Tourmaline Oil Completes $1.45 Billion Acquisition of Bonavista Energy to Strengthen Position in Western Canada.

Tourmaline Oil has completed its $1.45bn acquisition of rival Canadian oil and gas producer Bonavista Energy in a cash and stock deal. The deal involves Tourmaline oil paying C$725m in cash and issuing shares worth C$529m ($529m) as consideration. The acquisition is part of the company’s consolidation strategy in the Deep Basin in Western Canada. The closing of the deal was contingent on the receipt of regulatory and stock exchange approvals. Bonavistas Energy, a natural gas liquids producer, had 459 million boe in proven and probable reserves as of 1 October 2023. The company also adds an estimated 839 gross horizontal drilling sites and rights to 1.2 million net acres of land to TourMaline Oil.