You could argue it’s because of management’s track record. Or because of rapidly growing reserves. Or because of stellar operational performance.
Whatever the case, Tourmaline Oil Corp. is absolutely on fire, a glaring outlier in the depressed natural gas market.
Don’t let the name deceive you. Tourmaline isn’t an oil-heavy producer. Almost 90 per cent of its 2012 production came from natural gas, the rest coming from conventional oil and natural gas liquids. But that hasn’t stopped the stock from rising 45 per cent in the past year and over 75 per cent since its initial public offering in late 2010. All of this while natural gas heavyweights such as Talisman Energy Inc. and Encana Corp. suffer, shedding assets and deleveraging.