08:59 AM EDT, 10/28/2025 (MT Newswires) -- Tourmaline Oil ( TRMLF ) said Tuesday it has closed the $230 million secondary offering of Topaz Energy ( TPZEF ) shares, selling 9.2 million Topaz common shares at $25.10 each. Topaz did not receive any of the proceeds.

Tourmaline, which still has a 15.3% equity stake in the company, sold the shares as part of a long-term plan to reduce its equity position as Topaz develops as an independent royalty and infrastructure company.