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Craig Paradis (L) of Advance Drilling, operates the brake handle on a drilling rig for Crescent Point Energy as two roughnecks add a pipe extension to drill deeper into the Bakken formation near Oungre, Saskatchewan in this June 20, 2012 file photo.
Craig Paradis (L) of Advance Drilling, operates the brake handle on a drilling rig for Crescent Point Energy as two roughnecks add a pipe extension to drill deeper into the Bakken formation near Oungre, Saskatchewan in this June 20, 2012 file photo.
(Rod Nickel/Staff/Reuters)

Back-to-school sale on energy stocks

There’s a back-to-school sale on Canadian energy stocks, with three large acquisition-driven financings kicking off September.

Canadian energy companies tapped the market for about $1.2-billion on Tuesday alone to pay for acquisitions.

Pembina Pipeline Corp. set out to raise $150-million in a preferred share sale, before bumping that to $250-million amid strong demand, using the money to buy a pipeline system. Later Tuesday, Cardinal Energy Ltd. announced a $197.5-million common share offering to fund the purchase of oil fields in Alberta. Finally, Crescent Point Energy Corp. is raising $750-million to purchase assets from Lightstream Resources Ltd. and pay for increased capital spending.