Tourmaline to acquire Jupiter Resources and Modern Resources for $770m.

Tourmaline, a natural gas producer, agreed to acquire Jupiter Resources, an independent Calgary-based energy company, and Modern Resources, a provider of oil and gas field services for $626m, including c. $200m of debt, and $144m respectively. The acquisition of Modern was closed on November 2, 2020, while the acquisition of Jupiter is expected to close on December 16, 2020, subject to receipt of customary regulatory approvals, including TSX approval. “I am incredibly proud of the Jupiter team and everything we accomplished over the past six years. Each new season brought unique challenges but through commitment, collaboration, innovation and perseverance we emerged stronger every time. I am confident that the high-quality business we built will support Tourmaline’s ambition to become North America’s most efficient and profitable natural gas producer,” Simon Bregazzi, Jupiter CEO.