Deals - Acquisition, Mergers, Divestitures
Tourmaline Inks Three New Montney Deals (Two Mergers)
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Tourmaline Oil Corp. has struck three new deals, two of which are mergers and one an acreage package.
Deal 1: Tourmaline Acquires Chinook Energy ($24.4 million)
Deal 2: Tourmaline Acquires Montney-Focused Polar Star ($9.0 million)
Deal 3: Tourmaline Bolts On 8,300+ Montney Acreage ($49 million)
Additionally, the company has outlined its development plans for the assets acquired in the deal with Chinook as well as the deal with Polar Star.
Chinook / Polar Star Development Plans
Tourmaline will initially focus on optimizing production and reducing field costs with the expectation that the Chinook/Polar Star assets will generate approximately $8.0 - $10.0 million of cash flow(2) annually at current gas prices which is entirely incremental to Tourmaline's free cash flow (3) as outlined in the Company's five-year development plan. Minimal development of the assets is expected in the next two years while Tourmaline assembles a regional facility plan as a key aspect of the future development of these assets, including a Gundy scale deep-cut facility (200 mmcfpd, 15,000 bpd condensate and NGLs). Tourmaline's low capital and cash cost EP model applied to these assets will ultimately yield a new, highly profitable, liquids-rich Montney gas complex for the Company.
Tourmaline drills the lowest capital cost completed Montney horizontals in BC/AB and has the lowest operating costs of the BC Montney producers ( $2.40 /boe in 2019).
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