Deals
Crescent Point Agrees to Buy Ute Energy for $784 Million
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Crescent Point Energy Corp., the most acquisitive Canadian energy company this year, agreed to buy closely held Ute Energy Upstream Holdings LLC for $784 million in cash, its first purchase in Utah’s Uinta Basin.
Ute Energy produces the equivalent of 7,800 barrels of oil a day in the basin, Calgary-based Crescent Point said in a statement today. Ute is 51 percent owned by the Ute Indian Tribe and 49 percent owned by Houston-based private-equity company Quantum Energy Partners, according to its website.