Tourmaline Oil : 2025 Tourmaline ESTMA Report

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Extractive Sector Transparency Measures Act - Annual Report							Reporting Entities May Insert Their Brand/Logo here
Reporting Entity Name	Tourmaline Oil Corp
Reporting Year	From	2025-01-01	To:	2025-12-31	Date submitted	2026-05-06
Reporting Entity ESTMA Identification Number	E852430		Original Submission Amended Report
Other Subsidiaries Included (optional field)
For Consolidated Reports - Subsidiary Reporting Entities Included in Report:	Saguaro Resources Ltd. (E223715)
Not Substituted
Attestation Through Independent Audit
In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest that I engaged an independent auditor to undertake an audit of the ESTMA report for the entity(ies) and reporting year listed above. Such an audit was conducted in accordance with the Technical Reporting Specifications issued by Natural Resources Canada for independent attestation of ESTMA reports. The auditor expressed an unmodified opinion, dated 2026-05-06, on the ESTMA Report for the entity(ies) and period listed above. The independent auditor's report can be found at the end of the report.
Full Name of Director or Officer of Reporting Entity	Brian Robinson				Date	2026-05-06
Position Title	Chief Financial Officer

UNCLASSIFIED - NON CLASSIFIÉ#

Extractive Sector Transparency Measures Act - Annual Report
Reporting Year	From:	2025-01-01	To:	2025-12-31
Reporting Entity Name	Tourmaline Oil Corp					Currency of the Report	CAD
Reporting Entity ESTMA Identification Number	E852430
Subsidiary Reporting Entities (if necessary)	Saguaro Resources Ltd. (E223715)
Payments by Payee
Country	Payee Name	Departments, Agency, etc… within Payee that Received Payments	Taxes	Royalties	Fees	Production Entitlements	Bonuses	Dividends	Infrastructure Improvement Payments	Total Amount paid to Payee	Notes
Canada	Government of British Columbia		8,590,000	246,600,000	25,530,000		110,000			280,830,000
Canada	Government of Alberta		8,000,000	158,300,000	34,980,000		33,020,000			234,300,000
Canada	Government of Canada		22,530,000							22,530,000
Canada	Yellowhead County		18,970,000							18,970,000
Canada	Halfway River First Nation				18,390,000		410,000			18,800,000
Canada	Blueberry River First Nations				16,650,000					16,650,000
Canada	Municipal District of Greenview No. 16		11,350,000		310,000					11,660,000
Canada	Saddle Hills County		8,800,000							8,800,000
Canada	Clearwater County		6,620,000							6,620,000
Canada	Ponoka County		3,780,000							3,780,000
Canada	Government of Saskatchewan				1,610,000					1,610,000
Canada	Mountain View County		1,190,000							1,190,000
Canada	County of Wetaskiwin No. 10		680,000							680,000
Canada	Doig River First Nation				470,000					470,000
Canada	Aseniwuche Winewak Nation				340,000					340,000
Canada	O'Chiese First Nation				240,000					240,000
Canada	Horse Lake First Nation				180,000					180,000
Canada	Saulteau First Nations						160,000			160,000
Canada	Red Deer County		130,000							130,000
Canada	Indian Oil and Gas Canada				130,000					130,000
Canada	County of Grande Prairie NO. 1		100,000							100,000
United States of America	State of Oregon	Oregon Department of Revenue	840,000							840,000
Additional Notes:	All payments are reported in Canadian dollars. Payments made in currencies other than Canadian dollars have been translated using a 12 month average exchange rate during the period. The rate used to translate U.S. dollar payments to Canadian dollars is 1.40. All amounts have been rounded to the nearest $10,000 per guidance from NRCan.

