Date Closed

August 10, 2022

Lead Office

Calgary

Value

194.00 Million CAD

On August 10, 2022, Tourmaline Oil Corp. (“Tourmaline”) completed its acquisition of Rising Star Resources Ltd. (“Rising Star”), a privately held oil and gas exploration and production services company, by way of a three-cornered amalgamation. The purchase price was an aggregate of C$194 million which included 6,000,000 common shares of Topaz Energy Corp. (“Topaz”) currently owned by Tourmaline and C$67,770,000 in cash.

Rising Star is a provider of oil and gas exploration and production services that  controls key producing infrastructure for all of its light oil and natural gas producing assets, thereby providing focused growth opportunities for its shareholders.

Topaz is a Canada-based royalty and energy infrastructure company, primarily focused on developing its business by acquiring and developing relationships with natural gas producers, such as Tourmaline. Topaz’s common shares trade on the Toronto Stock Exchange under the symbol “TPZ”.

Tourmaline is Canada’s largest natural gas producer focused on long-term growth through an aggressive exploration, development, production and acquisition program in the Western Canadian Sedimentary Basin. Tourmaline's common shares trade on the Toronto Stock Exchange under the symbol "TOU".

McCarthy Tétrault advised Rising Star with a team led by Jim Pasieka and Gordon Cameron that included Simran Choongh, Ashley Wilson, Matthew Hooker and Karsten Carriere (M&A), Audrey Bouffard-Nesbitt (Financial Services) and Mike Hegedus and Prince Arora (Tax).