Crescent Point acquires USD272.8 million assets in Canada
Crescent Point has entered into a purchase and sale agreement with Paramount Resources Ltd. to buy Kaybob Duvernay assets for CAD375 million (US$272.8 million) in cash.
The assets are adjascent to Crescent Point's current land base and increase the company's scale, high-return drilling inventory, and basin expansion potential. This transaction will finalize in January 2023 using existing financial facilities.
The assets consist of roughly 130 net drilling locations on nearly 65,000 net acres of crown land, with an average working interest of 90% and no expiration dates. In addition to a gas plant, accompanying pipelines, water infrastructure, and seismic data, the purchased assets produce about 4,000 boe/d (50% liquids).
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