Tourmaline acquired a 75% working interest in a 13 section block of acreage (including 3D seismic) adjacent to the Company’s Gundy complex for $49 million in Q4 2019. }, "width": "100%", The Company has reduced capital costs to drill, complete and stimulate horizontal wells by between 40% and 50% over the last six years in all three operated complexes. "width": "100%", The Gundy plant expansion is expected to come online in late 2021. 2021 Canada Gas & LNG Exhibition & Conference Call For Abstracts Now Open! { A boe conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Help us to improve EnergyNow, Give us your feedback, Post Pandemic Oil and Gas: Four Scenarios – Geoffrey Cann, Canada Energy Regulator responds to crude oil release at Enbridge’s Express Line Pump Station, near Youngstown, Alberta, Bonterra Energy Corp. ]
EnergyNow is an online energy news and data media service dedicated to providing essential up to-date information on the Canadian oil & gas industry. Minimal development of the assets is expected in the next two years while Tourmaline assembles a regional facility plan as a key aspect of the future development of these assets, including a Gundy scale deep-cut facility (200 mmcfpd, 15,000 bpd condensate and NGLs). All of the directors and executive officers of Chinook and a significant shareholder of Chinook have entered into support agreements with Tourmaline and have agreed to vote an aggregate of approximately 37% of the outstanding Chinook common shares in favor of the transaction, subject to the provisions of such support agreements. "plotLineColorGrowing": "rgba(61, 133, 198, 1)", "d": "CDN Crude Index" On Thursday Tourmaline said it has approved a project to effectively double capacity at the Gundy plant, from 200 mmcf/d to 400 mmcf/d, noted GMP FirstEnergy analyst Robert Fitzmartyn. Tourmaline Oil has given the green light to expand a brand new natural gas processing plant in Northeast B.C. "largeChartUrl": "http://energynow.ca/data/", © Glacier RIG Ltd., all rights reserved. { The forward-looking information is based on certain key expectations and assumptions made by Tourmaline, including expectations and assumptions concerning the following: completion of the Chinook transaction; prevailing and future commodity prices and currency exchange rates; applicable royalty rates and tax laws; interest rates; future well production rates and reserve volumes; operating costs the timing of receipt of regulatory approvals; the performance of existing wells; the success obtained in drilling new wells; anticipated timing and results of capital expenditures; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the successful completion of acquisitions and dispositions; the state of the economy and the exploration and production business; the availability and cost of financing, labour and services; ability to market crude oil, natural gas and NGL successfully; and availability of funds from Tourmaline’s equity position in Topaz. "locale": "en", Help us to improve EnergyNow, Give us your feedback, Post Pandemic Oil and Gas: Four Scenarios – Geoffrey Cann, Canada Energy Regulator responds to crude oil release at Enbridge’s Express Line Pump Station, near Youngstown, Alberta, Bonterra Energy Corp. "d": "NYMEX Natural Gas" Tourmaline said it believes the incremental gas volumes will be delivered into a period of improved natural gas prices. Tourmaline also has the ability to double the capacity of the forthcoming Gundy plant. The most recent Gundy pacesetter well was drilled in 6.8 days for, Strong production rates have been realized from the Montney turbidite horizon in the Sunrise-Doe complex during. Tourmaline acquired a 75% working interest in a 13 section block of acreage (including 3D seismic) adjacent to the Company’s Gundy complex for $49 million in Q4 2019. }, READ MORE: Shell CEO says Carmon Creek not an oilsands retreat, Tourmaline buying Shell assets in Alberta and BC for $1.4B, Bill to amend law on assisted dying in Canada reintroduced 2 months before court deadline, Bill to amend law on assisted dying in Canada reintroduced 2 months before court deadline on Facebook, Bill to amend law on assisted dying in Canada reintroduced 2 months before court deadline on Twitter. "d": "DOW JONES Index" { Terms & Conditions, Upcoming summit a worthwhile event for Alberta’s new jobs minister, who faces ‘Herculean’ task ahead, How the U.S. government can ramp up climate tech investment, Oil traders say green push will boost access to capital, New natural gas line for TransAlta switch off coal to be completed ahead of schedule, IEA chief paints rosy picture for the future of LNG, Painted Pony shareholders approve sale to Canadian Natural Resources, Suncor Energy says it will cut 10 to 15 per cent of its workforce over next 18 months, Shell plans to cut up to 9,000 jobs as oil demand slumps, Pieridae hires new engineer and builder for Nova Scotia LNG export project. { RBC announces new restrictions on financing coal, oil developments, Suncor Energy to layoff 10-15% of workforce over next 1.5 years, Photos of Donald Trump 'working' through COVID-19 spark suspicion, Donald Trump leaves hospital, returns to White House after coronavirus treatment, Canada repatriates orphaned girl from ISIS camp in Syria. "s": "FX_IDC:CADUSD", “Free cash flow” is defined as cash flow less total net capital expenditures.
