Tourmaline buys ARC and EnCap-backed Modern Resources

Tourmaline Oil Corp has acquired Modern Resources, a Calgary-based oil and gas company, for about C$144 million, including debt.

Tourmaline Oil Corp has acquired Modern Resources, a Calgary-based oil and gas company, for about C$144 million, including debt. Modern was backed by ARC Financial Corp and EnCap Investments. Calgary’s Tourmaline has also agreed to acquire Jupiter Resources for about C$626 million, including debt.

Source: Press Release