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Crescent Point Energy Trust has announced an agreement to take over Canex Energy Inc. in a deal valued at $85.6-million in cash, units and assumed debt.

Canex shareholders will also retain ownership of part of a new company to be spun off as part of the transaction.

The companies said Monday the deal is worth $2.77 per share for the acquired portion of Canex, which has current production of 1,080 barrels of oil equivalent per day of light oil and natural gas.

As part of the plan, Canex will create a new publicly traded exploration company with 105 boe per day of light oil production in northwest Alberta. This company will be run by the existing Canex management team.

Under the proposal, each Canex share is to be exchanged for 0.1003 Crescent Point trust unit and 58.76 cents in cash, in addition to one share and one-third of a share purchase warrant in the new exploration company.

Canex, whose stock closed Friday in Toronto at $3.35, with a 52-week range between $3.80 and $2.54, intends to hold a meeting of shareholders on May 23.

Crescent Point is to issue about 2.65-million trust units, pay $15.5-million in cash and assume $12.3-million of debt to acquire 975 boe per day of production in northwest Alberta, most of it connected with Crescent Point's Worsley field.

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