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Mike Rose, CEO of Tourmaline Oil Corp, photographed in his Calgary office on Thursday, January 06, 2011.
Mike Rose, CEO of Tourmaline Oil Corp, photographed in his Calgary office on Thursday, January 06, 2011.
(Chris Bolin For The Globe and Mail)

Tourmaline taps market again for new funds

Tourmaline Oil Corp. has a record of raising money when equity markets are stingy, and the Calgary-based company said on Tuesday it is doing just that – selling a big chunk of stock for the third time in less than a year.

Tourmaline, led by CEO Mike Rose, has entered into a bought deal worth at least $157-million. The mid-size oil and gas producer will use the funds to reduce short-term debt, and apply the remainder to its $900-million capital spending budget.