Tourmaline to sell part of Peace River High project to PE-backed CNOR
Tourmaline Oil Corp (TSX: TOU) has agreed to sell a percentage of its Peace River High oil play to Canadian Non-Operated Resources LP (CNOR), which is backed by U.S. private equity firm Riverstone Holdings and other investors. The deal, announced by Tourmaline in its Q3 2014 financial statement, will see CNOR become a joint venture partner through its acquisition of a 25 percent interest in the Western Canada-based project for $500 million. The deal is expected to close in December. A Calgary oil and gas company, the newly founded CNOR secured an $675 million equity investment in August. The company subsequently invested in Bellatrix Exploration Ltd.
7 November 2014•5 mins read
