Crescent Point Energy Corp. acquired the Saskatchewan Viking oil assets from Polar Star Canadian Oil and Gas Inc., a private western Canadian oil and gas producer.
The Viking Assets include all of Polar Star's assets in the Viking play at Dodsland, Saskatchewan. The acquired assets consolidate Crescent Point's existing Viking land position in the Dodsland area and include more than 2,800 boe/d of high-quality, high-netback production.
Total consideration for the Viking Assets was comprised of approximately 7.6 million Crescent Point shares and $2 million cash, or approximately $334 million, based on the five-day weighted average price of Crescent Point shares prior to the execution of the Viking Acquisition purchase and sale agreement in mid-May of $43.88 per Crescent Point share.
Gowling Lafleur Henderson LLP was lead counsel to Crescent Point with a team including Patrick Burgess, Geoff Macleod, Natalie Esposito, Patrick Rea and Colleen McMullin (corporate) and William Vanveen (competition).
Norton Rose Fulbright advised Polar Star with a team led by Chrysten Perry and that included Jaclyn Hesje (corporate, oil and Gas), Dion Legge (tax), Mike Bennett, Jamie Gagner and Rujuta Patel (corporate finance and securities) and Kevin Ackhurst (competition).