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Press release from Marketwire

Tourmaline Oil Corp. Enters Into Private Placement Bought Deal Flow-Through Financing

Monday, February 14, 2011

Tourmaline Oil Corp. Enters Into Private Placement Bought Deal Flow-Through Financing08:13 EST Monday, February 14, 2011CALGARY, ALBERTA--(Marketwire - Feb. 14, 2011) -NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.Tourmaline Oil Corp. (TSX:TOU) ("Tourmaline") is pleased to announce that it has entered into a private placement flow-through common share financing agreement on a bought deal basis with a syndicate of underwriters led by Peters & Co. Limited and including FirstEnergy Capital Corp., Scotia Capital Inc., TD Securities Inc. and Cormark Securities Inc. Tourmaline will issue 1,000,000 flow-through common shares at a price of $30.00 per share for total proceeds of $30 million. In addition, officers, directors and employees of Tourmaline will participate by purchasing up to 350,000 additional flow-through common shares at a price of $30.00 per share. Tourmaline will use the proceeds of the financing to incur eligible Canadian Exploration Expenses on its properties. These qualifying expenditures will be renounced to subscribers for the 2011 tax year. The financing is subject to customary regulatory approvals and is expected to close on or about March 8, 2011.The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.About Tourmaline Oil Corp.Tourmaline is a Canadian intermediate crude oil and natural gas exploration and production company focused on long-term growth through an aggressive exploration, development, production and acquisition program in the Western Canadian Sedimentary Basin.Forward-Looking StatementsThis news release contains forward-looking statements or information that involves known and unknown risks and uncertainties, most of which are beyond the control of Tourmaline, including, without limitation, those listed under "Risk Factors" and "Forward-Looking Statements" in Tourmaline's final prospectus dated November 15, 2010. Forward-looking statements or information in this press release includes, but is not limited to, information concerning the anticipated use of proceeds of the financing, its completion and receipt of necessary approvals. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements or information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements or information. Accordingly, undue reliance should not be placed on these forward-looking statements or information. These forward-looking statements or information are made as of the date of this release and, other than as required by applicable securities laws, Tourmaline does not assume any obligation to update or revise them to reflect new events or circumstances.FOR FURTHER INFORMATION PLEASE CONTACT: Michael RoseTourmaline Oil Corp.Chairman, President and Chief Executive Officer(403) 266-5992rose@tourmalineoil.comORBrian RobinsonTourmaline Oil Corp.Vice President, Finance and Chief Financial Officer(403) 767-3587robinson@tourmalineoil.comORScott KirkerTourmaline Oil Corp.Secretary and General Counsel(403) 767-3593kirker@tourmalineoil.comORSuite 3700, 250 - 6th Avenue S.W.Tourmaline Oil Corp.Calgary, Alberta T2P 3H7(403) 266-5992(403) 266-5952 (FAX)www.tourmalineoil.com