Calgary, Alberta-based Crescent Point Energy Corp. closed the previously announced sale of its Uinta Basin assets and some of its conventional assets in southeastern Saskatchewan to undisclosed buyers for about C$912 million in cash.
The company said in an Oct. 18 news release that the divestment was in line with its strategy to focus its asset base and strengthen its balance sheet.
Crescent Point had said Sept. 3 that it would sell 27,000 barrels of oil equivalent per day of upstream assets, and the deals would improve its net debt to C$2.75 billion from C$4.40 billion by the end of the year. The deal would also help Crescent Point execute its share repurchase program, which has about C$100 million budgeted for the rest of the year.
BMO Capital Markets and CIBC Capital Markets served as financial advisers and Tudor Pickering Holt & Co. acted as strategic adviser for the Uinta Basin deal. National Bank Financial Inc. and Scotiabank acted as financial advisers for the Saskatchewan deals.