Topaz paper is still deal currency in the Montney
Tourmaline Oil Corp. (TSX: TOU) filed September 8 an early warning report under National Instrument 62-103. Between June 1 and September 8, Tourmaline completed two minor acquisitions in the BC Montney and Alberta Deep Basin to consolidate producing assets, infrastructure, and future drilling inventory.
As consideration, Tourmaline disposed of 3,598,397 common shares of Topaz Energy Corp. (TSX: TPZ) to third-party sellers. Prior to the dispositions Tourmaline held 23,529,494 Topaz shares, about 15.19 percent of the outstanding float. Following the trades Tourmaline holds 19,931,097 shares, about 12.87 percent.
Tourmaline said it intends to hold the remaining Topaz shares for investment purposes and may acquire or dispose of additional shares depending on market conditions.
The filing lands the same week Rubellite Energy closed a September 8 East Edson sale for 2.083 million Topaz shares valued at $67 million. Topaz remains a royalty and infrastructure vehicle linked to Tourmaline's Montney footprint.
Tourmaline also declared September 1 a $0.50 quarterly dividend payable September 29 to record holders September 15.