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Tourmaline Oil Corp | September 2016 Corporate Presentation | Michael L. Rose | Page 14 of 11 | November 25, 2024

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Gas Development Location Inventory and Economics Aug 2016 AB Deep Basin Outer Foothills AB Deep Basin B.C. Montney Charlie Lake Vertical Vertical Horizontal Horizontal Horizontal Total Well Costs 3.7 5.25 4.40 2.90 2.7 (Drill, Case, Complete, $ Million) Average Reserves/Well (bcfe)* 2.5 5.5 5.5 6.1 2.2 Year 1 Production Rate 1.62 mmcfepd 3.36 mmcfepd 3.92 mmcfepd 4.13 mmcfepd 237 boepd Development Cost/boe $8.88 $5.73 $4.80 $2.84 $7.22 Operating Expenses/boe $4.00 $4.50 $3.13 $3.20 $10.00 Net Present Value @ $1,552 $6,191 $7,830 $9,008 $4,215 10% (000’s) Internal Rate of Return 20% 39% 61% 97% 52% Year 1 Gas Price ** $2.62 $2.72 $2.67 $1.90 $ 3.02 Future Development Locations*** 2,310 450 6,073 2,105 1,606 • Tourmaline has drilled more than 722 wells since Feb 2009. Tourmaline drilled approximately 200 wells in 2015 and has added over 500 new locations to the Future Development Inventory in 2015 alone. • Refer also to page 22 “Sweet Spot Location Inventory’. The enhanced recoveries and economics from the Sweet Spot Location Inventory subset are not reflected in the total inventory analysis and averages summarized above. * management internal estimate (2 wells/section) ** Independent Reserve Engineer Jan 1, 2016 escalated price forecast, adjusted for transportation and heat content *** See Schedule A 999 net future locations in 2015 GLJ report 14