Tourmaline Oil Corp. (TOU.TO) announced Monday that it has agreed to acquire all of the issued and outstanding common shares of Crew Energy Inc. in exchange for 18.778 million Tourmaline common shares and the assumption of net debt of approximately $240 million, including all transaction costs, for total consideration of approximately $1.3 billion.
The acquisition provides a significant high-quality addition to Tourmaline's South Montney asset base and is immediately accretive to the Company's key financial and reserve metrics, adding over $200 million to Tourmaline's anticipated 2025 free cash flow.
The Company plans to sequence the timing of major capital projects, and associated volume growth, with improving commodity markets and will continue to prioritize total shareholder returns.
The Board of Directors of each of Crew and Tourmaline have unanimously approved the Acquisition.All of the officers and directors and certain shareholders of Crew have entered into voting support agreements and have agreed to vote in favour of the Arrangement.
The deal is expected to close in early October 2024, subject to certain customary closing conditions, including receipt of Court, Crew shareholder and regulatory approvals. The acquisition is expected to close in early October 2024, subject to customary closing conditions.
Tourmaline's Board of Directors has approved an increase in the quarterly base dividend effective in the third quarter of 2024 from $0.33 per share to $0.35 per share, representing a 6% increase from the recently announced increased base dividend of $0.33 per share.
For comments and feedback contact: editorial@rttnews.com
Business News
June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.