CALGARY, AB. – Tourmaline Oil Corp has announced the closure of two North Montney transactions.

A North Montney GORR (Gross Overriding Royalties) transaction with Topaz Energy Corp and a long-term gas supply agreement with Cheniere Energy Inc, as well as the take over of Black Swan Energy.

Tourmaline will be completing the ongoing Nig Creek plant expansion, about 128 kilometres north of Fort St. John. The company expects to reach a 500,000 BOEPD (barrel of oil equivalent per day) production milestone for the Q2 of 2022.

Tourmaline has also acquired Paramount Resources Ltd’s lands and assets in the Birch area of North Montney which includes assets current production from 15 Montney horizontals. This transaction completes the consolidation of available assets along the eastern leg of planned infrastructure for the company and the proximity to the Black Swan lands.

Tourmaline closed the Topaz Energy Corp transaction on July 1st, getting $245 million in cash proceeds. The company also entered into an agreement with Topaz for the Black Swan and Paramount Birch assets and will grant a GORR to Topaz in exchange for cash consideration. This transaction is scheduled to close on August 3rd, 2021.

More information on the Tourmaline transaction closures can be found on the company’s website.