Mr. Michael Rose of Tourmaline reports

TOURMALINE FILES EARLY WARNING REPORT

Tourmaline Oil Corp. has filed an early warning report pursuant to National Instrument 62-103 (the Early Warning System and Related Take-Over Bid and Insider Reporting Issues).

Between June 1, 2026, and Sept. 8, 2026, Tourmaline completed two minor acquisitions in both the B.C. Montney and Alberta Deep basin gas complexes to consolidate producing assets, infrastructure and future drilling inventories in both complexes, complementing Tourmaline's long-term exploration and production growth strategy. Pursuant to the acquisitions, Tourmaline disposed of an aggregate of 3,598,397 common shares of Topaz Energy Corp. to third party sellers as consideration for the acquisitions. As a result of the dispositions, Tourmaline's beneficial ownership of common shares was reduced by more than 2 per cent of Topaz's outstanding common shares since the filing of its last early warning report.

Prior to the dispositions, Tourmaline held 23,529,494 common shares, representing approximately 15.19 per cent of the issued and outstanding common shares. Following the completion of the dispositions, Tourmaline holds 19,931,097 common shares, representing approximately 12.87 per cent of the issued and outstanding common shares.

Tourmaline intends to hold its remaining common shares for investment purposes. Tourmaline may, from time to time, depending on market and other conditions, acquire additional common shares or dispose of common shares through market transactions, public offerings, private agreement or otherwise.

The early warning report with additional information in respect of the foregoing matters will be filed and made available on SEDAR+ under Topaz's issuer profile. A copy of such report may also be obtained by contacting the secretary of Topaz, on behalf of Tourmaline, at telephone number 587-747-4830.

About Tourmaline Oil Corp.

Tourmaline is Canada's largest and most active natural gas producer dedicated to producing the lowest-development-cost natural gas in North America. It is an investment-grade exploration and production company providing strong and predictable operating and financial performance through the development of its two core areas in the Western Canadian sedimentary basin. With its existing large reserve base, decades-long drilling inventory, relentless focus on execution, cost management, and safety and environmental performance improvement, it is excited to provide shareholders an excellent return on capital and an attractive source of income through its base dividend and surplus free cash flow distribution strategies.

We seek Safe Harbor.