Crescent Point to Buy Hammerhead to Expand in Canadian Shale (1)

Crescent Point Energy Corp. agreed to buy Hammerhead Energy Inc. for about C$2.05 billion ($1.5 billion) in the driller’s latest deal to expand its presence in the prolific shale oil and gas fields of western Canada.

The cash-and-stock acquisition will add about 800 drilling locations and an expected 56,000 barrels of daily oil equivalent production in 2024, Calgary-based Crescent Point said Monday. The purchase includes about C$455 million in assumed net debt for a total transaction value of about C$2.55 billion.

The purchase marks the latest push westward by Crescent Point, which has shifted its portfolio from Saskatchewan and North ...