Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Business
Classified Sites

The Canadian Press - ONLINE EDITION

Crescent Point snaps up Lightstream oil and gas assets for $378 million

CALGARY - Crescent Point Energy Corp. (TSX:CPG) is bulking up its holdings in Saskatchewan and Manitoba through a $378-million deal with Lightstream Resources Ltd. (TSX:LTS)

The land, near where Crescent Point already operates, currently produces about 3,300 barrels of oil equivalent per day and is expected to generate about $51 million in free cash flow over the next year. The deal is expected to close by the end of the month.

Crescent Point also said Tuesday it's bumping up its capital spending this year by $200 million to $2 billion because of a combination of factors, including recent acquisitions, promising drilling results in southeast Saskatchewan and good performance from other assets.

Its total average production for this year is now expected to be 140,000 barrels per day, up from 138,000.

Lightstream said it will use the proceeds from the sale announced Tuesday, and others, to pay off debt. Including the Crescent Point deal, Lightstream has sold $729 million in assets this year — well ahead of its goal of divesting $600 million by the end of next year.

Taking the deal into account, Lightstream expects to produce about 1,000 barrels per day less on average this year compared with its August forecast. Funds flow from operations is expected to drop by $20 million and capital spending is expected to drop by $15 million.

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

Comment
  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.

letters

Make text: Larger | Smaller

Brandon Sun Business Directory
The First World War at 100
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates