Topaz Energy

What Topaz Energy does

Topaz Energy Corp. is a Calgary, Canada-based public royalty and energy infrastructure company listed on the Toronto Stock Exchange (ticker: TPZ) since its October 2020 IPO. The company's core business is the ownership of royalty interests across approximately six million gross acres in the Western Canadian Sedimentary Basin, including over five million gross overriding royalty interests and approximately 400,000 fee mineral title acres. Topaz's asset footprint spans seven premium resource plays: the NEBC Montney, the Alberta Deep Basin, Clearwater, Peace River (Charlie Lake), Central Alberta, Southeast Saskatchewan, and Manitoba. It is the largest contiguous royalty holder in the Charlie Lake light oil play.

The company's revenue model is built on two streams: royalty income from oil and gas production on its acreage, and stable, financially committed cash flows from strategically located energy infrastructure ownership in the WCSB. Growth is driven by accretive acquisitions targeting low-cost operators, with Tourmaline Oil Corp. — Canada's largest natural gas producer — serving as anchor shareholder and strategic partner, providing deal flow and counterparty access. Topaz paid its first dividend in 2020 at $0.80/share, raised to $1.36/share in 2025 with a Q1 2026 dividend of $0.34/share, supported by Q4 2025 EPS of 0.21 CAD that beat forecasts.

Topaz is led by CEO Marty Staples (former Tourmaline executive) and CFO Cheree Stephenson, with Chairman Mike Rose (Tourmaline founder) and a board drawn from ARC Financial, KPMG, Shell Canada, Peters & Co., and Tourmaline. The company operates with a lean 11-50 employee footprint. Recent operational milestones include 10% reserves growth in 2025 to 65.7 mmboe, a 1.5x reserve replacement ratio, 15% year-over-year royalty production growth in Q3 2025, and 23,500-23,900 boe/d 2026 production guidance, against a net debt position of $517.5M and approximately $0.5B in available credit capacity.

Name

Topaz Energy

Legal name

Topaz Energy Corp.

Website

https://topazenergy.ca

Company type

Public

Founded year

2019

Headcount range

11–50 employees

Short description

Topaz Energy Corp. is a Calgary-based Canadian royalty and energy infrastructure company that owns royalty interests across approximately six million gross acres in the Western Canadian Sedimentary Basin, alongside strategically located infrastructure assets, generating free cash flow to pay sustainable dividends to shareholders.

Ownership category

akta.pro rank

Product category

Royalty and Energy Infrastructure

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) (5331)

SIC

Oil Royalty Traders (6792), Mineral Royalty Traders (6795)

akta.pro primary industry

Real Assets — Oil & Gas / Energy Royalties (Mineral Rights, Midstream Royalties) (FSAHAIAL)

akta.pro secondary industries

Natural Resources — Energy & Mineral Resources (FSAAAKAJ), Midstream & Downstream Energy Infrastructure Funds (Pipelines, Terminals, LNG) (FSANAEAC), Gas Pipeline & Midstream Asset Management (EUAEAMAF)

Keywords

• Oil and gas royalties
• Energy infrastructure assets
• Mineral rights leasing
• Royalty income investing
• Dividend growth energy

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Others

Revenue model

1. Royalty Income: Topaz earns royalty income from oil and gas production on its royalty acreage. The company owns approximately 6 million gross royalty acres across Western Canada, including over 5 million gross overriding royalty interests and approximately 400,000 fee mineral title acres.
2. Infrastructure Revenue: The company generates revenue from ownership of strategically located infrastructure assets in the Western Canadian Sedimentary Basin, providing stable, financially committed cash flows.
3. Dividend Payments: Topaz pays dividends to shareholders from free cash flow generation. The company has a track record of dividend growth, increasing from $0.80/share in 2020 to $1.36/share in 2025, with a Q1 2026 dividend of $0.34/share.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Topaz Energy Corp. owns and manages a portfolio of oil and gas royalty interests across approximately six million gross acres in the Western Canadian Sedimentary Basin, including gross overriding royalty interests and fee mineral title acres across the NEBC Montney, Alberta Deep Basin, Clearwater, Central Alberta, Peace River, Southeast Saskatchewan and Manitoba. The company also owns strategically located energy infrastructure assets in the WCSB that generate financially committed cash flows. Revenue is generated through royalty payments on third-party oil and gas production, infrastructure fees, and mineral rights leasing, with free cash flow distributed to shareholders via sustainable dividends.

Product overview

Topaz Energy Corp. is a Canadian royalty and infrastructure energy company offering a portfolio of energy investments rather than a unified technology product. The company's offerings consist of royalty interests (including NEBC Montney, Alberta Deep Basin, Clearwater, Peace River/Charlie Lake, Central Alberta, Weyburn, and Southeast Saskatchewan assets across approximately six million gross acres) and infrastructure assets across the Western Canadian Sedimentary Basin. These are complemented by fee mineral title leasing opportunities for third-party operators. The company does not offer software products, APIs, or technology platforms; instead, it provides capital deployment and revenue-generating opportunities in the oil and gas sector for investors.

