Tourmaline Oil sells 10 million Topaz Energy shares for C$287.5 million
Tourmaline says it will use the proceeds to buy back its own shares.
Published
Tourmaline Oil is selling 10 million shares of Topaz Energy for C$287.5 million, a deal that works out to C$28.75 a share. Tourmaline said it will use the proceeds to repurchase its own stock.
The sale follows a pattern Tourmaline has used before. In a November 2024 bought deal, Tourmaline held 45,149,494 Topaz shares, or 29.4% of the company, and expected to hold 36,449,494 shares, or 23.8%, once that offering closed, according to a joint release from the two companies posted on Newswire. Part of those proceeds went toward Tourmaline's NEBC infrastructure build-out, the release said. Tourmaline sold another block of Topaz shares in a $230 million bought deal that closed in October 2025, according to a separate joint release from the companies.
Before a separate disposition disclosed September 8, 2026, Tourmaline held 23,529,494 Topaz shares, about 15.19% of the shares outstanding, according to an early warning report cited by BOE Report.
Tourmaline has described its Topaz sales as part of a long-term plan to reduce its equity position as Topaz develops and continues to operate as an independent royalty and infrastructure company, according to the November 2024 release. Today's sale extends that same trimming process, following similarly structured bought deal offerings in 2024 and October 2025.