Calgary-based Crescent Point Energy Corp. is jumping into the merger frenzy with a goal to transform its portfolio in Western Canada with the $1.9 billion cash-and-stock takeover of crosstown rival Hammerhead Energy Inc.

“This strategic consolidation is an integral part of our overall portfolio transformation,” said Crescent Point CEO Craig Bryksa. The assets are in Alberta’s Montney Shale, “adjacent to our existing lands.”

Once the merger is completed, “Crescent Point will have a dominant position in both the Alberta Montney and Kaybob Duvernay plays, which are complemented by our low-decline, long-cycle assets in Saskatchewan.”

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