AAVVF - Topaz Energy: Midstream And Royalty Interests In One Place

• Topaz Energy is a subsidiary of Tourmaline that went public.
• The business is a relatively low risk combination of midstream interests and royalty interests.
• Topaz also purchased the ORRI from Cenovus covering the Headwater acreage.
• Going public at the beginning of an industry recovery could make this that rare new issue bargain.
• The diversification away from Tourmaline will result in less potential conflicts of interest as well as some purchase price protection.

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