Paramount Resources up after asset sale to Crescent Point for $275 mln

Paramount Resources (Pre-Merger)

09/12/2022 15:22

** Shares of Canadian petroleum co Paramount Resources Ltd
 POU.TO  up 3.4% at C$28.34 
    ** POU to sell its Kaybob Duvernay assets in Alberta to
Canadian oil and gas producer Crescent Point Energy Corp
 CPG.TO  for C$375 million ($274.93 million) in cash
    ** CPG rises 2.4% to C$9.24
    ** CPG raises its 2023 annual production forecast to
138,000-142,000 barrels of oil equivalent per day (boepd) from
previous outlook of 134,000-138,000 boepd to reflect deal
    ** CPG also hiked its Q1 base dividend by 25% to 10 Canadian
cents/shr
($1 = 1.3640 Canadian dollars)
 (Reporting by Ruhi Soni in Bengaluru)
 ((Ruhi.Soni@thomsonreuters.com
Twitter: https://twitter.com/ruhithere))