May 3, 2012 / 1:17 PM / 5 years ago

UPDATE 1-Crescent Point to buy oil and gas co for C$425 mln

* Crescent Point to take debt of C$83 mln

* Raises 2012 output forecast

May 3 (Reuters) - Canada’s No.5 independent oil producer Crescent Point Energy Corp will buy privately held oil and gas producer Cutpick Energy Inc for C$425 million, including debt, to boost its presence in the Viking light oil field in Alberta.

Crescent Point has been on an acquisition spree this year to boost its production of oil and natural gas liquid from fields in the Bakken, Cardium and Viking regions in western Canada.

The company said in March it will buy Reliable Energy for C$79.1 million. It bought some acreage from PetroBakken Energy Ltd in February and acquired Wild Stream Exploration for C$770 million in January.

The acquisition of Cutpick, which produces about 5,600 barrels of oil equivalent per day (boe/d), will raise Crescent Point’s production to more than 88,500 boe/d from its earlier view of 86,500 boe/d, Crescent Point said in a statement.

It has raised its production forecast after every acquisition this year.

Production in Crescent Point’s Provost area in Viking is expected to grow to about 7,500 boe/d from 2,000 boe/d after the deal closes on June 19. Provost will be Crescent Point’s third-largest producing area, behind the Bakken and Shaunavon regions.

Cutpick shareholders will get 0.14 Crescent Point shares for every stock they hold. Crescent Point will also assume a debt of C$83 million.

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