Chinook Energy Completes Plan of Arrangement

Calgary, Alberta--(Newsfile Corp. - April 21, 2020) - Chinook Energy Inc. (TSX: CKE) ("Chinook") is pleased to announce that it has completed its previously announced plan of arrangement (the "Arrangement") pursuant to which Tourmaline Oil Corp. acquired all the issued and outstanding common shares of Chinook ("Chinook Shares") for cash consideration of $0.0675 per Chinook Share or approximately $15 million in aggregate, exclusive of assumed debt. The Chinook Shares will be delisted from the Toronto Stock Exchange within two to three business days. Chinook has also applied to cease to be a reporting issuer in all provinces and territories of Canada. Further details regarding the Arrangement are included in Chinook's information circular dated March 10, 2020, a copy of which is available under Chinook's profile on SEDAR at www.sedar.com.

About Chinook Energy Inc.

Chinook is a Calgary-based oil and natural gas exploration and development company with a large contiguous Montney liquids-rich natural gas position at Birley/Umbach, British Columbia.

About Tourmaline Oil Corp.

Tourmaline is a Canadian senior 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. Tourmaline's head office is located at Suite 3700, 250 - 6th Avenue S.W., Calgary, Alberta T2P 3H7 and its registered office is located at Suite 2400, 525 - 8th Avenue S.W., Calgary, Alberta T2P 1G1. A copy of Tourmaline's early warning report will appear on Chinook's profile on SEDAR at www.sedar.com and may also be obtained by contacting Scott Kirker, Secretary and General Counsel of Tourmaline, at (403) 767-3593 or scott.kirker@tourmalineoil.com.

For further information, please contact:

Tourmaline Oil Corp.
Michael Rose
Chairman, President and Chief Executive Officer
(403) 266-5992

OR

Tourmaline Oil Corp.
Brian Robinson
Vice President, Finance and Chief Financial Officer
(403) 767-3587
brian.robinson@tourmalineoil.com

OR

Tourmaline Oil Corp.
Scott Kirker
Secretary and General Counsel
(403) 767-3593
scott.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

E-mail: info@tourmalineoil.com
www.tourmalineoil.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54699