Crescent Point Energy Corp said on Monday it has agreed to acquire private oil and gas producer Wave Energy Ltd for about C$665 million, in a bid to expand its asset base in Saskatchewan.

Under the terms of the deal with Wave, its shareholders will receive 0.21 of a Crescent Point share for each Wave share, or about C$7.28 per Wave share based on a five-day weighted average trading price of C$34.68 per Crescent Point share.

The Calgary, Alberta-based also announced a separate deal to acquire producing assets in southeast and southwest Saskatchewan for about C$259 million in cash.

The company also raised its year-end production by 16 percent to 51,500 barrels of oil equivalent per day. It also raised its 2009 capital expenditure budget by C$100 million to C$325 million.

Crescent Point also announced plans to sell discount-priced shares to a group of underwriters in a bid to raise capital for to fund a portion of the asset acquisitions.

Crescent Point is selling 5.8 million shares at C$34.50 per share -- a 3.9 percent discount to its closing price on the Toronto Stock Exchange on Friday.

The offering is expected on or about Sept. 15. It would raise gross proceeds of about C$200 million. Scotia Capital Inc, BMO Capital Markets and CIBC are the joint lead underwriters of the bought deal.

(Reporting by Euan Rocha; Editing by Frank McGurty)

Canada Energy