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| Home : Crescent Point Announces Consolidation Acquisition, Torquay Exploration Success, Upwardly Revised 2014 Guidance, and a CDN$750 Million Bought Deal Financing |
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Sep 03
2014 |
Crescent Point Announces Consolidation Acquisition, Torquay Exploration Success, Upwardly Revised 2014 Guidance, and a CDN$750 Million Bought Deal Financing |
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CALGARY, ALBERTA--(Marketwired - Sept. 2, 2014) - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX:CPG)(NYSE:CPG) is pleased to announce that it has entered into an agreement (the "Lightstream Agreement") with Lightstream Resources Ltd. ("Lightstream") to acquire conventional oil assets in southeast Saskatchewan and Manitoba (the "Lightstream Assets"). The Lightstream Assets include significant free cash flowing, conventional oil production of approximately 3,300 boe/d and 76 net sections of land that are contiguous with Crescent Point's existing land base in the area. Consideration for the producing Lightstream Assets is approximately $328 million. In addition, under the terms of the Lightstream Agreement, Crescent Point will also acquire 44 net sections of undeveloped freehold interests from Lightstream valued at approximately $50 million. Combined consideration is approximately $378 million, including cash consideration of $375 million and certain oil and gas assets valued at approximately $3 million. The purchase of the Lightstream Assets is expected to close on or before September 30, 2014. |
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| Source:http://www.marketwired.com/mw/release.do?id=1943253&sourceType=3 |
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