Oil company makes two Montney purchases near Taylor

FORT ST. JOHN, B.C. — An Alberta oil company operating locally has announced two purchase agreements for drilling locations in the Montney region.

In a May 7th press release, Tourmaline Oil Corporation, an oil company based in Calgary, Alberta, released its financial and operating results for the first quarter of 2025.

In the report, the company also detailed two acquisitions it made in northeast B.C. in the Montney region. 

According to the press release, Tourmaline has “entered into an agreement” to purchase assets in the Greater Septimus area of Montney near Taylor from an unnamed third party.

The company also announced another agreement to purchase Saguaro Resources Limited, a company based in Calgary, to acquire jointly-owned Laprise-Conroy assets.

The purchases are expected to close in mid-2025, with the transactions expected to add about 20,000 barrels of oil equivalent per day (BOEPD) and approximately 410 tier-one future drilling locations. 

The company explained the estimates are expected to see “significant future growth” as assets continue to be developed. 

“The Laprise-Conroy asset is the key component of the North Montney Phase 2 project, and the Greater Septimus asset is complementary and adjacent to Tourmaline’s planned Groundbirch…gas plant development project,” the press release said. 

As a part of the transactions, Tourmaline is also acquiring nine net sections and approximately 54 net drilling locations in the Resthaven area of the Alberta Deep Basin.

Tourmaline will also be issuing about 13 million common shares for the two transactions.