Crescent Point acquires Saskatchewan oil assets, raises production guidance

|About: Crescent Point Energy Corp (CPG)|By:, SA News Editor

Crescent Point Energy (CPG +1.8%) is higher after last night's news that it agreed to acquire assets in the Viking oil play in Saskatchewan from privately-held Polar Star Canadian Oil and Gas for cash and stock worth ~C$334M.

CPG says the deal will increase its land base in the play by 38% and include more than 2,800 boe/day of production.

CPG also raised its production forecast for 2014 to 135.5K boe/day from its earlier forecast of 134K and its year-end exit production rate to 148K boe/day from 145K; it also increased its capex budget by $25M to $1.8B.