StockMarketWire.com - Canadian Non-Operated Resources Corp. (CNOR) said it closed the previously announced Peace River High joint venture arrangement with Tourmaline Oil Corp. on 23 December 2014.

The venture covers the Peace River High operated area in Alberta, Canada, through which Tourmaline sold 25% of the existing complex (all lands, wells, production, reserves, and facilities) for C$500 million subject to customary adjustments.

CNOR is a 25% working interest joint venture partner in the complex and is responsible for its share of expenditures on a go forward basis, subject to certain carry obligations by the Seller. Future acquisitions within the Peace River High Joint Venture area will also be shared 75% Tourmaline and 25% CNOR.

Tourmaline is a publicly traded, Canadian intermediate crude oil and natural gas exploration and production company focused on long-term growth through an aggressive exploration, development, production and acquisition program in the Western Canadian Sedimentary Basin.

REL originally committed $90 million to CNOR on August 12 2014 and announced the signing of the joint venture with Tourmaline on 6 November 2014. REL invested approximately $69 million in CNOR upon closing of the Tourmaline joint venture arrangement, bringing total invested capital in CNOR to approximately $70 million.






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