common shares to CST Trust Company, the depositary pursuant to the Arrangement, together with applicable letters of transmittal in accordance with the instructions set out therein in order to receive Tourmaline common shares that they are entitled to receive pursuant to the Arrangement. Letters of transmittal were previously sent to Mapan shareholders and additional copies may be obtained by contacting CST Trust Company by telephone at 1-800-387-0825 or by email at inquiries@canstockta.com and are also available under Mapan's profile on www.sedar.com.

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 news release includes, but is not limited to, information concerning the anticipated date of delisting of Mapan's common shares from the TSX Venture Exchange. 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 news release is expressly qualified by this cautionary statement.

Contact Information

  • For further information, please contact:

    Tourmaline Oil Corp.
    Michael Rose
    Chairman, President and Chief Executive Officer
    (403) 266-5992
    rose@tourmalineoil.com

    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
    Phone: (403) 266-5992
    Facsimile: (403) 266-5952
    www.tourmalineoil.com