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Crescent Point Energy to acquire CanEra Energy


Published Apr 25, 2014
Crescent Point Energy Corp.-2

Crescent Point Energy Corp. has entered into an arrangement agreement (the "CanEra Arrangement") to acquire all of the issued and outstanding shares of CanEra Energy Corp. (CanEra), a privately held southeast Saskatchewan oil and gas producer with a large Torquay land position and production of approximately 10,000 boe/d (the "CanEra Assets").

Total consideration for CanEra is approximately $1.1 billion, including approximately 12.9 million Crescent Point shares, $192 million of cash consideration and the assumption of approximately $348 million of net debt.

The CanEra Assets include more than 260 net sections of land with Torquay potential, of which more than 200 net sections are exploratory land and 60 net sections are in Crescent Point's core Flat Lake area. In total, Crescent Point now has exposure to more than 880 net sections of land with Torquay potential, of which more than 280 net sections are in the core Flat Lake area.

Tags: Crescent Point Energy Corp.




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