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Hammerhead Energy Inc.(HHRS-T)

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Crescent Point Energy to buy Hammerhead Energy in $1.86 bln deal

Reuters - Mon Nov 6, 2023

Canadian oil firm Crescent Point Energy CPG-T said on Monday it would acquire Hammerhead Energy HHRS-T in a deal valued at $2.55 billion to boost its presence in Montney shale in Alberta.

Montney is one of Canada’s most attractive oil-rich regions due to its strong economics.

Hammerhead shareholders would receive $21.00 per fully diluted common share of Hammerhead, through a combination of approximately $1.5 billion in cash and 53.2 million common shares of Crescent Point.

The deal would add about 800 net Montney drilling locations, Crescent Point said.