Canada's Crescent Point Energy Corp said on Tuesday it will acquire Spartan Delta Corp's oil and gas assets in Alberta's Montney region for C$1.7 billion in cash ($1.24 billion).
Oil prices have been volatile since Russia's invasion of Ukraine more than a year ago, making it difficult for potential buyers and sellers to agree on price. In 2022, Canadian upstream deals amounted to C$15.6 billion , down 14% from the previous year, according to Sayer Energy Advisors.Calgary, Alberta-based Crescent Point said the 600 new Montney locations are adjacent to itswhich it bought over the past two years, and provide 20 years of drilling inventory.
Crescent Point said it is looking to reduce net debt by about C$1 billion over the next 12 months and may sell assets. Crescent Point has not begun to market specific assets and not set a target for the value of asset sales, Bryksa said.
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