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One-Page Deal Sheet

Tourmaline Acquires Montney-Focused Black Swan Energy

Tourmaline Oil Corp. Black Swan Energy Ltd.
AnnouncedJun 11, 2021
TypeCorporate
LocationMontney Shale
Announced Date
June 11,2021
Close Date
July 15,2021
Transaction Type
Corporate
Enterprise Value (EV)($MM)
904




Snapshot
Asset/Basin:
["Montney"]
TargetZones:
["Montney", "Upper M
Net Acres
230,000
Proved Reserves
492 MMboe

Source Documents:
   Source Link
Location
Region
Canada

Country
Canada

Play
Montney Shale


Production & Reserves
Production
50,000 Boe/d

Production Mix
90 % Gas

Reserves
492 MMboe (2P)


Calculated Metrics( EV/Category)
$/ Flowing
18,080

$/ Acre
3,930

$/Location
565,000

Transaction Details: 

Tourmaline Oil said it will acquire private equity-backed Black Swan Energy for a total consideration of approximately C$1.1 billion, consisting of 26 million Tourmaline common shares and the assumption of net debt up to a maximum of $350 million, including all transaction costs.

The transaction is expected to close in the second half of July 2021, subject to regulatory approvals.

Deal Details:

  • Production: 50,000 boe/d
  • Reserves (2P): 492 MMBOE
  • Locations: 1,600
  • Land: 230,000 net acres
  • Basin/Play: Montney
Midstream

Significant key gas processing and transportation infrastructure including operatorship and 50% working interest in the two new Black Swan gas plants at greater Aitken, with existing capacity of 265 mmcfpd, which can be expanded to 360 mmcfpd.

As a Senior Canadian producer, Tourmaline now expects to average approximately 500,000 boepd of production by mid-2022.  As you can see from the map below this is a bolt-on for Tourmaline

Peer Maps


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Aug-22-2022 - - Click here British Columbia  E&P
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Dec-15-2021 - - Click here   E&P

Price History


Date Deal Headline Price$/acre
Nov-04-2025 Ovintiv Acquires NuVista Energy for $2.7B, Establishing Premier Montney Position - -
Nov-06-2024 Ovintiv to Acquire Montney Assets from Paramount for $2.377 Billion in All-Cash Deal - -
Jun-29-2022 Exxon Sells Off Montney, Duvernay Portfolio in $1.47 Billion Cash Deal - -