Deal Insight
Tourmaline Oil adds to BC Montney by acquiring Crew Energy for US$949 million
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Report summary
Rumours of further Montney consolidation solidify with Tourmaline's US$949 million all-stock deal to acquire Crew Energy. This deal snaps a slow first half in the Canada upstream deal space, nearly doubling the country's consideration spend for the year to US$2.0 billion. Tourmaline is known for counter-cyclical, opportunistic M&A. And while the acquisition comes at a 72% premium per share to Crew's current market cap, low AECO prices expected to rise cushion the blow. Crew's asset base, which includes 341 net sections of Montney lands, is actively developed in the Groundbirch, Attachie, Septimus and Tower regions. Located directly adjacent to Tourmaline's existing South Montney operated complex, this addition would materially expand Tourmaline's South Montney by 29,000 - 30,000 boe/d.
Table of contents
- Crew Energy
- Tourmaline Oil
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