Tourmaline Oil

Tourmaline Oil has entered into a transaction to acquire Perpetual Energy’s interests in the West Edson area of the Alberta Deep Basin in Alberta, Canada. The interests include land interests, production, reserves, and facilities that are currently joint with Tourmaline. A consolidation of the existing joint gas plant at Edson will provide Tourmaline with a 100% interest and operatorship of three gas plants in the Greater Banshee-Minehead-Edson area by the fourth quarter of the year. Tourmaline will issue 6.75 million common shares, with a market value of approximately USD 256.5 million, to acquire the assets.