Tuesday, October 21st9.0°C
23836
23671

Crescent Point snaps up Lightstream oil and gas assets for $378 million

CALGARY - Crescent Point Energy Corp. (TSX:CPG) is bulking up its holdings in Saskatchewan and Manitoba through a $378-million deal with Lightstream Resources Ltd. (TSX:LTS)

The land, near where Crescent Point already operates, currently produces about 3,300 barrels of oil equivalent per day and is expected to generate about $51 million in free cash flow over the next year. The deal is expected to close by the end of the month.

Crescent Point also said Tuesday it's bumping up its capital spending this year by $200 million to $2 billion because of a combination of factors, including recent acquisitions, promising drilling results in southeast Saskatchewan and good performance from other assets.

Its total average production for this year is now expected to be 140,000 barrels per day, up from 138,000.

Lightstream said it will use the proceeds from the sale announced Tuesday, and others, to pay off debt. Including the Crescent Point deal, Lightstream has sold $729 million in assets this year — well ahead of its goal of divesting $600 million by the end of next year.

Taking the deal into account, Lightstream expects to produce about 1,000 barrels per day less on average this year compared with its August forecast. Funds flow from operations is expected to drop by $20 million and capital spending is expected to drop by $15 million.

The Canadian Press


Read more Business News

23434


Recent Trending




Today's Market
S&P TSX14520.85+183.08
S&P CDNX822.7211.37
DJIA16563.98164.31
Nasdaq4392.494+76.419
S&P 5001933.32+29.31
CDN Dollar0.8915+0.0056
Gold1251.80+7.1001
Oil81.87+0.49
Lumber331.10+0.20
Natural Gas3.68+0.01

 
Okanagan Companies
Pacific Safety0.10-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.15+0.03
Cantex0.055-0.025
Anavex Life Sciences0.195+0.004
Metalex Ventures0.050.00
Russel Metals33.14+0.86
Copper Mountain Mining2.16+0.17
Colorado Resources0.145-0.005
ReliaBrand Inc0.0111-0.0019
Sunrise Resources Ltd0.060.00
Mission Ready Services0.46+0.01

 



23021

FEATURED Property
2072892YOU FOUND IT! Looking for a home with...
$399,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...


Experts share strategies in Kelowna

The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...

_



23803




Member of BC Press Council


23741