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Topaz Energy Corp. (TPZ · TSX)

Name: Topaz Energy Corp. (TPZ) oil & gas valuation & reserves screen
Creator: Enerquill Advisory

Minerals & royalty — HQ Canada. Oil & gas valuation, proved reserves, production, break-even, net-asset-value and jurisdiction-risk screen.

Category Minerals & royaltyRegion N. AmericaCEO Marty Staples (2020)Jurisdiction risk Low (8)

Overview

Pure-play royalty and gas-infrastructure company created by Tourmaline; ~17% of Western Canada Sedimentary Basin drilling occurs on its royalty acreage, delivering low-risk, capital-light production and reserve growth (1.5x reserve replacement, +10% reserves in 2025).

Record 91% free cash flow margin in 2025 with ~43% of revenue from stable fee-based infrastructure; funds a growing dividend (CAD $1.35/sh, ~4.5% yield, 66% payout) alongside debt reduction and tuck-in royalty acquisitions.

Valuation snapshot (FY2025)

Market cap

$3.5bn

Enterprise value

$3.9bn

EV / EBITDA

15.8x

P / E

37.6x

FCF yield

6.4%

Dividend yield

4.4%

ROACE

Debt / equity

38%

Net debt / EBITDA

1.5x

EV / reserves

$86.67/boe

EV / flowing

$174k/boe/d

Free cash flow

$0.2bn

Its EV/EBITDA of 15.8x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 6.4% is lower than the 6.5% median, and at $86.67/boe of proved reserves it is richer than the $13.51/boe median.

On a balanced screen across the universe, Topaz Energy Corp. scores 41/100, strongest on growth (64/100). Sub-scores: value 24, quality 37, growth 64, risk 38 (higher = riskier).

Reserves & production

Topaz Energy Corp. holds approximately 0.04 billion boe of proved (1P) reserves with FY2025 production of about 22 thousand boe/d (30% liquids), a reserve life of roughly 5.5 years. Break-even: n/a (royalty + infrastructure model) — royalty income + gas processing/infrastructure fees; minimal capex

Net asset value (public-source)

For Topaz Energy Corp., no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.

Jurisdiction risk · production-weighted country risk

8 /100

Low jurisdiction risk

Production-weighted average of the country scores below (0 = safest, 100 = riskiest).

Country / region	Prod. share	Country risk	Key jurisdiction risk
Canada	100%	8	Stable; pipeline egress constraints, oil-sands emissions policy.

How this is scored. Each country's risk (0–100) is anchored to two named public indices — the OECD Country Risk Classification (0–7 official export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability & Absence of Violence percentile) — blended 55/45 and rescaled to 0–100. A company's jurisdiction risk is the production-weighted average across the countries where it operates. This is a pure country measure, kept separate from company & financial risk (leverage, governance). Source: OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries..

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Key assets & projects

Asset	Location	Type	Notes
Royalty	Canada	NEBC Montney	core gas royalty acreage, largely Tourmaline-operated; +10% reserves 2025
Royalty	Canada	Clearwater	fast-growing oil royalty play; reserves +50% YoY, ~4.0 mboe/d exit
Royalty	Canada	Deep Basin	liquids-rich Alberta gas royalty acreage
Royalty	Canada	Peace River / heavy oil	oil royalty acreage
Royalty	Canada	Charlie Lake / Spirit River	liquids-rich royalty interests
Infrastructure	Canada	Gas processing plants	equity interests in Tourmaline-operated processing facilities
Infrastructure	Canada	Water infrastructure	Montney/Deep Basin water disposal, storage & handling
Infrastructure	Canada	Third-party processing	fee-based volumes from third-party producers

Five-year trend (FY2021–FY2025)

Metric	2021	2022	2023	2024	2025
Production (mboe/d)	13	15	18	20	22
Proved reserves (bnboe)	0.04	0.04	0.05	0.05	0.04
Revenue ($bn)	0.1	0.3	0.2	0.2	0.2
EBITDA ($bn)	0.1	0.2	0.2	0.2	0.2
Net income ($bn)	0.1	0.1	0.1	0.1	0.1
Free cash flow ($bn)	0.1	0.2	0.2	0.2	0.2

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Peer companies — Minerals & royalty

TPL · Texas Pacific Land Corporation VNOM · Viper Energy PSK · PrairieSky Royalty Ltd.BSM · Black Stone Minerals, L.P.FRU · Freehold Royalties Ltd.KRP · Kimbell Royalty Partners, LP DMLP · Dorchester Minerals, L.P.VTS · Vitesse Energy

Sources

✓ FY2025 figures verified against primary sources:

↗ Compare TPZ against 141 peers in the interactive screener