Norton Rose Canada advises on C$610.9 million acquisition of Wild Stream Exploration Inc. by Crescent Point Energy Corp.
January 30, 2012
Norton Rose Canada is acting as legal adviser to conventional oil and gas producer, Crescent Point Energy Corp., on its approximately C$610.9 million acquisition of Wild Stream Exploration Inc.
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.
Mark Eade, partner at Norton Rose Canada said:
“We are pleased to be legal adviser to Crescent Point on this transaction, which will make our client one of the top four independent Canadian oil producers by market value. This deal will not only boost production and assets for Crescent Point, but also serve as a reminder that Canada has significant deposits of conventional crude on top of our immense resources in the Alberta oil sands."
The Calgary team is being led by partner Mark Eade, with assistance from partners Justin Ferrara, Wayne Fedun, Dion Legge, Rashi Sengar and John Carleton, and associates Peter Allegretto and Bradley Schneider.
For further information please contact:
Danielle Gill, communications and media relations specialist (Calgary), Norton Rose Canada LLP
Tel: +403 267 8168; Mob: +403 836 3182
danielle.gill@nortonrose.com
Peter Zvanitajs, senior public relations adviser (English press), Norton Rose Canada LLP
Tel: +416 216 1871; Mob: +416 553 5789
peter.zvanitajs@nortonrose.com
Johanna Pardo, senior public relations adviser (French press), Norton Rose Canada LLP
Tel: +514 847 4921; Mob: +514 576 2399
johanna.pardo@nortonrose.com
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