Tourmaline and Topaz close C$230 million bought deal secondary offering of Topaz common shares

On October 28, 2025, Tourmaline Oil Corp. ("Tourmaline") and Topaz Energy Corp. ("Topaz") announced the completion of a previously announced bought deal secondary offering of 9,200,000 common shares, comprised of 8,000,000 common shares in addition to 1,200,000 common shares sold pursuant to the exercise in full of an over-allotment option granted to the underwriters, at a price of C$25.10 per common share for total gross proceeds to Tourmaline of approximately C$230 million.

The offering was led by Peters & Co. and Scotiabank, on behalf of a syndicate of underwriters. All net proceeds of the offering, after deducting the underwriting commission, were paid to Tourmaline. Topaz did not receive any of the proceeds from the offering.

Prior to the offering, Tourmaline held 32,729,494 common shares of Topaz, representing approximately 21.3% of the issued and outstanding common shares. Upon closing, Tourmaline holds 23,529,494 common shares, representing approximately 15.3% of the issued and outstanding common shares of Topaz.

Further information can be found on Canada Newswire’s website.

Topaz is a unique royalty and energy infrastructure company focused on generating free cash flow growth and paying reliable and sustainable dividends to its shareholders, through its strategic relationship with one of Canada's largest natural gas producers, Tourmaline, and leveraging industry relationships to execute complementary acquisitions from other high-quality energy companies.

Tourmaline is an investment grade Canadian senior crude oil and natural gas exploration and production company focused on long-term growth through an aggressive exploration, development, production and acquisition program in the Western Canadian Sedimentary Basin.