Oct 16 (Reuters) - Tourmaline Oil (TOU.TO) on Monday agreed to buy rival Bonavista Energy for C$1.45 billion ($1.06 billion) in cash and stock, strengthening its position in Western Canada's Deep Basin. The acquisition is expected to help Tourmaline, already the largest Deep Basin producer, exit 2023 with production of more than 600,000 barrels of oil equivalent per day. The offer consists of C$725 million in Tourmaline common shares and C$725 million in cash. Bonavista, a major oil and gas producer, delisted from the Toronto Stock Exchange in 2020 as part of a recapitalization plan. In September, Canadian natural gas firm Peyto Exploration & Development (PEY.TO) agreed to buy Spanish energy company Repsol's (REP.MC) Deep Basin assets for $468 million.

---

Persons: Tourmaline, Michael Harvey, Sourasis Bose, Shounak Dasgupta, Sriraj Organizations: Bonavista Energy, RBC Capital, Toronto Stock Exchange, Exploration, Development, Thomson Locations: Bonavista, Toronto, Bengaluru