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Stock Market & Financial Investment News

News Breaks
June 12, 2014
17:04 EDTCPGCrescent Point Energy raises 2014 production guidance, fund flows
Crescent Point Energy is pleased to announce that it has completed an acquisition of Saskatchewan Viking oil assets from Polar Star Canadian Oil and Gas, a private western Canadian oil and gas producer. The Viking Assets include all of Polar Star's assets in the Viking play at Dodsland, Saskatchewan. The acquired assets consolidate Crescent Point's existing Viking land position in the Dodsland area and include more than 2,800 boe/d of high-quality, high-netback production. Total consideration for the Viking Assets was comprised of approximately 7.6M Crescent Point shares and $2M cash, or approximately $334M, based on the five-day weighted average price of Crescent Point shares prior to the execution of the Viking Acquisition purchase and sale agreement in mid-May of $43.88 per Crescent Point share. Crescent Point is also pleased to announce that it is upwardly revising its 2014 guidance for production and funds flow from operations. The company's average daily production in 2014 is expected to increase to 135,500 boe/d from 134,000 boe/d and its 2014 exit production rate is expected to increase to 148,000 boe/d from 145,000 boe/d. Crescent Point's funds flow from operations is expected to increase to $2.45B from $2.4B. The company's capital expenditures budget for the year has also increased by $25M to $1.8B. Of the increase, Crescent Point expects to spend $15M on drilling and completions and $10M on land and facilities across the company's asset base.
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October 28, 2014
09:35 EDTCPGCrescent Point Energy downgraded to Equal Weight from Overweight at Barclays

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