RE:TOU vs PEYIt is an advantage for Tourmaline to use their stock to buy companies. They issued 3% stock (+ debt) to add 11% production. Peyto issued 10% stock (+ more debt) to add 25% production. If Peyto had gone 50/50 equity and debt like TOU, it would have been 15% stock to add 25% production.
Where Peyto benefits of course is that Repsol is leaving behind all that infrastructure (anybody know how well it was maintained? is it in pristine condition or are we looking at rust buckets?) so 15% share dilution (normalized to 50/50 debt/equity) --> 25% production will be more like 15% --> 50% production eventually.
The problem of course is that the AECO market is already oversupplied so what Tourmaline is doing - maintaining production - makes more sense for the industry overall.
All my amateur opinion.