Tourmaline Acquires Deep Basin and Montney Assets; Raising Fair Value Estimate
Tourmaline Oil entered into an agreement with Shell Canada to acquire acreage in the Alberta Deep Basin and NEBC Montney Complex for total consideration of CAD 1.37 billion, including cash proceeds of CAD 1 billion and Tourmaline common shares. Concurrent with the transaction, Tourmaline will issue 31.9 million shares of common stock: 10.6 million as consideration in the transaction and the remaining 21.3 million shares will be issued for approximately CAD 739 million in cash proceeds. The rema...Tourmaline Oil is engaged in the acquisition, exploration, development and production of petroleum and natural gas properties in the Western Canadian Sedimentary Basin.
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