Crescent Point Energy Corp. acquires Hammerhead Energy Inc.

Our Calgary office, with the assistance of the Toronto and Vancouver offices, acted for Crescent Point Energy Corp. in its acquisition of Hammerhead Energy Inc., a Calgary-based publicly listed oil and gas company with assets in the Montney oil-producing region of northwest Alberta, for total consideration of approximately C$2.55bn, including approximately C$455m in assumed net debt.

Our Calgary office with the assistance of the Dallas and Houston offices acted for Crescent Point with respect to financing a portion of the consideration required for the acquisition. The consideration was partially funded by (i) the net proceeds from a public offering on a bought deal basis of C$500m of Crescent Point common shares in which BMO Capital Markets and RBC Capital Markets were co-leads, and (ii) a new committed C$750m term loan facility. 

Our team moved this transaction from a letter of intent to execution of the definitive agreement in approximately three weeks.

This transaction positions Crescent Point as the largest player in the Montney, one of North America’s largest unconventional petroleum plays, and follows Crescent Point’s acquisition of Spartan Delta Corp.’s assets for C$1.7bn in May 2023, a transaction in which the Calgary office advised Crescent Point.