CALGARY — Tourmaline Oil Corp. says it has signed a $278.2-million deal with Topaz Energy Corp. giving Topaz a gross overriding royalty interest in recently acquired lands in Alberta and B.C.

The deal will see Topaz acquire royalty interests over approximately three million acres, more than half of which are undeveloped, in the Montney, Alberta Deep Basin and Peace River areas.

All of the lands included in the deal have been acquired by Tourmaline in the last two years.

Under the terms of the deal, Topaz will receive a gross overriding royalty rate of three per cent on natural gas and 2.5 per cent on crude oil and condensate.

Topaz says strategic alignment with Tourmaline, Canada’s largest and most active natural gas producer, enhances its own future growth outlook.

Tourmaline also said Tuesday it closed its previously announced acquisition of Crew Energy Inc., a transaction valued at approximately $1.4 billion.

This report by The Canadian Press was first published Oct. 1, 2024.

Companies in this story: (TSX:TPZ; TSX:TOU)

The Canadian Press