Spartan Delta Corp T.SDE

BNN Announcement

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CRESCENT POINT MAKES $1.7B SPLASH IN THE MONTNEY

Crescent Point Energy is back on the acquisition trail, announcing plans to snap up Spartan Delta’s assets in the Albertan Montney play for $1.7 billion in cash. The company says that as a result of the deal, adjusted funds flow and excess free cash flow per share should increase by about  20 per cent, and will add approximately 38,000 barrels of oil equivalent per day to production. As for Spartan Delta, its refocusing on the Deep Basin field, and will deliver the bulk of the cash from the deal straight to shareholders through a $9.50 per share special dividend. It’s also forming a new spin-co called Logan Energy, in which each shareholder will receive one share per Spartan share held.