Crescent Point Energy to buy Hammerhead Energy in $1.86 bln deal (updated)

Veren

06/11/2023 21:30

(Adds details on the deal and background from paragraph 2
onwards)
       Nov 6 (Reuters) - Canadian oil firm Crescent Point
Energy  CPG.TO  said on Monday it would acquire Hammerhead
Energy  HHRS.TO  in a deal valued at C$2.55 billion ($1.86
billion) to boost its presence in Montney shale in Alberta.
    Montney is one of Canada's most attractive oil-rich regions
due to its strong economics.
    Hammerhead shareholders would receive C$21.00 per fully
diluted common share of Hammerhead, through a combination of
approximately C$1.5 billion in cash and 53.2 million common
shares of Crescent Point.
    The deal would add about 800 net Montney drilling locations,
Crescent Point said.
    

($1 = 1.3699 Canadian dollars)

 (Reporting by Sourasis Bose in Bengaluru; Editing by Shilpi
Majumdar)
 ((Sourasis.Bose@thomsonreuters.com;))