Crescent Point to buy Ute Energy for $784 million

Thu Nov 1, 2012 4:16pm EDT
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(Reuters) - Crescent Point Energy Corp (CPG.TO: Quote) said on Thursday it will buy privately held oil and gas producer Ute Energy Upstream Holdings LLC for $784 million in cash.

Crescent Point will also assume about $77 million of Ute's debt, it said.

Ute has current production of about 7,800 barrels of oil equivalent per day.

(Reporting by Shounak Dasgupta in Bangalore)