/NOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION OVER UNITED STATES NEWSWIRE SERVICES. / CALGARY, Nov. 14, 2019 /CNW/ – Tourmaline Oil Corp. (TSX:TOU) ( “ Tourmaline “ ) and Topaz Energy Corp. (“ Topaz “) are pleased to announce that they have completed the previously-announced transaction creating Topaz, a unique, private, hybrid royalty and infrastructure company with an $800 million capitalization and aggressive long-term growth plans. Tourmaline Oil Corp. (CNW Group/Tourmaline Oil Corp.) The transaction includes the purchase by Topaz of interests in certain revenue generating assets from Tourmaline for consideration consisting of $194.5 million in cash and 59.1 million Topaz common shares. The cash portion of the purchase consideration was funded by a private placement to investors of 20.9 million common shares at $10.00/share. After giving effect to the completion of the transaction, Topaz is 74% owned by Tourmaline and 26% owned by the investors. Topaz has access to Tourmaline’s multiple, well-defined, future drilling and growth opportunities, providing direct exposure to future Tourmaline production growth. Topaz has a scalable business model with potential for additional similar transactions with Tourmaline and other industry participants. Topaz has commenced operations with significant capitalization, meaningful forecast 2020 cash flow of […]