}, "d": "WTI Crude" Oil & Gas
Announces Plan of Arrangement, Kenney says feds sank Teck mine with deadline change, but Ottawa says ‘not true’, Oilsands developers abandon nearly one million hectares of exploration leases, Oil Slides Most in Two Weeks as OPEC Production Is Seen Rising, Canadian Solar Selected for a 112 MWp Solar Power Project in Brazil, France’s Total invests in $1.7 billion Texas energy site, ISA Automation Expo and Conference 2020 (AEC 2020), CANWEA: Electricity Transformation Canada 2020, Williston Basin Petroleum Conference 2021, Operational Excellence in Energy, Chemicals, and Resources 2021. }, Oil and Gas Commission to commence production. "s": "UKOIL", "s": "INDEX:DJI", The expansion is expected to cost Tourmaline $150 million, which analysts said in line with the capital cost of the first phase. "s": "INDEX:TXCX", "symbolActiveColor": "#F2FAFE",
This news release contains forward-looking information and statements (collectively, “forward-looking information”) within the meaning of applicable securities laws. "s": "INDEX:TTEN", The two corporate transactions add approximately 6,000 boepd of current production, 2P reserves of 116.3 mmboe(1), and 160,000 acres of Montney lands for a combined cash purchase price of $33.4 million. ", "s": "INDEX:TXCX",
Reserves have been evaluated by independent reserve evaluators as at December 31, 2018 as follows: Polar Star 2P reserves of 80.7 mmboe by Sproule and Chinook 2P reserves of 35.6 mmboe by McDaniel for a combined 2P reserves total of 116.3 mmboe.
}
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. "d": "CDN Light Sweet" U.S. lawmakers want to know, How Transystems Achieves their Vision with AssetWorks Field Service Solutions, Wilton Resources Inc.
Tourmaline will initially focus on optimizing production and reducing field costs with the expectation that the Chinook/Polar Star assets will generate approximately $8.0 – $10.0 million of cash flow(2) annually at current gas prices which is entirely incremental to Tourmaline’s free cash flow (3) as outlined in the Company’s five-year development plan. "showChart": true, Statements relating to “reserves” are also deemed to be forward looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future. In yet another deal, Tourmaline acquired a 75% working interest in a 13 section block of acreage adjacent to the company's Gundy complex for $49 million in Q4 2019. }, "plotLineColorFalling": "#FF4A68", The 2020 EP capital program remains at $925 million, yielding production volumes of 315,000-320,000 boepd. Please read our Commenting Policy first. Construction on Gundy phase 1 is expected to be complete in June. "belowLineFillColorGrowing": "rgba(60, 188, 152, 0.05)", "d": "WTI Crude" Also included in this news release is an estimate of the annual cash flow to be generated by the Chinook/Polar Star assets, which is based on, among other things, the various assumptions as to production levels, capital expenditures and other assumptions disclosed in this news release and including commodity price assumptions for natural gas (NYMEX (US) – $2.14/mcf), and crude oil (WTI (US) – $53.18/bbl) and an exchange rate assumption of $0.76 (US/CAD). ] }, Gundy Tourmaline Overview The Scale, Resource, and Infrastructure Required to Profitably Grow in the WCSB and Provide Returns to Shareholders Tourmaline Overview • Largest natural gas producer in Canada(2) • 5th largest Canadian gas processing midstream operator • 2.6 Billion Boe 2P Reserves, 12.3 Tcf Gas and 552.8 MMbbls "s": "OANDA:NATGASUSD", ", See “Non-GAAP Financial Measures” in this news release and the Company’s Q1 2019 Management’s Discussion and Analysis. Reserves are working interest gross reserves before deduction of royalties payable to others and without including any royalty interests. Actual results could differ materially from those currently anticipated due to a number of factors and risks. The 94-B-09 pad delivered seven of NEBC’s highest-deliverability Montney wells between September and November 2019. "belowLineFillColorGrowing": "rgba(60, 188, 152, 0.05)", The Company will continue to operate two drilling rigs in the Gundy complex and expects to have a total of 115 completed Montney wells by year-end.
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