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Last C$32.36 CAD
Change Today -0.52 / -1.58%
Volume 405.8K
As of 2:03 PM 07/31/15 All times are local (Market data is delayed by at least 15 minutes).

tourmaline oil corp (TOU) Snapshot

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52 Week High
09/2/14 - C$55.18
52 Week Low
07/27/15 - C$31.25
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tourmaline oil corp (TOU) Details

Tourmaline Oil Corp., together with its subsidiaries, engages in the acquisition, exploration, development, and production of petroleum and natural gas properties in the Western Canadian Sedimentary Basin. As of December 31, 2014, it had approximately 478 million barrels of oil equivalent (MMboe) of proved plus probable reserves in the Alberta Deep Basin; 306 MMboe of proved plus probable reserves in the Sunrise/Dawson/Sundown NEBC Montney area; and 72 MMboe of proved plus probable reserves in the Peace River High Regional Charlie Lake area. The company was founded in 2008 and is headquartered in Calgary, Canada.

174 Employees
Last Reported Date: 03/10/15
Founded in 2008

tourmaline oil corp (TOU) Top Compensated Officers

Chairman, Chief Executive Officer and Preside...
Total Annual Compensation: --
Chief Financial Officer, Vice President of Fi...
Total Annual Compensation: C$287.5K
Chief Operating Officer and Vice President of...
Total Annual Compensation: C$250.0K
Vice President of Exploration
Total Annual Compensation: C$257.5K
Vice President of Land
Total Annual Compensation: C$230.0K
Compensation as of Fiscal Year 2014.

tourmaline oil corp (TOU) Key Developments

Tourmaline Oil Corp. Provides Update on of its Operations; Provides Production Guidance for the Second Quarter and Full Years of 2015 and 2016; Announces Production Results for the Month of April 2015

Tourmaline Oil Corp. provided an operational and financial update. The company has currently has six rigs active post-break-up and plans to activate the remaining 10 rigs in early July. Continued optimization of recently expanded facilities has allowed the company to increase production through-put and allowed the company to defer planned 2H 2015 facility expansions at Wild River and Spirit River, Alberta to 2016. The available capital created by this deferral will allow for the drilling of an incremental 18-20 horizontal wells to be drilled in the NEBC Montney and Alberta Deep Basin play areas during the second half of 2015. The significant reduction in drilling and completion costs realized over the past six months will also allow for the drilling of additional incremental wells within the existing 2015 capital program. The aforementioned incremental second half year 2015 drilling and the 2015 acquisitions completed to date are expected to yield a 2015 production exit of 200,000 boepd. The company is raising 2016 production guidance to 215,000 boepd from the 205,000 boepd originally forecast. Full-year 2015 average production guidance remains unchanged at 164,500 boepd. Tourmaline currently has approximately 22,000 boepd of production shut-in either awaiting tie-in or facility access. The company will provide revised second half year 2015 and 2016 capital and cash flow guidance in July with the release of the second quarter 2015 results. April 2015 production of approximately 153,500 boepd was ahead of the company's second quarter of 2015 target of 151,500 boepd.

Tourmaline Oil Corp. Announces Expansion of its Credit Facility to $1.80 Billion

Tourmaline Oil Corp. announced the expansion of its credit facility to $1.80 billion, an increase of $200 million, which has been established with a syndicate of eight banks. The company also has an additional operating line of $50 million and a term loan of $250 million. The prevailing effective interest rate on the facility is 2.7%. The term of the credit facility has been increased from three years to four years and the existing covenants remain the same. A new provision has been included whereby, at the company's request, up to an additional $500 million may be accessed under identical terms to the credit facility. The revision to the syndicated bank facility is expected to close in early June 2015. The total credit facility of $1.85 billion along with the term debt of $250 million brings the total credit capacity to $2.1 billion. The company plans to continue to maintain a strong balance sheet with debt to cash flow below 1.5 times.

Tourmaline Oil Corp. Announces a Significant Discovery and Related Expansion of its NEBC Montney Complex

Tourmaline Oil Corp. provided results from the initial discovery and ongoing delineation of the liquid rich Lower Montney Turbidite lobe in the Dawson-Doe area of NEBC. The initial discovery was made during the fourth quarter of 2013, and over the past 16 months the Company has now tested the horizon with ten, widely-spaced, horizontal delineation wells. The initial discovery well, at D05-5-80-15-W6, had a 30 day IP rate of 1,426 boepd and is currently producing 577 boepd (2.4 mmcfpd gas, 173 bbls/day condensate) after 421 days of production. The well has produced 366 mstboe (1.5 bcf of gas, 116.3 mstb of condensate) of the 661 mstboe of proved plus probable reserves currently assigned by GLJ (Dec. 31, 2014). The average wellhead condensate yield to date is 77 bbls/mm, the current yield is 72 bbls/mm. The average 30 day IP rate of the 4 initial wells with over 1 month of production is 1,252 boepd (5.3 mmcfpd, 372 bpd condensate) including one well where only 50% of the stages in the horizontal were completed. The average wellhead condensate yield over the 30 producing days for these 4 wells was 70.5 bbls/mm. The company has also acquired considerable 3D seismic to assist in imaging the deep and relatively subtle Montney Turbidite horizon. The seismic and drilling results were utilized to guide the play consolidation and acquisition strategy. The company estimates that it now controls a total of 234 undrilled Lower Turbidite horizontal locations on existing Tourmaline lands. Depending upon the ultimate pace of development, the company estimates that the Lower Turbidite development project could add an incremental 75-100 mmcfpd of gas production and 7,500-10,000 bpd of condensate production to the existing NEBC Company production levels estimated in the current 5 year development outlook. The Lower Turbidite development will complement the ongoing Upper and Middle Montney development where the company has drilled its high deliverability wells to date in both horizons in 2015. Tourmaline expects to expend a total of $110 million on the Lower Turbidite play in 2015 including both EP drilling and acquisitions. A large proportion of the 2015 funds for this project were made available by the deferral of the originally planned 2015 Sundown development, which was deferred into 2016. Tourmaline has reduced NEBC Montney horizontal drilling and completion costs to approximately $3.7 million per well in 2015, hence the NEBC Lower Montney Turbidite play has very attractive economics.


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Valuation TOU Industry Range
Price/Earnings 15.6x
Price/Sales 5.6x
Price/Book 1.5x
Price/Cash Flow 7.0x
TEV/Sales 4.9x

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