Crescent Point converts to corporate status

Crescent Point Energy Corp., Calgary, formerly Wild River Resources Ltd., completed transactions that result in its conversion to a dividend paying corporation from an income trust.

By OGJ editors
HOUSTON, July 6
-- Crescent Point Energy Corp., Calgary, formerly Wild River Resources Ltd., completed transactions that result in its conversion to a dividend paying corporation from an income trust.

It also completed the acquisition of Gibraltar Energy Ltd.

Crescent Point also is selling to Shelter Bay Energy Inc., private Calgary producer, 25% of the assets held by Wild River Resources before completion of its plan of arrangement with Crescent Point Energy Trust and 25% of the assets acquired from Gibraltar Energy pursuant to the plan for cash consideration equal to that to be paid by Crescent Point for the same assets.

With completion of the plan and after the assets sale to Shelter Bay, Crescent Point expects daily production to average 42,000 boe/d in 2009 and end the year above 44,500 boe/d. It forecasts 2009 capital expenditures at $225 million.

Earlier this year, Crescent Point and TOG Partnership acquired assets in southeast Saskatchewan and Daniels County, Mont., from Talisman Energy Canada (OGJ Online, Mar. 5, 2009).

Crescent Point is a conventional oil and gas producer with assets strategically focused in properties comprised of high quality, long life, operated, light oil and natural gas reserves.

More in Companies