Talisman's assets sold for $360.00 million.

Crescent Point Energy Trust completes acquisition of Talisman's assets in southeast Saskatchewan

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CALGARY, June 1 /CNW/ - Crescent Point Energy Trust ("Crescent Point" or the "Trust") (TSX: CPG.UN) is pleased to announce that today the Trust closed the previously announced acquisition of assets (the "Assets") from Talisman Energy Canada for aggregate cash consideration of approximately $360.0 million.


Crescent Point is also pleased to announce that the Trust today closed the previously announced sale of a portion of the Assets to Shelter Bay Energy Inc. ("Shelter Bay") for aggregate cash consideration of approximately $35.5 million.


As a result of these transactions, Crescent Point acquired approximately 4,000 boe/d of high quality, high netback production in southeast Saskatchewan, approximately 21.1 million boe of proved plus probable and 14.6 million boe of proved reserves, 312 net sections of undeveloped Saskatchewan land, and ownership of freehold mineral rights on 217 net sections of land. Crescent Point's net consideration for the Assets acquired and retained was $324.5 million of cash. The acquisition was financed through a $230 million bought deal financing that closed on March 24, 2009 and through the Trust's existing bank lines.