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CALGARY — The CEO of Tourmaline Oil Corp. says there are still plenty of potential acquisition targets in Western Canada but that may change if recently higher global oil prices continue to strengthen. On a conference call to discuss fourth-quarter results, Mike Rose says the company is looking at several possible deals as it celebrates higher earnings and production following a year in which it completed four corporate acquisitions. Tourmaline closed deals to buy two private producers, Modern Resources Inc. and Jupiter Resources Inc., in the fourth quarter, adding 76,000 barrels of oil equivalent per day of output for a total of about $526 million in cash and shares. The Calgary-based company, the largest natural gas producer in Canada, says it produced an average of about 336,000 boe/d in the fourth quarter, up 12 per cent from just under 300,000 boe/d in the year-earlier period. Current production is above 405,000 boe/d. Rose says the company’s program to eventually convert all of its drilling and well-completion operations from diesel to lower-emitting natural gas to date has resulted in displacing 34.6 million litres of diesel and saved $28 million, including the cost of the natural gas. He says one of Tourmaline’s […]
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