Crescent Point Energy Snaps Up Gibraltar Exploration
Crescent Point Energy has closed the previously announced acquisition of Gibraltar Exploration Ltd. by way of plan of arrangement. The Plan continues Crescent Point's consolidation strategy for southwest Saskatchewan. The majority of Gibraltar's assets are adjacent to and contiguous with existing Crescent Point properties, including some of the assets acquired on July 2, 2009 pursuant to the completion of the plan of arrangement involving the Company and Crescent Point Energy Trust.
Crescent Point also announces the sale of 25 percent of the assets held by Wild River Resources Ltd. prior to the completion of its plan of
arrangement with Crescent Point Energy Trust and 25 percent of the assets acquired from Gibraltar pursuant to the Plan to Shelter Bay Energy for aggregate cash consideration equal to the consideration to be paid by Crescent Point for such assets.
With the completion of the Plan and following the above referenced sale of assets to Shelter Bay, Crescent Point expects 2009 daily production to average 42,000 boe/d, with an exit rate greater than 44,500 boe/d. 2009 capital expenditures are forecast at $225 million.
Crescent Point forecasts a 2009 payout ratio of 69 percent and funds flow from operations of $613 million, based on US$51.00/bbl WTI, Cdn$4.00/mcf AECO, and US $0.82 exchange rate.