WO) – Crescent Point Energy Corp. has successfully closed its previously announced strategic and accretive acquisition of oil and liquids-rich Montney assets in Alberta for $1.7 billion in cash.
This acquisition aligns with Crescent Point’s long-term strategy and enhances the company’s portfolio by adding 600 high-return Montney locations, further extending its premium drilling inventory to 15 years. This transaction was also immediately accretive to Crescent Point’s adjusted funds flow and excess cash flow per share by 20%, resulting in a higher return of capital profile for shareholders.
Crescent Point believes these Montney assets have significant upside through a combination of potential reserves growth due to the number of unbooked locations, the opportunity to develop an additional Montney bench based on the significant resource in place and the potential for enhanced efficiencies given the similarities and proximity to its existing Kaybob Duvernay play.
