TOURMALINE FILES EARLY WARNING REPORT

Tourmaline Oil Corp. (TSX: TOU,OTC:TRMLF) ("Tourmaline" or the "Company") announces the filing of an early warning report (the "Early Warning Report") pursuant to National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

Between June 1, 2026 and September 8, 2026, Tourmaline completed two minor acquisitions (together, the "Acquisitions") in both the BC Montney and Alberta Deep Basin gas complexes to consolidate producing assets, infrastructure and future drilling inventories in both complexes, complementing Tourmaline's long-term exploration and production growth strategy. Pursuant to the Acquisitions, Tourmaline disposed of an aggregate of 3,598,397 common shares ("Common Shares") of Topaz Energy Corp. ("Topaz") to third-party sellers as consideration for the Acquisitions (the "Dispositions"). As a result of the Dispositions, Tourmaline's beneficial ownership of Common Shares was reduced by more than two percent (2%) of Topaz's outstanding Common Shares since the filing of its last early warning report.

Prior to the Dispositions, Tourmaline held 23,529,494 Common Shares, representing approximately 15.19% of the issued and outstanding Common Shares. Following the completion of the Dispositions, Tourmaline holds 19,931,097 Common Shares, representing approximately 12.87% of the issued and outstanding Common Shares.

Tourmaline intends to hold its remaining Common Shares for investment purposes. Tourmaline may from time to time, depending on market and other conditions, acquire additional Common Shares or dispose of Common Shares through market transactions, public offerings, private agreement or otherwise.

The Early Warning Report with additional information in respect of the foregoing matters will be filed and made available on SEDAR+ at www.sedarplus.ca under Topaz's issuer profile. A copy of such report may also be obtained by contacting the secretary of Topaz, on behalf of Tourmaline, at telephone number (587) 747-4830.

Each of Tourmaline and Topaz's head office is located at Suite 2900, 250 6th Avenue SW, Calgary, Alberta T2P 3H7.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements and information (collectively, "forward-looking information") within the meaning of applicable securities legislation, which reflects Tourmaline's current expectations regarding future events, including but not limited to the benefits of the Acquisitions and Tourmaline's intention to hold the Common Shares for investment purposes and acquire or dispose of Common Shares from time to time. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Tourmaline's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risk Factors" in Tourmaline's most recent annual information form, which is available on SEDAR+ at www.sedarplus.com. Tourmaline does not undertake any obligations to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable laws.

ABOUT Tourmaline Oil Corp.

Tourmaline is Canada's largest and most active natural gas producer dedicated to producing the lowest-development-cost natural gas in North America. We are an investment grade exploration and production company providing strong and predictable operating and financial performance through the development of our two core areas in the Western Canadian Sedimentary Basin. With our existing large reserve base, decades-long drilling inventory, relentless focus on execution, cost management, safety and environmental performance improvement, we are excited to provide shareholders an excellent return on capital and an attractive source of income through our base dividend and surplus free cash flow distribution strategies.

SOURCE Tourmaline Oil Corp.

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