Crescent Point to buy Spartan Delta Corp.'s Montney assets in $1.7 billion deal
A pumpjack draws out oil and gas from a well head as the sun sets near Calgary, Alta., Sunday, Oct. 9, 2022. (THE CANADIAN PRESS/Jeff McIntosh)
Crescent Point Energy Corp. says it has reached a deal to buy Spartan Delta Corp.'s Montney oilfield assets in Alberta for $1.7 billion.
The all-cash deal will see Crescent Point acquire 600 drilling locations in the Montney shale play of northwest Alberta, one of the largest unconventional petroleum plays in North America.
Calgary-based Crescent Point says the deal will add 38,000 barrels of oil equivalent per day to its production capacity.
The company says the deal will increase Cresent Point's excess cash flow by 20 per cent within the first year of its closing.
The company says the assets it is acquiring are also adjacent to the Kaybob Duvernay assets it bought last year.
The deal is subject to regulatory approvals and is expected to close in the second quarter.
This report by The Canadian Press was first published March 28, 2023.
CTVNews.ca Top Stories
Poor air quality, evacuations in multiple provinces due to wildfires
Wildfire smoke prompted warnings about poor air quality for many regions across the country, stretching from northern Alberta to the Atlantic.
Poilievre threatens to filibuster budget bill if Liberals don't meet demands
Conservative Leader Pierre Poilievre is threatening to use procedural tools to delay passage of the federal budget in the House of Commons if the Liberals don't meet his demands.
Conservatives call on feds to see killer Bernardo returned to maximum-security prison
Prime Minister Justin Trudeau says he understands how 'shocked and appalled' Canadians are at the decision by the Correctional Service of Canada to transfer Paul Bernardo to a medium-security prison.
EXCLUSIVE
EXCLUSIVE | Feds providing $1.5M for increased security at Pride events across Canada
The federal government will be providing $1.5 million to Pride organizations across the country for increased security measures at parades and other events this year, CTV News has learned.
Prince Harry a no-show on first day of court showdown with British tabloid publisher
Prince Harry's phone hacking trial against the publisher of the Daily Mirror kicked off Monday without him present -- and the judge was not happy.
Inquest opens into 2017 deaths of Hydro One workers killed in helicopter crash
An inquest into the deaths of four Hydro One employees killed in a December 2017 helicopter crash in eastern Ontario has begun.
Flair tops Canadian airlines with average number of complaints per 100 flights: CTA
The Canadian Transportation Agency says Flair Airlines Ltd. has the highest number of complaints per 100 flights of all the major airlines in Canada, as airlines have had a rocky recovery year with delayed and cancelled flights.
WATCH
WATCH | Safety campaign shows falls, close calls involving kids in train stations
Australia's transit society Queensland Rail is using CCTV video of real-life falls and near-miss involving children at train stations in a new safety campaign.
Anand: China irresponsible over Taiwan Strait collision risk with Canada, U.S. ships
Defence Minister Anita Anand says Beijing acted irresponsibly on the weekend in the Taiwan Strait, where Washington says a Chinese warship forced a U.S. vessel to avoid a collision near a Canadian frigate.
Edmonton
-
Homicide unit investigating death at scene of robbery in Forest Heights
A person was killed during a robbery in Edmonton's Forest Heights neighbourhood Monday morning.
-
Edmonton teen missing after being swept away in North Saskatchewan River: police
A 14-year-old swimmer is believed to have been caught in a current and swept downstream in the North Saskatchewan River.
-
Alberta man with 87 warrants, drugs busted after running a stop sign: RCMP
A 47-year-old man from rural Alberta is in jail, facing more than 90 charges, after he was pulled over for allegedly failing to obey a stop sign.
Vancouver
-
Speed believed to be factor in fatal collision in Abbotsford: police
A crash involving a car and motorcycle in Abbotsford Sunday night has turned fatal, according to police.
-
Uber sets launch date for Victoria, Kelowna
Ride-hailing giant Uber has finally announced its start date for two major B.C. cities.
-
Where fire crews battled blazes across B.C.'s coast over the weekend
Crews with the Coastal Fire Centre had a busy weekend fighting seven new blazes, including one near Lions Bay.
Atlantic
-
Uncertainty remains for Halifax-area evacuees as wildfire 100 per cent contained
A wildfire that tore through homes and businesses in the Halifax area is 100 per cent contained, but a historic fire in southwestern Nova Scotia remains out of control.
-
Weather conditions ground aircraft covering Shelburne County wildfire
Crews fighting an out-of-control wildfire in southwestern Nova Scotia are trying to determine what impact weekend rain had on their efforts.
-
Nova Scotians' personal information stolen in global security breach: province
The Nova Scotia government says it is investigating the theft of personal information stolen through a global privacy breach to a third-party file transfer system the province was using.
Vancouver Island
-
Uber sets launch date for Victoria, Kelowna
Ride-hailing giant Uber has finally announced its start date for two major B.C. cities.
-
Canadian military plane subjected to 'unsafe' Chinese intercepts, DND says
A Canadian military patrol plane was repeatedly intercepted by Chinese military aircraft while deployed to the Indo-Pacific region last month, just as Defence Minister Anita Anand was preparing to announce a significant increase to Canada's military presence in the region.
