CALGARY, AB, June 7, 2023 /CNW/ – Tourmaline Oil Corp. (TSX: TOU) (“Tourmaline” or the “Company“) is pleased to announce that its Board of Directors has declared a quarterly cash dividend on its common shares of C$0.26 per share. The dividend will be payable on June 30, 2023 to shareholders of record at the close of business on June 15, 2023. This quarterly cash dividend is designated as an “eligible dividend” for Canadian income tax purposes.
Tourmaline also announces that the following ten individuals proposed by management were elected as directors of Tourmaline at its annual meeting of shareholders held on June 7, 2023 (the “Meeting“):
Nominee |
Votes For |
% For |
Votes Withheld |
% Withheld |
Michael L. Rose |
235,795,551 |
98.02 |
4,767,007 |
1.98 |
Brian G. Robinson |
218,488,014 |
90.82 |
22,074,544 |
9.18 |
Jill T. Angevine |
235,372,314 |
97.84 |
5,190,244 |
2.16 |
William D. Armstrong |
237,491,811 |
98.72 |
3,070,747 |
1.28 |
Lee A. Baker |
237,891,309 |
98.89 |
2,671,249 |
1.11 |
John W. Elick |
238,792,301 |
99.26 |
1,770,257 |
0.74 |
Andrew B. MacDonald |
212,059,466 |
88.15 |
28,503,092 |
11.85 |
Lucy M. Miller |
236,367,471 |
98.26 |
4,195,087 |
1.74 |
Janet L. Weiss |
239,804,744 |
99.68 |
757,814 |
0.32 |
Ronald C. Wigham |
234,783,180 |
97.60 |
5,779,378 |
2.40 |
All other matters presented for approval at the Meeting, including the appointment of auditors and approval of unallocated options under the Company’s share option plan were approved by Tourmaline’s shareholders. A report of voting results will be available on SEDAR at www.sedar.com.
FOREST FIRE UPDATE
Tourmaline experienced evacuations and production disruptions during the month of May in both Alberta and NEBC. The Company is pleased to report that there were no injuries to staff related to the fires, no damage to producing infrastructure and that production has resumed at all but one of the affected facilities. The Laprise Creek plant in NEBC, with net production of approximately 11,000 boepd, is currently in an evacuation zone and remains shut in. The Company is expecting to re-establish access during the next week. Tourmaline estimates that the overall net impact to Q2 2023 production from the wildfire events is in the 1.5-2.0% range.