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)