RSE : Riverstone Energy says CNOR investing in Tourmaline
Canadian Non-Operated Resources Corp, which Riverstone funded in August 2014, is investing to take a 25% interest in Tourmaline Oil’s Peace River High operated area in Alberta, Canada. They get 25% of the existing complex (all lands, wells, production, reserves, and facilities) for C$500m. Tourmaline will use the money to accelerate its planned exploration and production programme (it plans to spend $400m over the next five years). Any additional acreage that Tourmaline picks up in the complex will also be owned 75:25 by Tourmaline and CNOR.