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TOPAZ ANNOUNCES TUCK-IN ACQUISITION OF INFRASTRUCTURE AND ROYALTY ASSETS IN CORE OPERATING AREAS
TOPAZ ANNOUNCES TUCK-IN ACQUISITION OF INFRASTRUCTURE AND ROYALTY ASSETS IN CORE OPERATING AREAS ...
About this update from Topaz Energy Corp
[{"type":"text","content":"\n \n \n \n TOPAZ ANNOUNCES TUCK-IN ACQUISITION OF INFRASTRUCTURE AND ROYALTY ASSETS IN CORE OPERATING AREAS\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n July 27, 2023\n \n \n /CNW/ - Topaz Energy Corp. (TSX: TPZ) (\"Topaz\" or the \"Company\") is pleased to announce that it has entered into definitive agreements to acquire a 49.9% working interest in a newly constructed and commissioned sweet natural gas processing facility and associated crude oil battery in the\n \n Wembley\n \n area (the \"Facility Interests\") in addition to gross overriding royalty interests in the\n \n Clearwater\n \n and\n \n Charlie Lake\n \n operating areas in\n \n Alberta\n \n which includes 17,000 gross undeveloped acres (the \"Royalty Lands\"), for total cash consideration of\n \n $39.5 million\n \n (the \"Tuck-In Acquisition\").\n \n \n \n \n \n \n \n \n \n 100% of the Facility Interests are supported by a 15-year fixed take-or-pay contractual commitment during which Topaz is not responsible for operating or maintenance costs. The Tuck-In Acquisition is expected to provide approximately\n \n $6.0 million\n \n of annual revenue to Topaz before consideration of royalty revenue growth from further acreage development. The Tuck-In Acquisition will be funded through Topaz's existing credit facility and is expected to close on\n \n July 31, 2023\n \n , subject to the satisfaction of customary closing conditions.\n \n \n \n Second Quarter 2023 Results\n \n \n \n Topaz is scheduled to release its second quarter 2023 financial results on\n \n July 31, 2023\n \n which will include updated 2023 guidance estimates. Topaz will host a second quarter conference call on\n \n Tuesday, August 1, 2023\n \n starting at\n \n 9:00 a.m. MST\n \n (\n \n 11:00 a.m. EST\n \n ). To participate in the conference call, please dial 1-888-664-6392 (North American toll free) a few minutes prior to the call. Conference ID is 76435486.\n \n \n \n Additional information\n \n \n Add...