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    TOU   CA89156V1067

TOURMALINE OIL CORP.

(TOU)
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Tourmaline Oil : signs deal to buy Black Swan Energy worth $1.1B in stock and debt

06/11/2021 | 10:37am EDT

CALGARYTourmaline Oil Corp. says it has signed a deal to buy Black Swan Energy Ltd. in a deal worth $1.1 billion in stock and debt.

Under the agreement for the privately held company, Tourmaline will pay 26 million shares and assume up to $350 million in debt.

Tourmaline says the acquisition of Black Swan and its assets in northeast British Columbia is part of its consolidation strategy in the North Montney region that it expects to be a key area of growth.

The company says it now expects to average approximately 500,000 barrels of oil equivalent per day of production by mid-2022.

The deal is expected to close in the second half of July, subject to regulatory approvals.

Tourmaline says its board has also approved an increase in the company's quarterly dividend of a penny per share to 17 cents, effective in the third quarter.

This report by The Canadian Press was first published June 11, 2021.

Companies in this story: (TSX:TOU)

© 2021 The Canadian Press. All rights reserved., source Canadian Press DataFile

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Financials
Sales 2021 4 168 M 3 312 M 3 312 M
Net income 2021 - - -
Net Debt 2021 1 078 M 857 M 857 M
P/E ratio 2021 9,63x
Yield 2021 1,89%
Capitalization 11 416 M 9 103 M 9 071 M
EV / Sales 2021 3,00x
EV / Sales 2022 2,59x
Nbr of Employees 296
Free-Float 94,3%
Chart TOURMALINE OIL CORP.
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Tourmaline Oil Corp. Technical Analysis Chart | MarketScreener
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Technical analysis trends TOURMALINE OIL CORP.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 14
Last Close Price 35,05 CAD
Average target price 47,00 CAD
Spread / Average Target 34,1%
EPS Revisions
Managers and Directors
Michael L. Rose Chairman, President & Chief Executive Officer
Brian G. Robinson Chief Financial Officer, Director & VP-Finance
Allan J. Bush Chief Operating Officer
William D. Armstrong Independent Director
Lee A. Baker Independent Director
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