Tourmaline Oil Corp. has entered into an agreement with Santonia Energy Inc. pursuant to which Tourmaline will acquire all of the issued and outstanding common shares of Santonia on the basis of 0.03012 of a Tourmaline common share for each Santonia common share. The acquisition will be effected by statutory plan of arrangement (the "Arrangement").

Based on the five day volume weighted average trading price of the Tourmaline common shares on the TSX, the deemed acquisition price is approximately $189.1 million, comprised of the issuance of approximately 3.228 million Tourmaline common shares and the assumption of an estimated $28.3 million of net debt as at January 31, 2014, excluding estimated associated transaction costs of approximately $9.0 million.

Tags: Tourmaline Oil Corp.