Of course I wouldn't buy Petrobakken either, because I can buy it less expensively by buying Petrobank.
But CPG's strategy seems intelligent to me as they continuously use their fully valued stock to acquire (theoretically) more attractively priced targets. It should be constantly accretive on a per share value basis.
At the very least it will create a much larger company and will justify larger executive salaries. Maybe they should take a run at the larger Chesapeake Energy.............
CALGARY — Crescent Point Energy Corp. is on its biggest acquisition spree in recent years, one that market conditions and activity in its key resource plays support continuing, chief executive Scott Saxberg said Thursday following an announcement that the company inked a deal to take over junior Cutpick Energy Inc. for $425 million.
Crescent Point, Canada’s fifth-largest independent oil and gas producer, has been a serial acquirer since its founding acquisition in 2001 in the Provost, Alta. area where Cutpick is based. But 2011 represented a lull for the Calgary firm as it patiently awaited the right targets, Saxberg said.