Canada’s largest natural gas producer is getting even bigger.
In a news release on Oct. 16, Tourmaline Oil announced that it has entered into a “definitive share purchase agreement” to acquire Calgary-based Bonavista Energy for $1.45 billion.
“The Bonavista assets are a natural extension of Tourmaline’s existing operations in the Deep Basin where the company is already the largest producer,” the release reads.
The energy company has continued to expand in recent years. In 2021, Tourmaline Oil purchased Black Swan Energy for approximately $1.1 billion.
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The deal, which subject to customary regulatory and stock exchange approvals, is expected to close in the second half of November.
As Bonavista Energy prepares to come under new management, here are a few things that non-unionized employees need to be aware of.
If the sale of Bonavista Energy to Tourmaline Oil results in you losing your job, then Bonavista Energy must provide you with full severance pay.
In Canada, the seller of the business is responsible for providing proper compensation to staff who lose their job.
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