Canada's Crew Energy Inc said it would buy private oil and gas company Caltex Energy Inc for $542 million in an all-stock deal to gain access to heavy oil assets in Saskatchewan and Alberta, and raised its full-year production guidance. The oil and gas producer said it will issue about 33.24 million of its shares and assume about $80 million in net debt. Crew Energy now expects to produce an average of 23,000-24,000 barrels of oil equivalent per day (boe/d) in 2011, compared with its previous forecast of 18,300-19,300 boe/d. It expects to exit the year with a production rate of 32,500-34,500 boe/d. Crew budgeted capital expenditure of $330 million for the full year.
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