Two energy heavyweights have now emerged in southern Saskatchewan, as Crescent Point Energy moved Monday to snap up $1-billion in properties and raise $200-million.

Crescent Point is taking the offensive soon after a new powerhouse was created in Saskatchewan's Bakken natural gas play, in the form of PetroBakken. That company is the product of a $2.4-billion merger of Petrobank Energy and Resources Canadian properties and TriStar Oil & Gas.

Crescent Point's response is two-fold. It is buying Wave Energy, a private company, in an all-stock deal valued at $665.3-million. At the same time, the company is purchasing two privately-owned Saskatcewan properties for a total of $258.5-million.

To pay for these purchase, Crescent Point sold $200-million of shares in a bought deal financing led by Scotia Capital, BMO Nesbitt Burns and CIBC World Markets.

On the Wave Energy purchase, FirstEnergy Capital was the target company's advisor, while CIBC World Markets and RBC Dominion Secuties worked with Crescent Point.

On the private property purchases in Saskatchewan, Crescent Point's financial advisors were Peters & Co. and Scotia Capital.