09:01 PM EDT, 05/06/2024 (MT Newswires) -- Crescent Point Energy Corp. ( CPG ) overnight Monday entered into an agreement with Saturn Oil & Gas Inc. ( OILSF ) to sell certain non-core assets in Saskatchewan for $600 million in cash. "We have strategically re-built our asset portfolio over the last few years to enhance our long-term sustainability," said Craig Bryksa, President and CEO. "This transaction allows us to realize value for these non-core assets which had limited impact in the company's future plans while continuing to focus on our priorities of operational execution, optimizing our balance sheet and increasing our return of capital."

Among highlights, Crescent Point has agreed to sell certain properties, including Flat Lake and Battrum. Production from the assets was expected to be 13,500 boe/d (95% oil and liquids) over the next 12 months, generating $210 million of net operating income at current strip commodity prices. The company had allocated minimal development capital expenditures to the assets for the remainder of 2024. During first quarter 2024, Monday's statement noted, Crescent Point also closed the previously announced disposition of its Swan Hills and Turner Valley assets for $140 million, prior to closing adjustments. These non-core assets had associated undiscounted asset retirement obligations of $180 million. Monday's statemetn said net proceeds from these non-core dispositions have, or will be, directed to debt repayment. The company's pro-forma net debt is expected to total $2.8 billion, or 1.1 times adjusted funds flow, by year-end 2024 based on average commodity prices of US$80/bbl WTI and $2.10/Mcf AECO for the full year, down significantly from $3.7 billion at the end of 2023.

As a result of the transaction, Crescent Point is revising its 2024 annual average production guidance to a range of 191,000 to 199,000 boe/d, which represents a reduction of 7,000 boe/d compared to the mid-point of its prior guidance range. Crescent Point's development capital expenditures guidance for 2024 of $1.4 billion to $1.5 billion remains unchanged given minimal development capital expenditures allocated to the assets for the remainder of the year. The transaction is anticipated to close in late second quarter 2024, subject to the satisfaction of customary closing conditions.

For its part, Saturn Oil & Gas ( OILSF ) announced a $525 million accretive core-area Saskatchewan asset acquisition, a "transformational" debt recapitalization, a $150 Million reserves-based loan (RBL) commitment and a $100 million bought deal equity financing.

Meanwhile, Osisko Development Corp. ( ODV ) reported $1.8 million in revenues ($3.5 million in Q1 2023) and $2.0 million in cost of sales ($4.4 million in Q1 2023) generated from operating activities in fourth quarter. It also cited 619 ounces of gold sold by the company from operating activities in the first quarter, comprising of 585 ounces of gold sold from the Trixie test mine, and the balance from the Cariboo Gold Project by processing stockpiles at a third-party processing facility, As at March 31, 2024, the company had approximately $57.5 million in cash.

Elsewhere, The Westaim Corporation ( WEDXF ) announced the pricing of the Skyward Specialty Insurance Group, Inc. secondary public offering. Under the offering, Westaim ( WEDXF ), through its wholly-owned subsidiary, Westaim HIIG GP Inc., intends to sell 4.4 million shares of the common stock of Skyward Specialty, at a price of US$36.50 per share. The selling stockholder has also granted the underwriters a 30-day option to purchase up to an additional 660,000 shares at the Offering Price. Skyward Specialty will not receive any of the proceeds from the sale of the shares under the offering, and the selling stockholder will bear the underwriting discounts and commissions associated with the sale of such shares and receive all the net proceeds.

Elsewhere, Infrastructure Dividend Split Corp. (IS.TO), filed a final prospectus in relation to an initial public offering of preferred shares. The maximum amount of the offering is $52,643,700. The company will invest in a diversified, actively managed portfolio of dividend-paying securities of issuers operating in the infrastructure sector.