Black SwanLower debt than Crew, 150% of the production+.
Come on Crew land guys, get on an asset sale and fix your balance sheet. $375M is far too much. Too much land too and not enough development/production.
Pay off debt.
Grow production.
Do those two things and all will be well. Mgmt's job is to figure out how.
The deal value consists of 26 million Tourmaline shares and a net debt of up to $350 million, including deal costs.
Tourmaline will acquire an expected average production capacity of over 50,000 boepd when the deal closes, likely in the second half of July.