Tourmaline Oil to acquire Crew Energy for $947 million (updated)

Crew Energy

12/08/2024 12:25

(Adds details and background in paragraph 1-4)
       Aug 12 (Reuters) - Canada's Tourmaline Oil  TOU.TO  said
on Monday it will acquire Crew Energy  CR.TO  in a C$1.3 billion
($947.52 million) deal, which includes debt, to boost its
presence in the Montney shale play in Alberta.
    Montney is one of Canada's most attractive oil and
gas-producing regions due to its strong economics.
    The company said the acquisition, which is expected to close
in early October, will add over C$200 million to Tourmaline's
projected 2025 free cash flow.
    The Calgary, Alberta-based company also authorized an
increase in the quarterly dividend to 35 Canadian cents per
share in the third quarter, from 33 Canadian cents per share. 

($1 = 1.3720 Canadian dollars)

 (Reporting by Tanay Dhumal in Bengaluru; Editing by Vijay
Kishore)
 ((Tanay.Dhumal@thomsonreuters.com; Twitter: https://twitter.com/TanayDhumal;))