Q4 2019 and winter AECO natural gas prices have improved dramatically which is expected to drive a material increase in fourth quarter cash flow. Tourmaline closed the previously announced Peace River High joint venture arrangement with Canadian Non-Operated Resources LP on December 23, 2014. Read More: Topaz Energy Raises $175 Million With Tourmaline in Canadian IPO. Yahoo is part of Verizon Media. This region of the Peace River High is characterized by stacked, multiple objectives throughout the Mesozoic section. 2019 estimated EP capital spending has been further reduced by $90.0 million. It also owns a sour gas processing facility in the region. Third quarter 2019 cash flow was $224.0 million ($0.82/diluted share) with a Q3 2019 AECO natural gas price of $0.92/mcf.
Source: Tourmaline Oil Corp. Third quarter 2019 EP capital spending was $201.1 million, down 50% from Q3 2018. Tourmaline is pleased to report that it re-acquired the 25% working interest in the Peace River High complex for $175 million (Cdn). To get full access now.
Topaz Energy Corp. shares eked out a gain in its Toronto Stock Exchange trading debut after completing Canada’s biggest energy initial public offering in three years. Tourmaline has secured an additional 150 mmcfpd of firm, long-term transport on the GTN/PG&E system that accesses the lucrative Pacific NW and California markets with these new volumes. Track A&D/M&A transactions by: buyer, seller, deal value, production, reserves, acreage, price per BOE, Access select maps from operator presentations for acreage, acquisitions, trends, and more, Track the latest well results and performance from operators in the Permian-basin, Track spending quarter by quarter as operators adjust spending throughout the year, Property Listings (Assets for sale by Operator, State, County, Region, Type), Still not sure? Tourmaline estimates that the acquired asset will add $40 – 45 million of incremental cash flow in 2020, providing a net free cash flow yield of 14% for the acquisition.
The Gundy Phase 2 expansion at c-60-A to 400 mmcfpd is planned for late 2021/early 2022. Tourmaline’s long-term natural gas volumes on the GTN/PG&E system will increase from 200 mmcfpd to 300 mmcfpd in November 2019. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support Third quarter 2019 earnings were $15.8 million or $0.06/diluted share (YTD Q3 earnings were $258.4 million or $0.95/diluted share) underscoring the inherent profitability of the ongoing EP business, even in an extremely low natural gas and NGL price environment.
A further three new multi-well pads will be brought on-production during the fourth quarter maintaining the plant at full capacity as well as growing volumes that are accessing third-party processing options.
The acquisition adds approximately 5,600 boepd of oil and natural gas production currently operated by Tourmaline and net 2P reserves of approximately 62.0 mmboe. Continuously-improving capital efficiencies, primarily through reduced drilling and completion capital costs, has allowed Tourmaline to systematically reduce original 2019 EP capital spending by $180.0 million, year-to-date. Repeatable sustained drill, complete and equip capital costs of less than $3.0 million continue; current Gundy complex operating costs are less than $2.25/boe.
Have a confidential tip for our reporters? As the Company proceeds with the systematic regional Charlie Lake drilling program, numerous, less expansive uphole pool discoveries are anticipated. Third quarter 2019 operating costs were $3.11/boe, well below average full-year guidance of $3.45/boe. Included in the $1.7 billion of new spending is a $150 million expansion of the new Gundy plant, doubling capacity from 200 mmcf/d to 400 mmcf/d and increasing liquid volumes by 85,000 bpd.
An incremental 3,000 bpd of liquids is expected from the Gundy complex during Q4. Average September total liquids production of 60,138 bpd is on track with the full-year average. Please Upgrade it take less then a minute. The Company has bought back a total of 863,000 common shares under its NCIB for $10.4 million at an average of $12.10/share.
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