Tourmaline Oil Acquires Jupiter Resources and Modern Resources

Updated 8 months 3 weeks ago

Tourmaline has acquired Modern Resources for $73.75 million in cash and 1.5 million common shares including the assumption of $44 million of debt effective November 2, 2020. Modern's assets are located in the Alberta Deep Basin with over 400 section of land, Route gas processing plant, and future drilling inventory of 200 locations. Current production averages 9,000 boe per day with 2P reserves of 88 million boe.

Tourmaline has also entered into a definitive agreement to acquired Jupiter Resources for 24.2 million common shares including net debt of $200 million. 92% of Jupiter shareholders have agreed to vote in favor of the transaction. Jupiter's current production averages 67,000 boe per day with 2P reserves of 357 million boe, over 500 net sections of land, and interests in three gas plants in the Resthaven and Kakwa areas. This transaction closed in December 2020.