Tourmaline to buy Canada shale rival, eyes future LNG exports

Tourmaline Oil Corp. agreed to acquire fellow Canadian energy producer Black Swan Energy Ltd. for about C$1.1 billion ($910 million) as the company eyes future exports of natural gas from the country’s west coast.

The purchase of closely held Black Swan will give Tourmaline gas production of as much as 2.3 billion cubic feet per day by mid-2022, Tourmaline said Friday in a statement.

Both companies operate in western Canada’s Montney shale formation, which Tourmaline says will be important in supplying future exports of liquefied natural gas.