We systematically optimize and reduce operating costs across our entire asset base. Tourmaline provides access to research and brokerage services from a growing universe of independent boutiques and analysts, brokerage firms of all sizes and companies providing market information, data and analytics. Indigenous consultation is a vital part of our corporate success and our policy on stakeholder relations. This news release contains certain oil and gas metrics which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons.
These include, but are not limited to: the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertain impacts of COVID-19 on Tourmaline's business, and the societal, economic and governmental response to COVID-19; the uncertainty of estimates and projections relating to reserves, production, revenues, costs and expenses; health, safety and environmental risks; commodity price and exchange rate fluctuations; interest rate fluctuations; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; ability to access sufficient capital from internal and external sources; uncertainties associated with counterparty credit risk; failure to obtain required regulatory and other approvals; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations. Our commission management team members average over 20 years of experience and have a history of thought leadership in the commission management business. Q3 2020 production of 295,000 – 300,000 boepd is currently anticipated. This news release includes references to "free cash flow", "cash flow", "net debt" and "net capital expenditures" which are financial measures commonly used in the oil and gas industry and do not have a standardized meaning prescribed by International Financial Reporting Standards ("GAAP"). BROKER CHECK :: 606 :: RTS 28 :: Disclosures :: GDPR :: GDPR Privacy Shield. Tourmaline, as planned in the 2020 maintenance capital budget, is currently operating the full 10 rig drilling fleet across Alberta and NEBC. Tourmaline, as planned in the 2020 maintenance capital budget, is currently operating the full 10 rig drilling fleet across Alberta and NEBC. For more details on how Tourmaline has responded to the COVID-19 pandemic please see 'Operating Environment and the COVID-19 Pandemic' in the Company's Q2 2020 Management's Discussion and Analysis available on Tourmaline's website at. largest Montney producers, Large, regional, light oil and gas AST Toll Free (Transfer Agent) Tourmaline completed the acquisition of Chinook during Q2 for, Tourmaline has completed several small transactions in the Alberta Deep Basin complex during the first seven months of 2020 for a total cash consideration of, Currently, Tourmaline has an average of 351 mmcfpd hedged for 2H 2020 at a weighted-average fixed price of CAD. Tourmaline’s consultative approach keeps clients apprised of regulatory requirements, current trends and industry best practices while our support team and reporting technology keep clients fully informed and in control. The second half EP program will drill approximately 79 new wells and complete approximately 99 wells including 24 DUCs from the 1H program. Cash flow is defined as cash provided by operations before changes in non-cash operating working capital. In addition, as the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties.
Fourth quarter revenue will also be positively impacted by withdrawing storage volumes both in. The forward-looking information contained in this news release is made as of the date hereof and Tourmaline undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless expressly required by applicable securities laws. Management uses the term "free cash flow", "cash flow", "net debt" and "net capital expenditures" for its own performance measures and to provide shareholders and potential investors with a measurement of the Company's efficiency and its ability to generate the cash necessary to fund a portion of its future growth expenditures, to pay dividends or to repay debt. We strive to ensure that the highest level of mitigation is applied to our projects to minimize impacts to Indigenous communities and the environment. This complements a robust CCA/CSA administration and management website used to facilitate the remuneration of brokers and independent research providers globally. See "Non-GAAP Financial Measures" in this news release and the Company's Q2 2020 Management's Discussion and Analysis, Based on oil and gas commodity strip pricing at July 17, 2020, "Net debt" is defined as bank debt plus working capital (adjusted for the fair value of financial instruments and lease liabilities). With us, clients can outsource as much or as little of their trading as they need while maintaining full control. Statements relating to "reserves" are also deemed to be forward looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future. See "Non-GAAP Financial Measures" in this news release and in the Company's Q2 2020 Management's Discussion and Analysis, Cash general and administrative expenses($/boe)(2), FINANCIAL($000, except share and per share), Total revenue from commodity sales and realized gains, Capital expenditures (net of dispositions), Weighted average shares outstanding (diluted), (1) Product prices include realized gains and losses on risk management and financial instrument contracts, (2) Excluding interest and financing charges, (3) See "Non-GAAP Financial Measures" in this news release and in the Company's Q2 2020 Management's Discussion and Analysis, Conference Call Tomorrow at 9:00 a.m. MT (11:00 a.m. Investors are cautioned that these non-GAAP financial measures should not be construed as an alternative to net income or cash from operating activities determined in accordance with GAAP as an indication of the Company's performance. The use of any of the words "forecast", "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "on track", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information. Successful operator to receive regulatory approval for engineered containment ponds, Permanent produced/flow-back water storage, Foothills Stream Crossing Partnership, which focuses on the proactive inspections and repair of sensitive waterway crossings, High bleed devices converted or swapped to low bleed devices in the Deep Basin to significantly reduce methane emissions, Flow-back water storage across four recycled water facilities in NEBC, Truckloads of produced water are taken off the road for every 10 well pad completed with water pipeline infrastructure. There is no assurance that the forecast prices and cost assumptions used in the reserve evaluations will be attained and variances could be material. barrel of oil, condensate or liquids per day, thousand barrels of oil equivalent per day, MANAGEMENT'S DISCUSSION AND ANALYSIS AND CONSOLIDATED FINANCIAL STATEMENTS. Tourmaline Partners, LLC - Member of FINRA and SIPC. Tourmaline has placed sustainability and responsible development at the core of our strategy since we began operations. Our flexible approach enables clients to credit their CCA/CSA account when trading directly with Tourmaline Partners and/or with the executing broker(s) of their choice, while aggregating their commissions in a single, centralized account. Readers are cautioned that the foregoing list of factors is not exhaustive.
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