BRIEF-Crescent Point to sell 33.7 mln common shares at $19.30 per share to raise gross proceeds

Thu Sep 8, 2016 4:44pm EDT
 
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Sept 8 (Reuters) - Crescent Point Energy Corp

* Crescent Point announces increased capital expenditures of CDN$600 million in 2016 and 2017, upwardly revised guidance and a CDN$650 million bought deal financing

* Crescent Point Energy Corp says to sell 33.7 million common shares at $19.30 per share to raise gross proceeds of approximately CDN$650 million

* Net proceeds will be used to fund incremental growth capital expenditures during 2016 and 2017 and to reduce bank indebtedness

* Crescent Point Energy Corp says for 2016, Crescent Point is increasing its Q4 capital budget by $150 million

* For 2016, upward revised annual average production guidance of 167,000 boe/d

* Increased 2016, 2017 capital budget will allow co to maintain current 20 rig drilling program over next 12 -18 months, excluding spring break-up

* Sees 2017 exit production of about 175,000 boe/d to 177,000 boe/d, or an annual growth rate of approximately five to 8 percent

* Crescent Point Energy Corp says company's preliminary 2017 capital budget of $1.4 billion

* Sees 2017 budget of $1.4 billion Source text for Eikon: Further company coverage: