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One-Page Deal Sheet

Tourmaline Acquires Montney-Focused Black Swan Energy

Not Disclosed Not Disclosed
AnnouncedJun 11, 2021
TypeCorporate
LocationMontney Shale
Announced Date
June 11,2021
Close Date
July 15,2021
Transaction Type
Corporate
Enterprise Value (EV)($MM)
904




Snapshot
Asset/Basin:
["Montney"]
TargetZones:
["Montney", "Upper M
Net Acres
230,000
Proved Reserves
492 MMboe

Source Documents:
   Source Link
Location
Region
Canada

Country
Canada

Play
Montney Shale


Production & Reserves
Production
50,000 Boe/d

Production Mix
90 % Gas

Reserves
492 MMboe (2P)


Calculated Metrics( EV/Category)
$/ Flowing
18,080

$/ Acre
3,930

$/Location
565,000

Transaction Details: 

Tourmaline Oil said it will acquire private equity-backed Black Swan Energy for a total consideration of approximately C$1.1 billion, consisting of 26 million Tourmaline common shares and the assumption of net debt up to a maximum of $350 million, including all transaction costs.

The transaction is expected to close in the second half of July 2021, subject to regulatory approvals.

Deal Details:

  • Production: 50,000 boe/d
  • Reserves (2P): 492 MMBOE
  • Locations: 1,600
  • Land: 230,000 net acres
  • Basin/Play: Montney
Midstream

Significant key gas processing and transportation infrastructure including operatorship and 50% working interest in the two new Black Swan gas plants at greater Aitken, with existing capacity of 265 mmcfpd, which can be expanded to 360 mmcfpd.

As a Senior Canadian producer, Tourmaline now expects to average approximately 500,000 boepd of production by mid-2022.  As you can see from the map below this is a bolt-on for Tourmaline

Peer Maps


Other Canada Region's Deals


Announced DateBuyerSellerDeal Value($mm)LocationCategory
Nov-06-2024 - - Click here Alberta  E&P
Aug-22-2022 - - Click here British Columbia  E&P
Aug-01-2022 - - Click here Alberta  E&P
Jun-29-2022 - - Click here Alberta  E&P
Dec-15-2021 - - Click here   E&P

Price History


Date Deal Headline Price$/acre
Nov-04-2025 Ovintiv Acquires NuVista Energy for $2.7B, Establishing Premier Montney Position - -
Nov-06-2024 Ovintiv to Acquire Montney Assets from Paramount for $2.377 Billion in All-Cash Deal - -
Jun-29-2022 Exxon Sells Off Montney, Duvernay Portfolio in $1.47 Billion Cash Deal - -