Deals - Acquisition, Mergers, Divestitures | Capital Markets | Capital Expenditure
Tourmaline Cuts 2016 Capex to Accomodate New Acquisition
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Tourmaline Oil Corp. has announced that it will reduce the current $1.1 billion 2016 EP Capital program by $175 million to $925 million to accomodate a recent acquisition.
2016 cash flow from the acquisition is estimated at between $30 and $35 million. The currently-planned 2016 Deep Basin drilling program will be modified to accommodate drilling of the highest potential subsurface targets on the acquired assets. The acquisition of the associated gathering system provides Tourmaline with additional infrastructure in the area saving a previously budgeted $12.0-15.0 million capital expenditure. Thus, in aggregate, the acquisition will not increase the overall 2016 capital program, exit debt levels, or the anticipated corporate debt to cash flow level. The acquisition provides upside to the…
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