-
B.C. premier says Asia trade mission aims to reduce risks amid international unease
British Columbia Premier David Eby says his trade mission to Asia is part of an effort to grow trade and reduce the risks that come with international uncertainties.
Toronto
-
Paul Bernardo should 'rot in maximum-security prison' for rest of 'miserable existence,' Ford says
Paul Bernardo should 'rot in a maximum-security prison' for the rest of his 'miserable existence,' Ontario Premier Doug Ford said on Monday after the notorious serial killer was moved to a medium-security prison.
-
BREAKING
BREAKING | Deadly crash forces closure of northbound lanes on Highway 427
One person has died after a crash that closed the northbound lanes of Highway 427.
-
Air quality statement issued for Toronto amid wildfires in Quebec, northern Ontario
People in Toronto will experience poor air quality and reduced visibility due to the wildfires burning in Quebec and northern Ontario, Environment Canada said Monday.
Montreal
-
OBITUARY
OBITUARY | Editor of Montreal's only newspaper for Black community, Egbert Gaye, has died at 67
Community Contact newspaper managing editor Egbert Gaye has died. He was 67 years old. He founded the newspaper 31 years ago to serve Montreal's English-speaking Black and Caribbean populations.
-
Montreal police on scene of shooting in DDO
Montreal police (SPVM) are on the scene in the suburb of Dollard-des Ormeaux involving at least one victim.
-
Number of Quebec wildfires rises to 164, at least 114 are out of control
The number of forest fires continues to rise in Quebec, while evacuation orders are being maintained for several areas of Sept-Îles, on the North Shore. Minister of Employment and Minister responsible for the North Shore region Kateri Champagne Jourdain said on Monday morning that 164 forest fires were currently burning across Quebec, compared with 156 the previous day.
Ottawa
-
Evacuation notice issued for residents as forest fire burns near Calabogie, Ont.
The Ministry of Natural Resources and Forestry says the fire in the Centennial Lake area was reported just after 5:30 p.m. Sunday.
-
AIR QUALITY STATEMENT
AIR QUALITY STATEMENT | Hazy conditions in Ottawa as wildfire smoke blows across the capital
Environment Canada is warning hazy conditions will become widespread smoke near noon Monday due to wildfires.
-
Police seek witnesses to fatal crash on Carling Avenue
Ottawa police are asking for witnesses to a fatal crash on Carling Avenue over the weekend to come forward.
Kitchener
-
Fatal fire under investigation in Waterloo
Waterloo Regional Police are investigating a fatal fire in Waterloo.
-
Police warn people with this model of car to take extra precautions
It comes amid what police say is a growing number of thefts targeting the model.
-
Kitchener business owner reeling after intentional fire scorches building
A business owner in Kitchener says he’s feeling defeated after his business caught fire again early Sunday morning.
Saskatoon
-
Reports outline more shortfalls in Saskatoon city budget
The fiscal situation at city hall will require attention again this week.
-
Saskatoon hockey legend and olympic athlete Emily Clark hosts camp for aspiring, young players
After a long hockey season, most kids are done with the cold rinks by spring. But for the chance to rub shoulders with a locally grown hockey superstar, you dust off the gear and skate in June.
-
Canada claims silver in decisive 6-1 loss to Team USA in World Para Hockey final
Team Canada came up short of the gold in the 2023 World Para Hockey Championship final as Team USA took the top prize for the fourth consecutive year.
Northern Ontario
-
Evacuation notice issued for residents as forest fire burns near Calabogie, Ont.
The Ministry of Natural Resources and Forestry says the fire in the Centennial Lake area was reported just after 5:30 p.m. Sunday.
-
Here's what Nova Scotia's wildfires look like from outer space
Photos released by NASA taken from International Space Station show the immense scale of the wildfires in Nova Scotia, with billowing smoke engulfing the landscape.
-
Double fatal crash on highway north of Timmins
Two people have died following a single-vehicle crash on Highway 655 north of Timmins early Sunday, police say.
Winnipeg
-
Winnipeg bridge construction project cost increasing
The price tag for the St. Vital Bridge project is going up.
-
Here is how much rain fell in Manitoba over the weekend
As thunderstorms touched down in Manitoba over the weekend, a number of communities were hit with more than 50 millimetres (mm) of rain.
-
Nearly 10,000 people walk in Winnipeg Pride Parade
Sunday saw the largest Pride Parade in Winnipeg’s history.
Regina
-
Saskatchewan landowners fight against illegal drainage washing out land, roads
At the Saskatchewan Association of Rural Municipalities convention in February, reeves passed a resolution asking the Water Security Agency to require those who are illegally draining to remediate their unapproved works.
-
Canada claims silver in decisive 6-1 loss to Team USA in World Para Hockey final
Team Canada came up short of the gold in the 2023 World Para Hockey Championship final as Team USA took the top prize for the fourth consecutive year.
-
Heat warnings continue for Regina, eastern Sask.
A widespread heat warning remains in effect Monday for Regina and parts of eastern and southeastern Saskatchewan.