02:24:45 EDT Fri 26 Apr 2024
Enter Symbol
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Tourmaline Oil Corp
Symbol TOU
Shares Issued 211,175,115
Close 2015-05-28 C$ 39.02
Market Cap C$ 8,240,052,987
Recent Sedar Documents

Post says Tourmaline's Rose optimistic on gas prices

2015-05-29 09:15 ET - In the News

The Financial Post reports in its Friday edition Tourmaline Oil is among a new breed of battle-hardened natural gas producers that have evolved to survive prices that have languished for much of this decade. The Post's Yadullah Hussain writes that while the price outlook remains grim, a handful of the companies have put themselves on sure footing as they tackle the competition from U.S. shale producers. AECO prices have averaged $3.28 this decade, spending long periods below $2.50 per million cubic feet. In the last decade that figure stood at around $5.8 per million cubic feet. "The trick is to drill the absolute highest quality and most economic wells so they will have the quickest payout and the best return whatever the gas price is," said Tourmaline chief executive officer Michael Rose. The company has faced low natural gas prices in "six of the 6-1/2 years of its existence," said Mr. Rose, who sees, however, better times ahead. "If gas got to $4, we will have tremendous earnings." Tourmaline bought a few assets recently, but Mr. Rose said he does not have a huge appetite for bigger acquisitions. Similarly, his fellow gas producers are hardly predatory despite the presence of weaker peers limping around.

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