CALGARY, AB, July 2, 2024 /CNW/ - Topaz Energy Corp. (TSX:TPZ) ("Topaz" or the "Company") is pleased to announce the completion of the acquisition of a 50% non-operated working interest in Whitecap Resources Inc.'s ("Whitecap") newly commissioned natural gas and condensate facility, located in the Musreau area of the Alberta Montney (the "Facility"), for total cash consideration of $100.0 million (the "Facility Acquisition").  Infrastructure Acquisition The Facility Acquisition is supported by contractual commitments that provide Topaz with fixed, take-or-pay revenue for a ten year term and preferential capacity dedication for a subsequent seven year term, during which Topaz will not be responsible for operating or maintenance costs.  The Facility Acquisition is expected to provide $13.0 to $14.0 million of annualized 2024 (100% operating margin(6)) processing revenue to Topaz and was funded through Topaz's credit facility.  Whitecap is an existing strategic partner of Topaz, who will retain 50% ownership and continue to operate the Facility, which was recently built to enable further development and production growth in the prolific Alberta Montney resource area.  The Facility Acquisition demonstrates Topaz's strategy to invest in new infrastructure assets that are situated in resource areas that attract commodity price-resilient capital development. 2024 Processing Revenue and Other Income Guidance Increase Topaz's 2024e infrastructure processing revenue and other income is expected to increase from the previously announced range between $69.0 and $71.0 million(1)(5), to a range of $75.5 to $78.0 million(2)(5).  On an annualized basis, the Facility Acquisition provides 19% to 20%(3)(5) processing revenue and other income growth and pro forma, Topaz's processing revenue and other income represents approximately 45%(4)(5) of the Company's current dividend, further enhancing the reliability of the Company's shareholder return strategy.  Topaz's 2024e year end net debt to EBITDA(6) is estimated to increase from 0.8 times to 1.1 times(1)(5)(7), based on Topaz's estimated 2024 year end net debt(6) range of $340 million to $350 million(1)(5)(7).  Topaz will provide a fulsome guidance update along with the upcoming release of the Company's second quarter financial results. Second Quarter 2024 Results Topaz is scheduled to release its second quarter 2024 financial results after market close on July 29, 2024.  Topaz will host a second quarter conference call on Tuesday, July 30, 2024 starting at 9:00 a.m. MST (11:00 a.m. EST). To join the conference call without operator assistance, participants can register and enter their phone number at https://emportal.ink/3PwXL6L to receive an instant automated call back. Alternatively, participants can join by calling a live operator at 416-764-8659 or 1-888-664-6392 (North American toll free).  The conference call ID is 21234363. Additional informationAdditional information about Topaz is available on SEDAR+ at www.sedarplus.ca under the Company's profile, and on Topaz's website, www.topazenergy.ca. ABOUT THE COMPANY Topaz is a unique royalty and infrastructure energy company focused on generating free cash flow growth and paying reliable and sustainable dividends to its shareholders, through its strategic relationship with Canada's largest and most active natural gas producer, Tourmaline Oil Corp. ("Tourmaline"), an investment-grade senior Canadian E&P company, and leveraging industry relationships to execute complementary acquisitions from other high-quality energy companies. Topaz focuses on top-quartile energy resources and assets best positioned to attract capital in order to generate sustainable long-term growth and profitability. Topaz's common shares are listed and posted for trading on the TSX under the trading symbol "TPZ" and it is included in the S&P/TSX Composite Index. This is the headline index for Canada and is the principal benchmark measure for the Canadian equity markets, represented by the largest companies on the TSX. For further information, please visit the Company's website at  www.topazenergy.ca.  Topaz's SEDAR+ filings are available at www.sedarplus.ca. NOTE REFERENCES 1. Based on Topaz ...