UNCLASSIFIED - NON CLASSIFIÉ#

Extractive Sector Transparency Measures Act - Annual Report
Reporting Year	From:	2025-01-01	To:	2025-12-31
Reporting Entity Name	Tourmaline Oil Corp					Currency of the Report	CAD
Reporting Entity ESTMA Identification Number	E852430
Subsidiary Reporting Entities (if necessary)	Saguaro Resources Ltd. (E223715)
Payments by Project
Country	Project Name	Taxes	Royalties	Fees	Production Entitlements	Bonuses	Dividends	Infrastructure Improvement Payments	Total Amount paid by Project	Notes
Canada -British Columbia	NE British Columbia	8,590,000	246,600,000	61,040,000		680,000			316,910,000
Canada -Alberta	Deep Basin	42,360,000	109,420,000	37,020,000		30,120,000			218,920,000
Canada -Alberta	Peach River Arch	9,260,000	48,880,000	770,000		2,900,000			61,810,000	Royalties paid in-kind totalled $48,880,000 and are valued at the fair market value of the volumes taken in-kind, based on Tourmaline's realized sales prices
Canada	Corporate	22,530,000							22,530,000	Canada Revenue Agency (Receiver General of Canada)
Canada -Alberta	Corporate	8,000,000							8,000,000	Alberta Tax and Revenue Administration
United States of America	Corporate	840,000							840,000	Oregon Department of Revenue
Additional Notes:	All payments are reported in Canadian dollars. Payments made in currencies other than Canadian dollars have been translated using a 12 month average exchange rate during the period. The rate used to translate U.S. dollar payments to Canadian dollars is 1.40. All amounts have been rounded to the nearest $10,000 per guidance from NRCan.

BASIS OF PREPARATION

The Schedule of Payments by Payee and the Schedule of Payments by Project (collectively, the "Schedules") prepared by Tourmaline Oil Corp. (the "Company") for the year ended December 31, 2025 have been prepared in accordance with the financial reporting provisions in Section 2, 3, 4 and 9 of the Extractive Sector Transparency Measures Act, Section 2.4 of the Extractive Sector Transparency Measures Act - Technical Reporting Specifications (version 2 - June 2018), and Sections 3 to 3.4 of the Extractive Sector Transparency Measures Act - Guidance (version 2.1 - July 2018) (collectively the "financial reporting framework").

The Schedules are prepared to provide information to the Directors of the Company and the Minister of Natural Resources Canada to assist in meeting the requirements of the Extractive Sector Transparency Measures Act. As a result, the Schedules may not be suitable for another purpose.

MATERIAL ACCOUNTING POLICIES

Cash basis

The Schedules have been prepared using the cash basis of accounting, as required by the financial reporting framework, and therefore exclude any accruals related to payments due to governments.

The Schedules include all cash payments made, excluding cash inflows from a government. Where the Company makes a payment to a government that is net of credits from that government, the net payment amount has been presented.

Projects

The Company has aligned its projects with its cash generating units as determined for financial statement reporting purposes.

Operator

The Company has reported all payments made by it, on its own behalf and in its role as operator, directly to the government on a 'gross' basis. Amounts paid by third party operators, who are subject to the financial reporting framework, have not been included in the Schedules.

Take in-kind payments

The Company has valued in-kind payments at the fair market value of the volumes taken in-kind, based on Tourmaline's realized sales prices

Excluded payments

Certain payments related to the operation of the Company's head office, payments made to governments for commercial services, or payments made to governments which are not related to the commercial extraction of oil and natural gas resources have been excluded from the Schedules, as described in the financial reporting framework.

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INDEPENDENT AUDITORS' REPORT

To the Board of Directors of Tourmaline Oil Corp.

Opinion

We have audited the Schedule of Payments by Payee totaling $629,010,000 and the schedule of Payments by Project totaling $629,010,000 for the year ended December 31, 2025 of Tourmaline Oil Corp. (the "Entity") and notes to each schedule, including a summary of material accounting policies (Hereinafter referred to as the "schedules").

In our opinion, the accompanying schedules for the year ended December 31, 2025 of the Entity are prepared, in all material respects, in accordance with the financial reporting provisions in Section 2, 3, 4 and 9 of the Extractive Sector Transparency Measures Act, Section 2.4 of the Extractive Sector Transparency Measures Act - Technical Reporting Specifications (version 2 - June 2018) and Sections 3 to 3.4 of the Extractive Sector Transparency Measures Act - Guidance (version 2.1 - July 2018).

Basis for Opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the "Auditor's Responsibilities for the Audit of the Schedules" section of our auditor's report.

We are independent of the Entity in accordance with the ethical requirements that are relevant to our audit of the schedules in Canada and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter - Financial Reporting Framework

We draw attention to Note 1 in the schedules which describes the applicable financial reporting framework. The schedules are prepared to assist the Entity to meet the requirements of the Extractive Sector Transparency Measures Act. As a result, the schedules may not be suitable for another purpose.

Our opinion is not modified in respect of this matter.

KPMG LLP, an Ontario limited liability partnership and member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. KPMG Canada provides services to KPMG LLP.