Crescent Point Pays $861M To Get Into Utah Oil Play

Law360, New York (November 1, 2012, 9:17 PM EDT) -- Canada's Crescent Point Energy Corp. said Thursday it will pay $861 million to buy Ute Energy Upstream Holdings LLC, a closely held oil and gas producer with producing wells in northern Utah, which Crescent Point called "a new core area” among emerging shale plays.

The deal includes $784 million in cash plus the assumption of about $77 million in debt, and will be financed by issuing 18.75 million new shares at $40 apiece in a private sale, Crescent Point said.

"This resource play is a new...
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