CALGARY, ALBERTA -- (Marketwire) -- 02/12/13 -- Tourmaline Oil Corp. (TSX: TOU) ("Tourmaline" or the "Company") is pleased to provide the following operations and financial update and highlights from its year-end 2012 independent reserve evaluation.
-- Total year-end 2012 Proved plus Probable (2P) reserves of 438.0 mmboe after only four full years of operation.-- Total 2P reserve additions of 186.6 mmboe in 2012, representing 69% growth over 2011 total 2P reserves before 2012 production (54% per share). Similarly, proved reserves grew by 80% in 2012 over 2011 (63% per share).-- Year-end 2012 2P reserve value of $4.3 billion (10% discount, before tax), representing 61% growth over year-end 2011 2P reserve value, despite a difficult gas price environment during the year and lower overall natural gas prices utilized in the 2012 independent report. (Net Present Value increase in 2012 of $1.65 billion.)-- 2012 2P finding, development and acquisition costs (FD&A) of $10.35/boe including future development capital (FDC) and $5.80/boe excluding FDC, down from $13.34/boe in 2011 (including changes in FDC). 2012 total proved FD&A costs were $14.06/boe (including FDC), down from $19.71/boe in 2011.-- Year-end 2012 proved developed producing (PDP) reserves of 92.0 mmboe and 11.1 mmboe proved developed non-producing (PDNP) reserves. The majority of the non-producing reserves will come on-stream during Q2 2013 via the ongoing new facility projects at Sunrise-Dawson, B.C., and Spirit River, Alberta. First quarter 2013 drilling and tie-ins are expected to add a further 13.0 mmboe of PDP reserves during the quarter.-- 2012 Recycle Ratio of 2.25 based on 2012 2P finding, development and acquisition costs (FD&A) of $10.35 per boe (including FDC) and 2013 forecast funds from operations per boe of $23.26.
-- Tourmaline exceeded its year-end 2012 exit production guidance of 70,000 boepd, and expects to reach the 75,000 boepd production level, on a sustained basis, in March 2013.-- Current full year 2013 average production guidance is 75,000 boepd, representing approximately 50% growth over average 2012 production of 50,803 boepd.-- The Company will bring approximately 13,000 boepd of currently shut-in production on-stream in mid-May via a new gas plant in Dawson/Doe, B.C. and an expanded facility at Spirit River.-- The Company also has an additional 21 wells to tie-in and bring on- stream during the first quarter, throughout the operated EP portfolio.
-- Tourmaline is currently operating 11 drilling rigs, with eight rigs in the Deep Basin, two rigs at Spirit River, and one rig in NEBC. A total of 28-30 new wells are planned for the first quarter of 2013.-- Seven of the eight Deep Basin rigs are drilling horizontal wells and 2013 will be the first year in which the Company will realize the benefit of Deep Basin horizontal drilling for the full year.-- The most recent Wilrich horizontal at Horse in the Deep Basin tested at a final test rate of 26.1 mmcfpd @ 18.7 MPa at the conclusion of a three-day test period.-- The most recent Spirit River pool expansion horizontal has averaged 836 bopd and 2.7 mmcfpd of gas during the first seven days of production.