Crew Energy completes strategic transaction with Tourmaline Oil

Torys acted as counsel to Crew Energy with a team that included Scott Cochlan, Janan Paskaran, Mike Pedlow and Donald Baker (corporate/M&A), Omar Wakil (competition), Tom Stevenson and Parker Baglole (employment), Craig Maurice and Steve Marshall (tax), Andrew Gray and Gino Bruni (litigation), Tyson Dyck (environmental), Amy Maginley (oil & gas), Chris Bornhorst and Connor Murray (U.S. securities).

On October 1, 2024, Tourmaline Oil Corp. ("Tourmaline") announced that it closed the acquisition of Crew Energy Inc. ("Crew"), pursuant to which the Tourmaline acquired all of the issued and outstanding common shares of Crew in exchange for 18.778 million Tourmaline common shares and the assumption of net debt of approximately C$230 million, including all transaction costs, for total consideration of approximately C$1.4 billion.

Further information can be found on Newswire’s website.

Crew is a Canadian liquids-rich natural gas producer committed to pursuing sustainable per share growth through financially responsible resource development. The Company’s operations are focused in northeast British Columbia and include a large contiguous land base with a vast Montney resource.

Tourmaline is Canada's largest and most active natural gas producer dedicated to producing the lowest-cost natural gas in North America.