CALGARY,
AB, Aug. 10, 2022 /CNW/ - Tourmaline Oil Corp.
(TSX: TOU) ("Tourmaline" or the "Company") is pleased to announce
the completion of its previously announced acquisition of Rising
Star Resources Ltd. (the "Transaction"). The purchase price for the
Transaction included 6,000,000 common shares ("Topaz Shares") of
Topaz Energy Corp. ("Topaz") currently owned by Tourmaline and
$67,770,000. In connection with this
disposition of Topaz Shares, Tourmaline has filed an Early Warning
Report as required by applicable securities laws.
Required Early Warning
Disclosure
This disclosure is being provided pursuant to National
Instrument 62-103 – The Early Warning System and Related
Take-Over Bid and Insider Reporting Issues, which also requires
a report to be filed by Tourmaline with the regulatory authorities
in each jurisdiction in which the Company is a reporting issuer
containing information with respect to the foregoing matters (the
"Early Warning Report").
Prior to the Transaction, the Company held 51,149,494 Topaz
Shares, representing approximately 35.5% of the issued and
outstanding Topaz Shares. Following the closing of the Transaction,
the Company holds 45,149,494 Topaz Shares, representing
approximately 31.3% of the issued and outstanding Topaz Shares.
Tourmaline disposed of the Topaz Shares as part of a long-term
plan to reduce its equity position as Topaz develops and continues
to succeed as an independent royalty and infrastructure company.
Tourmaline's reduction in Topaz equity is also consistent with its
commitment to continue to reduce overall debt levels of Tourmaline
and accelerate shareholder returns. The disposition will expand
Topaz's free-trading share float and provide new and existing
shareholders with enhanced trading liquidity which is in-line with
Topaz's strategic objectives.
Tourmaline intends to hold its Topaz Shares for investment
purposes. Tourmaline may from time to time, depending on market and
other conditions, acquire additional Topaz Shares or dispose of
Topaz Shares through market transactions, public offerings, private
agreement or otherwise.
The Early Warning Report with additional information in respect
of the foregoing matters will be filed and made available on the
System for Electronic Document Analysis and Review (SEDAR) at
www.sedar.com under Topaz's issuer profile. A copy of such report
may also be obtained by contacting the secretary of Topaz, on
behalf of Tourmaline, at telephone number (587) 747-4830.
Tourmaline's head office is located at Suite 2900, 250 6th
Avenue SW, Calgary, Alberta T2P
3H7 and Topaz's head office is located at Suite 2900, 250 6th
Avenue SW, Calgary, Alberta T2P
3H7.
Reader Advisories
CURRENCY
All amounts in this news release are stated in Canadian dollars
unless otherwise specified.
FORWARD-LOOKING
INFORMATION
This news release contains forward-looking information and
statements (collectively, "forward-looking information") within the
meaning of applicable securities laws. The use of any of the words
"forecast", "expect", "anticipate", "continue", "estimate",
"objective", "ongoing", "on track", "may", "will", "project",
"should", "believe", "plans", "intends" and similar expressions are
intended to identify forward-looking information. More particularly
and without limitation, this news release contains forward-looking
information concerning Tourmaline's plans relating to the Common
Shares The forward-looking information is based on certain key
expectations and assumptions made by Tourmaline.
Although Tourmaline believes that the expectations and
assumptions on which such forward-looking information is based are
reasonable, undue reliance should not be placed on the
forward-looking information because Tourmaline can give no
assurances that it will prove to be correct. Since forward-looking
information addresses future events and conditions, by its very
nature it involves inherent risks and uncertainties. Actual results
could differ materially from those currently anticipated due to a
number of factors and risks.
Additional information on these and other factors that could
affect Tourmaline, or its operations or financial results, are
included in the Company's most recently filed Management's
Discussion and Analysis (See "Forward-Looking Statements" therein),
Annual Information Form (See "Risk Factors" and "Forward-Looking
Statements" therein) and other reports on file with applicable
securities regulatory authorities and may be accessed through the
SEDAR website (www.sedar.com) or Tourmaline's website
(www.tourmalineoil.com).
The forward-looking information contained in this news release
is made as of the date hereof and Tourmaline undertakes no
obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, unless expressly required by applicable securities
laws.
ABOUT TOURMALINE OIL CORP.
Tourmaline is Canada's largest
and most active natural gas producer dedicated to producing the
lowest-emission and lowest-cost natural gas in North America. We are an investment grade
exploration and production company providing strong and predictable
operating and financial performance through the development of our
three core areas in the Western Canadian Sedimentary Basin. With
our existing large reserve base, decades-long drilling inventory,
relentless focus on execution and cost management, and
industry-leading environmental performance, we are excited to
provide shareholders an excellent return on capital, and an
attractive source of income through our base dividend and surplus
free cash flow distribution strategies.
SOURCE Tourmaline Oil Corp.