Calgary-based independents Tourmaline Oil Corp. and Topaz Energy Corp. each built stakes in the Montney Shale in separate transactions, with an eye on helping to boost liquefied natural gas (LNG) export supply. 

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The recent dealmaking generated C$659.5 million ($527.6 million) in northeastern British Columbia (BC) asset purchases by the two exploration and production companies.

Tourmaline’s deals are worth an estimated C$314.5 million ($251.6 million) for Montney output, drilling targets and product handling capacity. Included is a C$205 million ($164 million) resource rights purchase from Saguaro Resources Ltd.

Tourmaline, which boosted its natural gas production by 30% year/year in 1Q2021, said the transactions would lead to higher 2021 output. It is raising its average...