Tourmaline Oil Corp Acquires Crew Energy Inc.
August 12, 2024
Tourmaline Oil Corp. has entered into a definitive arrangement to acquire all issued and outstanding common shares of Crew Energy Inc. in exchange for 18.778 million Tourmaline common shares and the assumption of approximately $240 million of net debt, for total consideration of about $1.3 billion. The deal, approved by both boards and expected to close in early October 2024, significantly increases Tourmaline's NEBC Montney position, adds ~29,000–30,000 boepd of production and material reserves, and is expected to be accretive to free cash flow with substantial identified synergies.
- Buyers
- Tourmaline Oil Corp.
- Targets
- Crew Energy Inc.
- Industry
- Energy
- Location
- Alberta, Canada
- Transaction Type
- Buyout
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