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Bharat Vasandani Madhavan N. & Hari... Urvish Dave

Market & Company Research Store > Details

Year: 2012

Contents: 7 pages

Country: Canada

Sector: Exploration and Production (Energy)
Crescent Point Energy Expands its Core Business of Light and Medium Oil by Acquiring the Remaining 87.2% Stake in Reliable Energy for $100m - Deal Analysis from GlobalData

Summary

Crescent Point Energy Corp (Crescent Point) completed the acquisition of the remaining 87.2% stake in Reliable Energy Ltd (Reliable Energy) for a purchase consideration of approximately CAD99.1m ($100.03m), including a net debt of CAD20m ($20.19m).

As per the terms of the agreement, each of Reliable’s common shares is exchanged for 0.00794 common shares of Crescent Point. The shareholders received an aggregate value of CAD0.362 ($0.365) per common share of Reliable Energy based on a five-day weighted average trading price per Crescent Point share of CAD45.61 ($46.04), which represents a premium of 19% to the closing price of Reliable Energy common shares on the TSX Venture Exchange as of March 14, 2012.

Canaccord Genuity Corp. and Raymond James Ltd. acted as financial advisor to Reliable Energy, while Peters & Co. limited acted as financial advisor for Crescent Point Energy in the transaction. The acquisition will enable Crescent Point Energy to expand its unconventional oil properties in Canada.

The transaction implies deal values of $91,559.63 per boe of daily production and $22.3 per boe of 2P reserves.

Scope

- Rationale behind the acquisition of Reliable Energy by Crescent Point
- Stratigic benefits for the companies involved in the transaction
- Geography covered - Canada

Reasons to buy

- Develop a sound understanding of the major M&A's, Partnerships, and Joint Ventures undertaken by Crescent Point. Rationale behind Crescent Point acquiring Reliable Energy.
- Identify the reason of Crescent Point acquiring Reliable Energy

Keywords

Crescent Point Energy, Light Oil, Medium Oil, Reliable Energy, Kirkella/Manson area, southern Saskatchewan and southwest Manitoba
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