Crescent Point Energy completes C$248.7 million acquisition of Triaxon Resources
December 15, 2009
248.70 Million CAD
On December 15, 2009, Crescent Point Energy Corp. ("Crescent Point" or the "Company") closed the previously announced acquisition of TriAxon Resources Ltd. (“TriAxon”) by plan of arrangement (the “Plan”).
TriAxon’s assets include more than 148 net sections of undeveloped land, including 63 net sections in the Viking light oil resource play in the Plato area of west central Saskatchewan. TriAxon also operates the Flat Lake Bakken play in which Crescent Point currently holds a working interest. TriAxon is currently producing approximately 1,400 boe/d, of which approximately 130 boe/d and 170 boe/d are from the Viking resource play and the Flat Lake Bakken play, respectively, and 1,100 boe/d is from Alberta, which includes 560 boe/d from the Pembina Cardium play.
With completion of the Plan, Crescent Point consolidates its working interest in the Flat Lake Bakken play in southeast Saskatchewan and increases its strategic undeveloped land position in the emerging Viking light oil resource play in west central Saskatchewan.
Crescent Point, headquartered in Calgary, Alberta, is a conventional oil and gas producer with assets strategically focused in properties comprised of high quality, long life, operated, light and medium oil and natural gas reserves in western Canada.
TriAxon is a private oil and gas producer active in the Bakken and Viking light oil resource plays in Saskatchewan and the Pembina Cardium play in Alberta.
McCarthy Tétrault LLP represented Crescent Point, as acquiror, with a team led by Mark Eade.