Tourmaline signs deal to buy Crew Energy, raises quarterly base dividend

By The Canadian Press on August 12, 2024.

CALGARY – Tourmaline Oil Corp. has signed a deal to buy natural gas producer Crew Energy Inc. in an agreement valued at $1.3 billion, including debt.

Under the plan, Crew shareholders will receive 0.114802 of a Tourmaline Share in exchange for each Crew Share held.

Crew holds assets in the B.C. Montney region.

The deal is expected to close in early October, subject to customary closing conditions, including court, shareholder and regulatory approvals.

Tourmaline also announced that its board has approved an increase in its quarterly base dividend effective for the third quarter.

The company says it will now pay a base quarterly dividend of 35 cents per share, up from 33 cents.

This report by The Canadian Press was first published Aug. 12, 2024.

Companies in this story: (TSX:TOU, TSX:CR)

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