Tourmaline Oil Company will acquire Montney-focused natural gas producer Crew Energy Inc. for $1.3 billion, another takeover in the company’s years-long efforts to aggressively snap up natural gas assets including exploration, development, and production to position itself as Canada’s largest natural gas producer by volume and the fifth largest in North America.
The deal is expected to close in October and once closed, will increase the company’s 2024 production volume guidance to between 582,500 and 592,500 barrels of oil equivalent (boe) per day.
Already a major presence in Alberta’s Deep Basin, the acquisition of Crew Energy will similarly position it in the Montney basin in northeast B.C. and northwest Alberta where it will acquire existing average production of 29,000 to 30,000 boe per day, as well as 473.2 million boe reserves and an extensive drilling inventory which will support Tourmaline’s continued growth toward 750,000 boe per day over the next five years, signaling confidence in the long-term outlook of the commodity.