Differentiator

Problem solved

Functional benefit

Products and services

• Royalty Interests Topaz holds royalty interests across approximately six million gross acres in the Western Canadian Sedimentary Basin, including over five million gross overriding royalty interests and approximately 400,000 fee mineral title acres. The portfolio spans multiple premium resource plays including the NEBC Montney, Alberta Deep Basin, Clearwater (oil), Peace River/Charlie Lake (light oil), Weyburn (CO2 enhanced oil recovery), Central Alberta, and Southeast Saskatchewan, generating royalty income from third-party oil and gas production.
• Energy Infrastructure Assets High-margin, financially committed infrastructure ownership across the Western Canadian Sedimentary Basin, strategically built by producers within their development areas, providing stable cash flows with no exposure to long lead times or construction risk.
• Fee Mineral Title Leasing Topaz owns fee mineral title acreage available for lease to third-party operators in Central Alberta, Southeast Saskatchewan and Manitoba, granting mineral leases in exchange for bonus consideration and lessor royalties. The service is targeted at third-party oil and gas operators seeking developed acreage with established infrastructure in premium resource plays.

Quantifiable outcome

• 10% reserves growth to 65.7 mmboe and 1.5x reserve replacement ratio in 2025
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Tourmaline Oil Corp.coreStrategic or Co-development Partner · 28 October 2025Tourmaline Oil Corp. is Topaz Energy's largest shareholder and strategic partner. Tourmaline has conducted multiple secondary offerings of Topaz shares, including a $230 million bought deal secondary offering in October 2025. The partnership provides Topaz with strategic backing that reduces typical small-cap risks and enhances growth opportunities. Topaz's business model leverages Tourmaline's position as Canada's largest natural gas producer to access royalty and infrastructure deals with low-cost operators.
• Keystone Royalty Corp.coreStrategic or Co-development Partner · 31 March 2022Keystone Royalty Corp. was acquired by Topaz Energy for $85 million through a share issuance in March 2022. The acquisition expanded Topaz's royalty portfolio in Western Canada, adding over 480,000 gross acres and approximately 450 barrels of oil equivalent per day of production. Keystone Royalty was amalgamated with Topaz Energy Corp. on April 29, 2022.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Regional players

• Cardinal Energy: Cardinal Energy is a smaller Canadian oil producer focused on low-decline, long-life assets with an emphasis on sustainable dividends. It overlaps with Topaz's investor base of yield-oriented Canadian energy investors, though Cardinal is an operator rather than a royalty company.

Broad incumbents

• Whitecap Resources: Whitecap Resources is a Canadian intermediate oil and gas producer with a stated focus on long-term sustainability and per-share growth. While it operates wells directly, it shares Topaz's emphasis on disciplined capital allocation and dividend growth in the WCSB.
• Tourmaline Oil Corp. Tourmaline Oil is Canada's largest natural gas producer and Topaz's largest shareholder and strategic partner. While an operator rather than a royalty company, Tourmaline is a critical counterparty whose drilling activity directly drives Topaz's royalty volumes.
• Vermilion Energy: Vermilion Energy is a Canadian-international oil and gas producer with operations across the WCSB, Europe, and Australia. As a hybrid producer/income vehicle with a focus on dividends and free cash flow, Vermilion overlaps with Topaz's income-oriented investor base.

Direct peers

• Sitio Royalties Corp. Sitio Royalties is a US mineral and royalty company formed via the merger of Brigham Minerals and Sitio Royalties. It applies the same mineral-royalty acquisition strategy in the US that Topaz executes in the WCSB, making it a strong functional peer.
• Kimbell Royalty Partners: Kimbell Royalty Partners is a US-based mineral and royalty company focused on the Permian Basin and other US shale plays. It pursues a similar acquisition-driven growth strategy and offers comparable cash-yield exposure to upstream oil and gas development.
• Viper Energy Partners: Viper Energy is a US-focused mineral and royalty company primarily in the Permian Basin. While US-focused, it shares the pure-play royalty/infrastructure model and growth-via-accretive-acquisition playbook that defines Topaz's business.
• PrairieSky Royalty: PrairieSky Royalty is the largest Canadian royalty company by acreage, with mineral rights across ~14 million acres in Western Canada. It shares Topaz's core model of leasing fee mineral title and earning royalties, and competes with Topaz for WCSB royalty acquisitions.
• Black Stone Minerals: Black Stone Minerals is one of the largest US mineral and royalty owners, with a focus on resource plays including the Permian, Eagle Ford, and Bakken. It mirrors Topaz's approach of generating cash flow from mineral rights without direct drilling exposure.
• Freehold Royalties: Freehold Royalties is a Canadian royalty and mineral title company with a comparable business model — owning royalty and mineral rights across the WCSB and US. Like Topaz, it focuses on free cash flow generation and dividends, serving as the most direct publicly listed comparable.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries9 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Topaz Energy