August 31, 2011 / 9:04 PM / 7 years ago

UPDATE 1-Crescent Point buys oil assets in Bakken Shale

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Aug 31 (Reuters) - Crescent Point Energy said it acquired 750 barrels of oil equivalent per day of production and land sections in North Dakota for about C$164 million in the third quarter of this year.

The Canadian oil and gas explorer also expects its capital budget for the year to rise 5 percent to $1.05 billion to finance the development of the newly-acquired oil assets.

Crescent Point raised its exit production forecast for the year to 77,500 boe/d from 76,500 boe/d helped by these buys in the Bakken Shale.

“The acquisitions are expected to be accretive to Crescent Point on a debt-adjusted per share basis to cash flow, reserves and production,” the company said in a statement.

The Calgary-based explorer also plans to raise $375 million by issuing shares to a syndicate of underwriters led by BMO Capital Markets and CIBC. It expects the offering to close by Sept. 21.

Crescent Point’s shares ended at C$44.45 on Wednesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Sriraj Kalluvila)

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