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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (69137)	10/15/2019 8:14:22 AM
From: Goose94	Read Replies (2) of 202448

Tourmaline Oil (TOU-T) shares jumped 15 per cent on Friday after it said it will spin off some of its assets into a royalty and energy infrastructure company worth $775-million, with the aim of taking it public. Tourmaline will own 75 to 81 per cent of the new entity, called Topaz Energy Corp., and unnamed private investors will own the remainder, paying $150-million to $200-million for their share. The company said it could launch an initial public offering for the unit next year. Shares in Tourmaline surged $1.66 to $12.38 in Toronto as investors applauded chief executive officer Mike Rose's plan to help the market recognize value not currently reflected in the company's stock price. The move comes after a more than 50-per-cent drop in the stock in the past six months. Topaz's assets will initially comprise a gross overriding royalty on all of Tourmaline's oil and gas production, a 45-per-cent interest in two of its natural gas plants and a portion of third party revenue from gas processing. Tourmaline is among several natural gas producers that have been hit by depressed prices for the fuel through the spring and summer.

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