Crescent Point Energy Corp said on Tuesday that it had reached a C$378 million ($346 million) deal to purchase producing conventional oil assets in Saskatchewan and Manitoba, along with undeveloped land, from Lightstream Resources Ltd. Crescent Point said the assets it is acquiring are free cash flowing, producing some 3,300 barrels of oil equivalent per day, and come with 76 net sections of land adjacent to its existing land base in the area. It valued those assets at C$328 million.The Calgary-based energy company will also receive 44 net sections of undeveloped freehold interests, worth about C$50 million, as part of the mostly cash deal.Crescent Point also raised its 2014 forecast, based on the Lightstream deal and other acquisitions made so far this year, along with successful drilling results at its Torquay resource play in Saskatchewan.It said capital spending will increase by C$200 million to C$2 billion, with cash flows from operations expected to climb 3 percent to C$2.6 billion from C$2.5 billion.
Crescent Point Energy Corp is a Canada-based oil and gas exploration, development and production company. Shares of CPG fell by 1.0% or $-0.45/share to $44.55. In the past year, the shares have traded as low as $37.22 and as high as $48.68. On average, 1052280 shares of CPG.TO exchange hands on a given day and today's volume is recorded at 783229.
Shares of LTS fell by 2.23% or $-0.14/share to $6.14. In the past year, the shares have traded as low as $5.06 and as high as $9.09. On average, 708552 shares of LTS.TO exchange hands on a given day and today's volume is recorded at 411653.
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