Crescent Point Energy to acquire Wild Stream Exploration for C$610 million
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- Crescent Point Energy Corp.
On January 25, 2012 Canadian oil & gas production company Crescent Point Energy Corp. (TSX:CPG), announced an agreement to acquire Wild Stream Exploration Inc. (TSX-V:WSX), a 90 per cent oil-weighted production company in a transaction valued at approximately C$610million. This transaction will further solidify Crescent Point's position as the largest player in the Shaunavon resource play in southwest Saskatchewan, in terms of production and land. Under the terms of the agreement, Crescent Point expects to acquire approximately 5400 boe/d of Wild Stream's 6400 boe/d production, 91 percent of which is near the company's current assets in the Shaunavon and Cantuar areas of southwest Saskatchewan.
The balance of Wild Stream's production will be transferred into a new junior exploration company, which will have a net asset value of approximately $C120.4 million, of which Crescent Point will hold 2.65 million shares.
Norton Rose Canada LLP is representing Crescent Point with a team that is being led by Mark Eade and includes partners Justin Ferrara, Wayne Fedun, Dion Legge and Rashi Sengar and associate Peter Allegretto