Tourmaline Oil Corp. and Topaz Energy Corp. announced on October 8, 2025, a secondary offering of Topaz common shares held by Tourmaline. The offering closed later in October 28, 2025 and involved the sale of 9,200,000 common shares, including the full exercise of the 1,200,000-share over-allotment option, at a price of $25.10 per share. This generated gross proceeds of approximately $230 million for Tourmaline. Topaz did not receive any proceeds from the transaction.

Following the closing, Tourmaline’s ownership in Topaz decreased to about 15.3% of the outstanding shares, retaining 23,529,494 shares. Tourmaline continues to hold certain contractual rights, such as director nominations and participation in future securities offerings. The offering was conducted on a bought deal basis by a syndicate of underwriters led by Peters & Co. Limited and Scotiabank, with legal counsel provided by Burnet, Duckworth & Palmer LLP for Topaz and Tourmaline, and Torys LLP for the underwriters.

The shares were offered via a short form prospectus in all Canadian provinces except Quebec and through private placements in the United States to qualified institutional buyers. The transaction supports Topaz’s objective to expand its free-trading share float and enhance trading liquidity as it continues to operate as an independent royalty and infrastructure energy company.