June 12 Crescent Point Energy Inc said
it had completed the acquisition of oil assets in the
Saskatchewan Viking play from private oil and gas producer Polar
Star Canadian Oil and Gas Inc for about C$334 million ($307.8
million) in cash and stock.
The deal will increase Crescent Point's land base in the
play by 38 percent and include more than 2,800 barrels of oil
equivalent per day (boe/d) of production, the company said.
Crescent Point expects the deal to add to its per share
reserves, production and cash flow on an adjusted basis.
The company also raised its average daily production
forecast for 2014 to 135,500 boe/d from its earlier forecast of
134,000 boe/d. It also increased its capital expenditure budget
by $25 million to $1.8 billion.
Crescent Point, which focuses on producing oil from
unconventional fields such as the Bakken shales of southern
Saskatchewan, has grown through acquisitions, including the
C$1.1 billion purchase of CanEra Energy Corp in cash and debt in
Crescent Point did not specify if the deal was in Canadian
or U.S. dollars. The company could not be immediately reached
Shares of the Calgary, Alberta-based company closed at
$45.56 on the Toronto Stock Exchange on Thursday.
($1 = 1.0852 Canadian Dollars)
(Reporting By Narottam Medhora in Bangalore; Editing by Simon