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Topaz Energy
Topaz Energy, led by CEO Marty Staples, manages royalty and infrastructure assets across Western Canada, spun out from Tourmaline Oil in 2020.
Topaz Energy
Topaz Energy was formed in 2020 when Tourmaline Oil Corp. completed a strategic reorganization, transferring a broad portfolio of royalty interests and midstream infrastructure assets into a newly created, publicly listed vehicle. The transaction aimed to surface value for Tourmaline shareholders while establishing a pure-play royalty company with a lean operating structure and strong alignment with Canada's premier natural gas producer. Marty Staples, a former Tourmaline executive, was named President and CEO at inception. The company's asset base blends a top-tier gross overriding royalty portfolio with contracted infrastructure facilities. On the royalty side, Topaz holds interests across diverse, low-decline natural gas, light oil, and condensate production from Clearwater, Deep Basin, and NEBC Montney plays. Its infrastructure segment secures fee-based cash flow through ownership in gas processing plants and water management systems concentrated in the Alberta Deep Basin. Key counterparties include its anchor and largest tenant, Tourmaline Oil, alongside other established producers operating within its land base. The geographic focus is tightly centered on the Western Canadian Sedimentary Basin, specifically Alberta and northeastern British Columbia. Topaz operates as a publicly listed entity on the Toronto Stock Exchange under the symbol TPZ, with Tourmaline Oil retaining a significant equity stake. The firm has pursued an active acquisition strategy to scale its asset base. In October 2022, Topaz completed a $95 million royalty acquisition focused on high-quality, liquids-rich natural gas assets in the Alberta Montney, further diversifying its production base. This deal, alongside other smaller transactions, underscores a model of compounding growth through third-party and organic opportunities without the burden of direct operating costs or capital expenditures on drilling. The structural differentiator rests on a royalty-and-infrastructure hybrid model that avoids direct operational exposure to drilling risk while capturing upside from the underlying production growth of well-capitalized operators. The board is chaired by Mike Rose, who also serves as Chairman and CEO of Tourmaline Oil, creating an uncommon overlap in governance between a parent operator and its royalty spin-off, aligning interests but concentrating strategic control.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
Canada
City
Calgary
Corporate office
Calgary, AB, Canada
Principals
Marty Staples
President & Chief Executive Officer
Sector focus
Frequently asked questions
What is Topaz Energy's exact relationship with Tourmaline Oil Corp.?
Topaz Energy was spun out of Tourmaline Oil Corp. in 2020 as a separate, publicly listed entity on the Toronto Stock Exchange. Tourmaline Oil, Canada's largest natural gas producer, retains a significant equity ownership stake in Topaz. The governance links run deep: Mike Rose, the Chairman and CEO of Tourmaline, also serves as Chairman of Topaz Energy. Operationally, Tourmaline acts as the anchor tenant and operator on a substantial portion of the royalty lands and infrastructure assets held by Topaz.
How does the firm source its deal flow and growth?
Topaz Energy sources growth through two primary channels: organic production development on existing royalty lands and third-party acquisitions. Because it does not fund drilling, it relies on the capital programs of established producers like Tourmaline and others to expand production on lands where it holds a royalty interest. Acquisitively, management evaluates a pipeline of royalty and infrastructure opportunities from both corporate and private sellers across Western Canada, closing a notable $95 million Montney royalty deal in October 2022.
Does Topaz Energy carry direct operating risk on its assets?
No. The business model is structured specifically to avoid direct operating risk. As a royalty holder, it earns a percentage of production revenue without paying the capital or operating costs of drilling and completing wells. On the infrastructure side, contracts are structured with fixed fees and minimum volume commitments, making revenue more predictable and insulating the firm from commodity price volatility to a degree, relative to an upstream E&P company.
What is the composition of the firm's asset base?
The asset base is a hybrid of two distinct classes. The first is a gross overriding royalty portfolio spanning over six million gross acres, primarily weighted to natural gas and condensate production from the Deep Basin, NEBC Montney, and Clearwater plays. The second is a contracted infrastructure segment, which includes ownership interests in natural gas processing plants and water management assets, predominantly located in the Alberta Deep Basin, generating stable, fee-based cash flows.
Who leads the investment and operational decisions at Topaz Energy?
Marty Staples serves as the President and Chief Executive Officer, leading the firm's strategic direction and acquisition strategy since its 2020 inception. The board is chaired by Mike Rose, who concurrently serves as Chairman and CEO of Tourmaline Oil Corp. This concentrated leadership group, with its deep roots in the Canadian natural gas sector, centralizes both the strategic and execution functions of the company.
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