The royalty stock was deal paper twice in one week
Topaz Energy Corp. (TSX: TPZ) was the consideration currency in two separate September 8 transactions involving different counterparties.
Rubellite Energy Corp. sold its 50 percent East Edson natural gas interest for $67.0 million, satisfied through delivery of 2.083 million freely tradeable Topaz shares at a deemed price of $32.1588. Rubellite retained net operating income through August 31 and will receive Topaz's September quarterly dividend of $0.35 per share on the block.
The same day Tourmaline Oil Corp. (TSX: TOU) filed an early warning report disclosing it disposed of 3,598,397 Topaz shares as consideration for two minor BC Montney and Deep Basin acquisitions. Tourmaline's stake fell to 19,931,097 shares, about 12.87 percent of the outstanding float, from 15.19 percent.
Topaz reported second-quarter royalty volumes of 24,233 boe per day on July 27 and paid a $0.35 quarterly dividend at a 61 percent payout ratio. Net debt was $497.4 million at June 30.
Neither transaction was a Topaz-operated asset acquisition. Both were third parties using Topaz stock as liquid consideration in separate corporate deals.