2010-01-14-2009-11-09-2009-12-15

Bought company with assets in Bakken, Viking plays in Saskatchewan & Pembina Cardium play in Alberta, gaining 1,400 BOE/d, 7.8 MMBOE proved.

Crescent Point Energy Corp., Calgary, (Toronto: CPG) has completed its acquisition of privately held, Calgary-based TriAxon Resources Ltd. for approximately C$248.7 million. The deal valued production at C$142,643 per producing barrels equivalent, proved reserves at C$15.60 per barrel equivalent and proved and probable reserves at C$16.10 per barrel equivalent, according to Crescent Point. Under the terms of the agreement, Crescent Point issued 0.18 shares for each TriAxon share and assumed approximately C$17.3 million of TriAxon net debt. TriAxon has assets in the Bakken and Viking light oil resource plays in Saskatchewan and the Pembina Cardium play in Alberta. The assets include more than 148 net sections of undeveloped land, including 63 net sections in the Viking light oil resource play in the Plato area of west-central Saskatchewan. TriAxon also operates the Flat Lake Bakken play in which Crescent Point currently holds a working interest. Total production is approximately 1,400 barrels of oil equivalent per day, of which approximately 130 barrels per day and 170 barrels per day are from the Viking resource play and the Flat Lake Bakken play, respectively, and 1,100 barrels per day are from Alberta, which includes 560 barrels per day from the Pembina Cardium play. Proved reserves as of June 30 were 7.8 million barrels of oil equivalent and proved and probable reserves of 12.4 million barrels of oil equivalent. The acquisition allows Crescent Point to consolidate its working interest in the Flat Lake Bakken play in southeast Saskatchewan and increase its strategic undeveloped land position in the emerging Viking light oil resource play in west-central Saskatchewan. BMO Capital Markets was financial advisor and National Bank Financial was strategic advisor to Crescent Point. Peters & Co. Ltd. was financial advisor to TriAxon.