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TOURMALINE CONTINUES DEEP BASIN CONSOLIDATION STRATEGY WITH THE ACQUISITION OF BONAVISTA ENERGY CORPORATION, INCREASES BASE DIVIDEND AND DECLARES SPECIAL DIVIDEND
TOURMALINE CONTINUES DEEP BASIN CONSOLIDATION STRATEGY WITH THE ACQUISITION OF BONAVISTA ENERGY C...
About this update from Tourmaline Oil Corp.
[{"type":"text","content":"\n \n \n \n TOURMALINE CONTINUES DEEP BASIN CONSOLIDATION STRATEGY WITH THE ACQUISITION OF BONAVISTA ENERGY CORPORATION, INCREASES BASE DIVIDEND AND DECLARES SPECIAL DIVIDEND\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: TOP; TEXT-ALIGN: LEFT; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt\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 \n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Oct. 16, 2023\n \n \n /CNW/ - Tourmaline Oil Corp. (TSX: TOU) (\"\n \n Tourmaline\n \n \" or the \"\n \n Company\n \n \") is pleased to announce that it has entered into a definitive share purchase agreement with all of the shareholders of Bonavista Energy Corporation (\"\n \n \n Bonavista\n \n \n \") to acquire all of the shares of Bonavista for\n \n $1.45 billion\n \n , consisting of\n \n $725 million\n \n in Tourmaline common shares and\n \n $725 million\n \n of cash, less\n \n Bonavista's\n \n net debt\n \n (1)(2)\n \n at closing (the \"\n \n Acquisition\n \n \").  The Acquisition is expected to close in the second half of\n \n November 2023\n \n , subject to customary regulatory and stock exchange approvals.\n \n \n The Acquisition represents a further important component of the Company's ongoing consolidation strategy that complements its long-term EP organic growth plan, adding decades of inventory and supplementing Tourmaline's existing Deep Basin assets.  The Bonavista assets are a natural extension of Tourmaline's existing operations in the Deep Basin where the Company is already the largest producer.  The Acquisition is immediately accretive to Tourmaline's 2024 free cash flow (\"\n \n FCF\n \n \")\n \n (3)\n \n yield\n \n (4)\n \n .  Following closing of the Acquisition, Tourmaline expects to exit 2023 with production of over 600,000 boepd\n \n (5)\n \n .  The Company will release its formal 2...