|Date Announced:||November 04, 2014|
|Date Closed:||December 23, 2014|
|Client Name:||Canadian Non-Operated Resources I Ltd. (CNOR)|
On December 23, 2014, Tourmaline Oil Corp. completed the previously announced Peace River High acquisition from and joint venture with Canadian Non-Operated Resources I Ltd. (CNOR) for approximately $500 million. Tourmaline retains a 75% interest and will continue to operate the joint venture assets.
Tourmaline is a Canadian intermediate crude oil and natural gas exploration and production company focused on long-term growth through an exploration, development, production and acquisition program in the Western Canadian Sedimentary Basin. CNOR is a Calgary-based oil and gas company managed by Grafton Asset Management, a Calgary-based oil and gas investment management firm.
CNOR was represented on the joint venture agreement by Bennett Jones LLP with a team that included Don Greenfield (Oil & Gas Team Lead), Vivek Warrier, Kieran Ryan, Gavin Carscallen, Megan Bertram, Adam Scrivens, Helen Cox, Jennifer Asquin, Ravi Parhar and Domenic Puglia
The Toronto-Dominion Bank led a syndicate of lenders in providing certain first lien credit facilities to CNOR to assist in the purchase.