Crew Energy Inc. Announces Strategic Transaction With Tourmaline Oil Corp.

CALGARY, Alberta, Aug. 12, 2024 (GLOBE NEWSWIRE) — Crew Energy Inc. (TSX:CR; OTCQB:CWEGF) (“Crew” or the “Company“) is pleased to announce that, with the unanimous support of its Board of Directors (the “Crew Board“) and endorsement from Crew’s largest institutional shareholder, the Company has entered into a definitive arrangement agreement (the “Agreement“) with Tourmaline Oil Corp. (“Tourmaline“) (TSX:TOU) pursuant to which Tourmaline has agreed to acquire all of the issued and outstanding common shares of Crew (“Crew Shares“) in an all-stock transaction (the “Transaction“). The Transaction is valued at approximately $6.69 per Crew Share (the “Purchase Price“) or $1.3 billion, including Crew’s net debt, which is estimated to be $240 million (including closing costs) as at the targeted closing date of October 1, 2024. Based on the closing prices of common shares of Tourmaline (“Tourmaline Shares”) and Crew Shares at the close of markets on August 9, 2024, the Purchase Price represents a premium of approximately 72%.

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