Perpetual Energy to sell West Edson for Tourmaline stock

Perpetual Energy Inc., Calgary, has signed a definitive agreement to sell its joint interest share of West Edson in west-central Alberta to Tourmaline Oil Corp. for Tourmaline stock currently valued at $256.5 million.

Perpetual’s current production from West Edson is 5,750 boe/d (OGJ Online, Oct. 28, 2014).

The swap is for 6.75 million Tourmaline common shares and includes all joint lands Perpetual holds with Tourmaline.

The sale includes 7.2 million boe of proved and probable developed natural gas and natural gas liquids reserves and 16.8 million boe of proved and probable undeveloped reserves. Expected to close by Apr. 1, the sale includes 9,600 net undeveloped acres that were not assigned reserves at yearend 2014.