Tourmaline Oil announces agreement to buy Bonavista Energy worth $1.45B

Under the acquisition, Tourmaline Oil will pay $725 million in shares and $725 million in cash, less Bonavista’s net debt at closing.

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 Bonavista assets are a natural extension of Tourmaline’s existing operations in the Deep Basin where the company is already the largest producer,” Tourmaline said in a statement.

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. In addition to the acquisition, Tourmaline announced that it will increase its quarterly base dividend effective in the fourth quarter to $1.12 per share on an annualized basis, up from $1.04 per share.The Tourmaline board also declared a special dividend of $1.00 per share that will be paid on Nov. 1, to shareholders of record on Oct. 24.Viewed

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