Crescent Point loss widens, buys Reliable Energy to boost Bakken output

Thu Mar 15, 2012 9:33am EDT
 
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(Reuters) - Crescent Point Energy Corp (CPG.TO: Quote) posted a wider quarterly loss, hurt by a derivative loss, and the oil producer said it will buy the 87.2 percent stake in Reliable Energy REL.V it does not own for C$79.1 million, to further boost output from the Bakken oil field in Saskatchewan.

Last month, the company said it will buy properties from PetroBakken Energy Ltd PBN.TO to increase production from the prolific Bakken shale.

Net loss widened to C$86.2 million, or 30 Canadian cents a share, from C$50.9 million, or 19 Canadian cents a share, a year ago.

Crescent Point, which already holds 12.8 percent stake in Reliable, will also assume debt of about C$20 million as a part of the deal.

(Reporting by Aftab Ahmed in Bangalore; Editing by Sriraj Kalluvila)