Crescent Point to Buy Hammerhead to Expand in Canadian Shale

-- Crescent Point Energy Corp. agreed to buy Hammerhead Energy Inc. for about C$2.05 billion in the driller’s latest deal to expand its presence in the prolific shale oil and gas fields of western Canada.Wall Street Faces ‘Reality Check’ After Big Rally: Markets Wrap

The purchase marks the latest push westward by Crescent Point, which has shifted its portfolio from Saskatchewan and North Dakota into the growing Montney and Kaybob Duvernay oil and gas plays in Alberta. Crescent Point in March agreed to buy Spartan Delta Corp.’s assets in the prolific Montney formation for about C$1.7 billion, adding holdings near the assets it had bought from from Shell Plc two years earlier.

Crescent Point revised its 2024 preliminary guidance after the announcement. Estimated annual production is forecast at 200,000 to 208,000 barrels of oil equivalent a day, based on development capital expenditures of C$1.45 billion to C$1.55 billion.Crescent Point solidifies Montney dominance in $2.55B deal for Hammerhead Energy

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