Crescent Point Energy Corp. is pleased to announce that it has entered into an agreement with Spartan Delta Corp. to acquire Spartan’s oil and liquids-rich Montney assets in Alberta for $1.7 billion in cash.
“Over the past five years, we have fundamentally rebuilt and strengthened Crescent Point,” said Craig Bryksa, President and CEO of Crescent Point. “As a result of our efforts, and after closing this transaction, our asset base will include significant inventory depth in both the Kaybob Duvernay and the Montney, while also maintaining significant low-decline assets in Saskatchewan that provide additional excess cash flow. The Montney acquisition is immediately accretive to our per share metrics, enhances our return of capital to shareholders, and is aligned with our long-term strategy to focus on high quality, scalable resource plays that meet our defined asset criteria. These assets include over 20 years of drilling locations and increase our total corporate inventory of premium locations to 15 years. The acquired lands are also situated in the volatile oil fairway with similar resource characteristics to our adjacent Kaybob Duvernay play, where we have demonstrated significant operational excellence.”
For more information visit www.crescentpointenergy.com