Tourmaline Oil Corp. has signed an agreement to buy Bonavista Energy Corp. in a deal worth $1.45 billion.
Tourmaline is an investment-grade Canadian senior crude oil and natural gas exploration and production company focused on providing strong and predictable long-term growth and a steady return to shareholders.Tourmaline Oil Corp. announced an agreement Monday to buy Bonavista Energy Corp. in a deal worth $1.45 billion.
Tourmaline said the deal represents an important component of the company's ongoing consolidation strategy, adding decades of inventory and supplementing its existing Deep Basin assets in Alberta. The deal is expected to close in the second half of November, subject to customary regulatory and stock exchange approvals.
Following closing of the deal, Tourmaline said it expects to exit 2023 with production of over 600,000 barrels of oil equivalent per day.
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