Tourmaline bills itself as Canada’s largest natural gas producer. (Source: Shutterstock)
Tourmaline Oil Corp. has closed its $950 million (CA$1.3 billion) acquisition of Montney Shale assets from fellow Calgary-based producer Crew Energy.
Under the terms of the deal, announced in August, holders of Crew Shares received 0.114802 of a common share of Tourmaline for each Crew share. Tourmaline paid $6.69 per share of Crew stock and assumed $240 million of Crew’s net debt.
Crew’s assets are adjacent to Tourmaline’s existing South Montney-operated complex in northeast British Columbia. Crew’s portfolio brings low-decline average production of around 30,000 boe/d, including 129.6 MMcf/d of gas.
Canada’s Montney and Duvernay shales are primarily considered natural gas and NGL basins with relatively little oil production. Tourmaline bills itself as Canada’s largest natural gas producer.
Recommended Reading
Elliott-backed Amber Energy Picked to Buy Citgo Petroleum for $7.3B
2024-09-27 - Amber Energy, led by industry veterans Gregory Goff and Jeff Stevens, was selected by a court-appointed special master to buy Citgo Petroleum, which is held by a Venezuelan company, for $7.286 billion.
EQT Sells Remaining Pennsylvania Non-op Assets to Equinor for $1.25B
2024-10-29 - EQT’s Northeast Pennsylvania divestiture to Equinor is the second deal between the two companies this year following a large swap of Marcellus assets in April.
Post Oak Capital Backs Permian Team, Invests in Haynesville
2024-10-11 - Frost Cochran, managing partner at Post Oak Energy Capital, said the private equity firm will continue to focus on the Permian Basin while making opportunistic deals as it recently did in the Haynesville Shale.
Lime Rock CEO: Small, Mid Cap E&Ps Stuck in M&A ‘No Man’s Land’
2024-10-16 - Eric Mullins said that as large-scale M&A players begin to rationalize their purchases, as much as $18 billion in non-core divestments could find homes to asset-hungry acquirers.
ONEOK to Acquire Permian’s EnLink, Medallion Midstream for $5.9 Billion
2024-08-29 - ONEOK will acquire Global Infrastructure Partners’ interests in EnLink Midstream and Medallion Midstream, which add scale in the Permian, Midcontinent and Louisiana, in separate transactions valued at $5.9 billion.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.