Although Tourmaline believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Tourmaline can give no assurances that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to: the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, production, costs and expenses; health, safety and environmental risks; commodity price and exchange rate fluctuations; interest rate fluctuations; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations. Readers are cautioned that the foregoing list of factors is not exhaustive.
Also included in this press release are estimates of Tourmaline's 2013 and 2014 annual cash flow, and net debt at the end of 2013 and 2014, respectively, which are based on the various assumptions as to production levels, including estimated 2013 average production of 80,000 boepd, estimated 2014 average production of between 116,000 and 120,000 boepd, capital expenditures, and other assumptions disclosed in this press release and including commodity price assumptions for natural gas (AECO - $3.43 /mcf 2013 and $ 3.86 /mcf 2014), and crude oil (WTI (US) - $95.00 /bbl 2013 and $95.00 /bbl 2014) and an exchange rate assumption of $0.99 (US/CAD) for 2013 and $1.00 (US/CAD) for 2014. To the extent any such estimates constitute a financial outlook, they were approved by management and the Board of Directors of Tourmaline on September 5, 2013 and are included to provide readers with an understanding of Tourmaline's anticipated cash flow for and net debt as at the periods indicated based on the capital expenditure and other assumptions described herein and readers are cautioned that the information may not be appropriate for other purposes.
Additional information on these and other factors that could affect Tourmaline, or its operations or financial results, are included in the Company's most recently filed Management's Discussion and Analysis (See "Forward-Looking Statements" therein), Annual Information Form (See "Risk Factors" and "Forward-Looking Statements" therein) and other reports on file with applicable securities regulatory authorities which may be accessed through the SEDAR website (www.sedar.com) or Tourmaline's website (www.tourmalineoil.com).
The forward-looking information contained in this press release is made as of the date hereof and Tourmaline undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless expressly required by applicable securities laws.
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