Canada’s Tourmaline Oil has struck a deal to acquire Perpetual Energy’s interests in the West Edson area of the Alberta Deep basin.
The interests include Perpetual’s land interests, production, reserves and facilities that are currently jointly owned with Calgary-based Tourmaline, which will issue 6.75million shares to acquire assets producing 5,750 barrels of oil equivalent per day net to Perpetual.
Closing is expected to occur on or around April 1, 2015 and is subject to customary conditions, including receipt of approval under Canada’s Competition Act.
Where possible, Tourmaline plans further consolidation of identified, premium-quality assets throughout its three core operating areas.
Consolidation of the existing joint gas plant at Edson will provide Tourmaline with a 100% stake and operatorship of three gas plants, with a combined processing capacity of 250million cubic feet per day by the fourth quarter of 2015.
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