By Robert Tuttle
Just a week after Cenovus Energy Inc.’s much larger takeover of Husky Energy Inc., Calgary-based Tourmaline said it has agreed to acquire closely-held Jupiter Resources Ltd. for about C$415 million ($315 million) and Modern Resources Inc. for roughly C$100 million, excluding debt.
Canada’s energy industry, which was already struggling with depressed local prices due to a shortage of export pipelines, this year has also had to cope with the devastating impact of the Covid-19 pandemic on energy demand.
Last week, Cenovus agreed to buy Husky in an C$3.8 billion all-stock deal to create the country’s third-largest oil and gas producer.
Following its two acquisitions, Tourmaline has also agreed to sell some land rights from the two rivals to Topaz Energy Corp., in a deal valued at about C$130 million.