Tourmaline Oil Corp. announced operating results for the fourth quarter and year ended 2017. The company achieved the 2017 exit target of 270,000 to 280,000 boepd, averaging approximately 274,000 boepd in December.

The company achieved year-over-year production growth of 30% in 2017, also on target. Fourth quarter 2017 average production was approximately 263,000 boepd.

For the first quarter of 2018, current production is ranging between 270,000 and 275,000 boepd; current total liquids production is approximately 48,000 bpd. Production is expected to ramp up further during the first quarter via planned tie - ins in all three core areas.

For 2018, the company estimated average production of 270,000 to 280,000 boepd and commodity price assumptions for natural gas (AECO ­ $2.50/mcf for 2018), and
crude oil (WTI (US) ­ $52.00 /bbl for 2018). Tourmaline currently has 790 mmcfpd of daily gas production that is transported to NYMEX-based hubs or priced away from AECO and Station 2 day prices.

The company expects to achieve top-tier growth and generate free cash flow in 2018. Approximately 34% of 2018 budgeted corporate revenue is generated by the company's rapidly-growing liquids portfolio.

Net debt is expected to drop from third quarter 2017 levels sequentially both at year end 2017 and in first quarter of 2018.