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Tourmaline Acquires Montney-Focused Black Swan Energy
Announced Date
June 11,2021
Deal Value $
1,100,000,000
Net Acres
231,000
Location Count
1,600
Transaction Type
Corporate
Buyer
Seller
Price Per BOE $
40,000
Working Interest
100%
Source Documents:
Location
Multiples
Region
Canada
Country
Canada
Play
Production & Reserves Production
50,000 Boe/d
Production Mix
90 % Gas
Reserves
492 MMboe (2P)
Multiples
Production ($/boe/d)
22,000
$Price/Net Acre
4,762
$2P
Boe
2
$/Location
-562,500
Adj. $/acre is based on production
@40,000 Boe/d
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 $350 million, including all transaction costs.
The transaction is expected to close in the second half of July 2021, subject to regulatory approvals.
Deal Details:
- Production: 50,000 boe/d
- Reserves (2P): 492 MMBOE
- Locations: 1,600
- Land: 230,000 net acres
- Basin/Play: Montney
Significant key gas processing and transportation infrastructure including operatorship and 50% working interest in the two new Black Swan gas plants at greater Aitken, with existing capacity of 265 mmcfpd, which can be expanded to 360 mmcfpd.
As a Senior Canadian producer, Tourmaline now expects to average approximately 500,000 boepd of production by mid-2022. As you can see from the map below this is a bolt-on for Tourmaline
Peer Maps
| Announced Date | Buyer | Seller | Deal Value($mm) | Location | Category |
|---|---|---|---|---|---|
| Aug-22-2022 |
-  |
- |
Click here | British Columbia | E&P |
| Aug-01-2022 |
- |
- |
Click here | Alberta | E&P |
| Jun-29-2022 |
- |
- |
Click here | Alberta | E&P |
| Dec-15-2021 |
- |
- |
Click here | E&P | |
| Nov-29-2021 |
- |
- |
Click here | Alberta | E&P |
| Date | Deal Headline | Price | $/acre |
|---|---|---|---|
| Jun-29-2022 | Exxon Sells Off Montney, Duvernay Portfolio in $1.47 Billion Cash Deal | - |
- |
| Nov-29-2021 | CNRL to Acquire Montney-Focused Storm Resources in $960MM Deal | - |
- |
| May-24-2021 | Topaz Acquires Assets From Tourmaline For $347 Million | - |
- |
Other Tourmaline Oil Corp. Deals
| Announced Date | Buyer | Seller | Deal Value($mm) | Location | Category |
|---|---|---|---|---|---|
| May-24-2021 |
- |
- |
Click here | Alberta | E&P |
| Nov-04-2020 |
- |
- |
Click here | E&P | |
| Feb-24-2020 |
- |
- |
Click here | British Columbia | E&P |
| Feb-24-2020 |
- |
- |
Click here | Alberta | E&P |
| Feb-24-2020 |
- |
- |
Click here | Alberta | E&P |