Tourmaline Oil adds to BC Montney by acquiring Crew Energy for US$949 million

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. 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. The acquisition also includes two gas processing plants and permits for a third electrified deep-cut gas processing facility at Groundbirch, presenting significant future upside for Tourmaline in terms of operational synergies and facility expansion.