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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:
   Source Link
Location
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
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

Canada Deal Activity In Last 12 Months



Other Canada Region's Deals



Announced DateBuyerSellerDeal Value($mm)LocationCategory
Sep-13-2021 - - Click here Alberta  E&P
Jul-07-2021 - - Click here Alberta  E&P
Jun-07-2021 - - Click here Saskatchewan  E&P
Jun-02-2021 - - Click here Alberta  E&P
May-24-2021 - - Click here Alberta  E&P

Price History



Date Deal Headline Price$/acre
May-24-2021 Topaz Acquires Assets From Tourmaline For $347 Million - -
Apr-05-2021 Whitecap Acquires Kicking Horse Oil & Gas for $300 Million - -
Mar-17-2021 Leucrotta Sells Non-Core Montney Gas Assets in $30MM Deal - -

Other Black Swan Energy Ltd. Deals



Announced DateBuyerSellerDeal Value($mm)LocationCategory
Jun-24-2014 - - Click here Alberta  E&P

Other Tourmaline Oil Corp. Deals



Announced DateBuyerSellerDeal Value($mm)LocationCategory
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