Crescent Point

As of 31 December 2023, REL, through the Partnership, had invested its $296 million commitment in full to Hammerhead Energy, a company focused on liquids-rich unconventional resources in the Montney and Duvernay resource play in Western Canada. REL provided an initial equity commitment to Hammerhead Energy in 1Q14; since the initial commitment, REL had made several additional investments into Hammerhead Energy. Prior to the acquisition, Hammerhead Energy had aggregated a position of ~190,000 net acres in the Montney and ~100,000 net acres in the Duvernay formations and operated 100 per cent. of its asset base.

On 6 November 2023, Crescent Point Energy (NASDAQ: CPG) acquired Hammerhead Energy for C$21 per share (C$15.50 cash, C$5.50 stock). Pro forma for the transaction, REL owns ~1.3 per cent. of Crescent Point Energy. Crescent Point Energy in combination with Hammerhead Energy is the seventh largest E&P company in Canada with production of 200,000Boe/d (65 per cent. liquids) and attractive drilling opportunities in the Viewfield, Shaunavon, SK Viking, Flat Lake, Duvernay, and Montney plays. Crescent Point Energy will have a quarterly dividend of C$0.115 per share, implying an annualised dividend yield of 5.0 per cent.

Crescent Point Energy is a leading North American oil producer focused on the development of high-return resource plays. Based in Calgary, Alberta, Crescent Point aim to create value for shareholders by advancing their asset base through exceptional operational performance centered on safety, costs and the environment

Find out more on the Crescent Point website.