Tuesday, October 23, 2012
Another Montney Acquisition - Tourmaline Buys Huron
Calgary, Alberta - Tourmaline Oil Corp. (TSX - TOU) ("Tourmaline" or the "Company") is pleased to announce the acquisition of Huron Energy Corporation ("Huron"), a private oil and gas producer with operations in NE British Columbia, in an all share transaction.
The acquisition provides a significant expansion to Tourmaline's asset base in the prolific liquid rich Montney play area in NEBC. The Company's land base in NEBC will more than double to 186 sections from 78 sections and result in a significant increase in Tourmaline's future horizontal Montney drilling inventory.
Valued at approximately $258 million, the acquisition will also add approximately 5,500 BOE/d of current
production, primarily in the Groundbirch, Sunrise and Tupper areas, and 46.2 mmboe of 2P reserves (as
independently evaluated in a report by GLJ Petroleum Consultants Ltd. as at August 31, 2012). Huron's extensive infrastructure in NEBC is very complementary to Tourmaline's plant and pipeline network in the greater SunriseDawson area, which Tourmaline believes to be the optimum Montney play area in the entire NEBC Montney trend.
Posted by Devon Shire at 9:12 AM