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Press release from CNW Group

Tourmaline Oil Corp. Enters Into Flow-Through Common Share Bought Deal Financing

Thursday, November 10, 2011

Tourmaline Oil Corp. Enters Into Flow-Through Common Share Bought Deal Financing08:10 EST Thursday, November 10, 2011Not for distribution to U.S. newswire services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities law.CALGARY, Nov. 10, 2011 /CNW/ - Tourmaline Oil Corp. (TSX - TOU) ("Tourmaline") is pleased to announce that it has entered into a 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., CIBC World Markets Inc., Cormark Securities Inc., National Bank Financial Inc., Stifel Nicolaus Canada Inc., and TD Securities Inc. Tourmaline will issue 1,000,000 flow-through common shares ("Flow-Through Shares") at a price of $41.00 per Flow-Through Share for gross proceeds of $41.0 million.  In conjunction with the offering, certain officers, directors, employees of Tourmaline and their associates intend to participate by purchasing a minimum of 100,000 Flow-Through Shares up to a maximum of 200,000 additional Flow-Through Shares at a price of $41.00 per Flow-Through Share on a private placement basis.The bought deal offering will be completed by way of short form prospectus in all of the provinces of Canada, except Québec. The offerings are subject to customary conditions including receipt of applicable regulatory approvals and are expected to close on or about December 1, 2011.Tourmaline will use the proceeds of the financing to incur eligible Canadian Exploration Expenses on the exploration of its properties prior to December 31, 2012. These qualifying Canadian Exploration Expense expenditures will be renounced to subscribers for the 2011 tax year.The securities offered have not been, and will not be, registered under the U.S. 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.Scheduled Conference Call CancelledAs a result of the financing the regular Q3 Earnings Conference Call scheduled for November 10 at 10:00 a.m. MT is cancelled.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 InformationThis news release contains forward-looking information that involves known and unknown risks and uncertainties, most of which are beyond Tourmaline's control, including, without limitation, those listed under "Risk Factors" and "Forward-Looking Statements" in Tourmaline's Revised Annual Information Form and in its other filings available on SEDAR at www.sedar.com. Forward-looking information in this press release includes, but is not limited to, information concerning the anticipated use of proceeds of the financings, their completion and the timing thereof and receipt of necessary approvals. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking information. Accordingly, undue reliance should not be placed on this forward-looking information. This forward-looking information is 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 it to reflect new events or circumstances. The forward looking information contained in this release is expressly qualified by this cautionary statement. For further information: Tourmaline Oil Corp. Michael Rose Chairman, President and Chief Executive Officer (403) 266-5992; rose@tourmalineoil.com  OR Tourmaline Oil Corp. Brian Robinson Vice President, Finance and Chief Financial Officer (403) 767-3587; robinson@tourmalineoil.com OR Tourmaline Oil Corp. Scott Kirker Secretary and General Counsel (403) 767-3593; kirker@tourmalineoil.com OR Tourmaline Oil Corp. Suite 3700, 250 - 6th Avenue S.W. Calgary, Alberta  T2P 3H7 Phone:  (403) 266-5992 Facsimile:  (403) 266-5952 www.tourmalineoil.com