CALGARY,
AB, Nov. 17, 2023 /CNW/ - Tourmaline Oil Corp.
(TSX: TOU) ("Tourmaline" or the "Company") is pleased to announce
the completion of its previously announced acquisition of Bonavista
Energy Corporation for $1.45 billion,
consisting of $725 million in
Tourmaline common shares and $725
million of cash, less Bonavista's net debt(1). The
Company expects exit 2023 production of over 600,000 boepd,
including the acquired Bonavista
volumes.
Reader Advisories
Currency
All amounts in this news release are stated in Canadian dollars
unless otherwise specified.
Forward-Looking
Information
This news release contains forward-looking information and
statements (collectively, "forward-looking information") within the
meaning of applicable securities laws. The use of the word
"expects", and similar expressions is intended to identify
forward-looking information. More particularly this news release
contains forward-looking information concerning the Company's
expected 2023 exit production. This estimate is based on certain
key expectations and assumptions made by Tourmaline and is subject
to a number of inherent risks and uncertainties, including those
outlined in the Company's most recently filed Management's
Discussion and Analysis (See "Forward-Looking Statements" therein),
Annual Information Form (See "Risk Factors" and "Forward-Looking
Statements" therein) and other reports on file with applicable
securities regulatory authorities and may be accessed through the
SEDAR+ website (www.sedarplus.ca) or Tourmaline's website
(www.tourmalineoil.com). Undue reliance should not be placed on the
forward-looking information because Tourmaline can give no
assurances that it will prove to be correct. Since forward-looking
information addresses future events and conditions, by its very
nature it involves inherent risks and uncertainties. Actual results
could differ materially from those currently anticipated. The
forward-looking information contained in this news release is made
as of the date hereof and Tourmaline undertakes no obligation to
update publicly or revise any forward-looking information, whether
as a result of new information, future events or otherwise, unless
expressly required by applicable securities laws.
BOE Equivalency
In this news release, production and reserves information may be
presented on a "barrel of oil equivalent" or "BOE" basis. BOEs may
be misleading, particularly if used in isolation. A BOE
conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead. In
addition, as the value ratio between natural gas and crude oil
based on the current prices of natural gas and crude oil is
significantly different from the energy equivalency of 6:1,
utilizing a conversion on a 6:1 basis may be misleading as an
indication of value.
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(1)
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For the purposes of
the Bonavista acquisition "net debt", which is a non-GAAP financial
measure, is defined as all indebtedness (including bank debt) plus
working capital (excluding commodity hedging) and including all
transaction and related costs.
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About Tourmaline Oil Corp.
Tourmaline is Canada's largest
and most active natural gas producer dedicated to producing the
lowest-emission and lowest-cost natural gas in North America. We are an investment grade
exploration and production company providing strong and predictable
operating and financial performance through the development of our
three core areas in the Western Canadian Sedimentary Basin. With
our existing large reserve base, decades-long drilling inventory,
relentless focus on execution and cost management, and
industry-leading environmental performance, we are excited to
provide shareholders an excellent return on capital, and an
attractive source of income through our base dividend and surplus
free cash flow distribution strategies.
SOURCE Tourmaline Oil Corp.