Tourmaline Oil (TOU) has notable insider buying

Tourmaline Oil (T:TOU)

Tourmaline Oil Corp. (TOU) has a high amount of executive buying compared to its large-cap peers over the past three months. Mike Rose, CEO, acquired 2,500 Common Shares on a direct ownership basis at a price of $61.699 through the public market on July 6th, 2023. The insider also acquired 5,000 Common Shares on an indirect ownership basis for registered holder Rose Foundation at a price of $61.699 through the public market on July 6th, 2023. This represents a $462,742 investment into the company's shares and an account share holdings change of 0.1%.

Tourmaline Oil Corp is a Canada-based crude oil and natural gas exploration and production company. It is focused on long-term growth through an exploration, development, production and acquisition program in the western Canadian sedimentary basin. It operates in three basins, which include the Alberta Deep Basin, NEBC Montney Gas/Condensate and Peace River Triassic Oil. The Company has ownership interests in 16 natural gas plants in the Alberta Deep Basin. It owns and operates five natural gas processing facilities with aggregate capacity of approximately 325 million cubic feet per day (MMcf/d) with related gas gathering systems and NGL handling infrastructure at NEBC Montney Gas basin. The Company owns and operates two oil batteries at Peace River Triassic Oil basin, which is handling approximately 48,000 barrels per day of fluids and the associated natural gas is delivered to a third party for processing.