Tourmaline Oil Corp. has announced the sale of its Peace River High complex for $765 million.
Company officials said the sale removes some of the company’s highest-cost production and will allow it to replace that output with lower-cost production streams flowing through new facilities.
Officials added the transaction will allow the company to focus on its two major gas complexes.
Tourmaline said it plans to use about $500 million of the proceeds for permanent long-term debt reduction. The remaining $265 million will go toward infrastructure development in northeast British Columbia over the next two years.
According to the company’s press release, Tourmaline drilled 331 gross wells in 2025, resulting in 1.7 million metres drilled during the year.
The buyer of the Peace River High complex has not been publicly identified.
