08:41 AM EST, 03/07/2024 (MT Newswires) -- Crescent Point Energy Corp. ( CPG ) said Thursday that it secured TSX approval for its normal course issuer bid (NCIB) covering up to 10% of the company's public float.

The NCIB will commence on March 11 and expire on March 10, 2025.

The company said it cannot assure how many shares it will ultimately acquire.

Crescent Point said it evaluates share repurchases to enhance shareholder value as part of its return of capital framework, which targets to return 60%of its excess cash flow.

The company believes that repurchasing its shares is an effective use of its funds and is in the best interest of its shareholders.