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.
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