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Crescent Point Energy to Acquire Ute Energy's Upstream Arm for US$861MM - Acquisition will Enable Crescent to Enter Uinta Basin and Expand its Exit Production by Around 9% Product Image

Crescent Point Energy to Acquire Ute Energy's Upstream Arm for US$861MM - Acquisition will Enable Crescent to Enter Uinta Basin and Expand its Exit Production by Around 9%

  • Published: November 2012
  • 8 pages
  • GlobalData

Crescent Point Energy to Acquire Ute Energy's Upstream Arm for US$861MM - Acquisition will Enable Crescent to Enter Uinta Basin and Expand its Exit Production by Around 9% - Deal Analysis from GlobalData

Summary

Crescent Point Energy Corp. (Crescent) agreed to acquire Ute Energy Upstream Holdings LLC (Ute) from Ute Energy, LLC (Ute Energy), a portfolio company formed by Ute Indian Tribe (Ute Tribe) of the Uinta and Ouray Reservation and Quantum Energy Partners LP (Quantum), for a purchase consideration of approximately US$861MM, including a cash consideration of US$784MM plus the assumption of US$77MM in net debt. The transaction will have an effective date of November 30, 2012. BMO Capital Markets Corp. and RBC Capital Markets, LLC are acting as financial advisors, whereas Evercore Partners Inc. is acting as strategic advisor to Crescent Point. Tudor, Pickering, Holt & Co., LLC is acting as financial advisor and Credit Suisse Securities (USA) LLC is acting as strategic advisor to Ute Energy in the transaction.

Scope

- Rationale behind Crescent Point Energy acquiring Ute Energy's upstream arm.
- Rationale behind the Ute Tribe to divest its upstream READ MORE >

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1.1 List of Tables
1.2 List of Figures
2 Crescent Point Energy to Acquire Ute Energy's Upstream Arm for US$861MM
2.1 Deal Overview
2.2 Deal in Brief
2.3 Acquisition of Ute to Enable Crescent to Enter Uinta Basin and Expand its Exit Production by Around 9%
2.4 Crescent Acquires Ute at a Premium of around 39% of its 1P Reserve Multiple
2.4 Crescent Acquires Ute at a Premium of around 39% of its 1P Reserve Multiple
2.5 Ute Divestment to Fund Midstream Business and Other Investment Activities of Ute Tribe
2.6 Deal Financials and Valuations
3 Appendix
3.1 Sources
3.2 Methodology
3.3 Contact Us
3.4 Disclaimer

1.1 List of Tables
Table 1: Oil and Gas Industry, Crescent, Major Acquisitions of Assets in the US and Canada, 2011 to Present
Table 2: Oil and Gas Industry, Utah, 1P Reserve Multiple for Similar Deals, 2008 to Present
Table 3: Companies Involved
Table 4: Financials of the Deal
Table 5: Advisor Information
Table 6: Target Information
Table 7: Target’s Production and Reserves Information
Table 8: Company Valuation Multiples
Table 9: Commodity Prices in $, Last Close
Table 10: Acquirer Information
Table 11: Vendor Information

1.2 List of Figures
Figure 1: Crescent, Increase in Exit Production of Oil and Natural Gas Due to Acquisition of Ute (boed), 2012
Figure 2: Location of Assets in the Uinta basin to be Acquired by Crescent, 2012

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