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TOURMALINE ANNOUNCES CLOSING OF CREW ENERGY ACQUISITION AND GROSS OVERRIDING ROYALTY SALE TO TOPAZ ENERGY
TOURMALINE ANNOUNCES CLOSING OF CREW ENERGY ACQUISITION AND GROSS OVERRIDING ROYALTY SALE TO TOPA...
About this update from Tourmaline Oil Corp.
[{"type":"text","content":"\n\n\n\n TOURMALINE ANNOUNCES CLOSING OF CREW ENERGY ACQUISITION AND GROSS OVERRIDING ROYALTY SALE TO TOPAZ ENERGY\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.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\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 Oct. 1, 2024\n \n\n /CNW/ - Tourmaline Oil Corp. (TSX: TOU) (\"Tourmaline\" or the \"Company\") is pleased to announce that it has closed the acquisition of Crew Energy Inc. (\"Crew\"), pursuant to which the Company acquired all of the issued and outstanding common shares of Crew in exchange for 18.778 million Tourmaline common shares and the assumption of net debt of approximately\n \n $230 million\n \n , including all transaction costs, for total consideration of approximately\n \n $1.4 billion\n \n\n (1)\n \n (the \"Crew Acquisition\").\n \n\n\n\n\n\n\n\n\n The Crew Acquisition represents a further important component of the Company's continuing NEBC consolidation strategy that complements the long-term EP organic growth plan. It provides a significant high-quality addition to Tourmaline's\n \n South Montney\n \n asset base and is immediately accretive to the Company's key financial and reserve metrics, estimated to add over\n \n $200 million\n \n to Tourmaline's anticipated 2025 free cash flow (\"FCF\")\n \n (2)\n \n .\n \n\n The Crew Acquisition includes existing low-decline average base production of 28,000 to 30,000 boepd, externally and independently evaluated proved and probable (2P) reserves of 473.2 million boe (Sproule Report – effective\n \n December 31, 2023\n \n ), and an extensive drilling inventory, including over 700 Tier 1 locations (246 net\n \n Montney\n \n locations booked in the Sproule Report 2P reserve category). The Crew assets are immediately adjacent to Tourmaline's existing\n \n South Montney\n \n ope...