Crescent Point Energy Corp. (“Crescent Point” or the “Company”) (CPG)(CPG) is pleased to report that the previously announced acquisition of Coral Hill Energy Ltd. (“Coral Hill”) closed today. As a result, Crescent Point has acquired productive capacity of approximately 3,200 boe/d of high-netback light oil and more than 500 net sections of land. The Coral Hill acquisition consolidates the Company’s current position in the Swan Hills Beaverhill Lake resource play and enhances the long-term strategic value of its assets by providing the Company with full operatorship, control over pace of development and an increased position in the core of the play.
Certain statements contained in this press release constitute “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934. The Company has tried to identify such forward-looking statements by use of such words as “expected”, “look forward to” and other similar expressions, but these words are not the exclusive means of identifying such statements.
In particular, this press release contains forward-looking statements pertaining to the expected productive capacity of Coral Hill’s oil and natural gas properties and the expected long-term strategic value and development of the Coral Hill assets.