Canadian oil company, Tourmaline Oil Corp. has announced that it will buy privately held oil and gas producer Huron Energy Corp to expand its Montney shale presence in British Columbia. The all-share deal will be valued at approximately CAD$258 million.
About 5,500 barrels of oil equivalent per day will be added to Tourmaline’s current production. Tourmaline has said that it will be issuing about 7.4 million common shares to acquire Huron and Huron shareholders will receive 0.07644 of a common share of Tourmaline for each Huron share held.
The deal is expected to close in early December.