The deal bolsters Crescent's inventory in the Duvernay play to over 20 years, with its land position increasing to about 400,000 net acres.
Calgary, Alberta-based Crescent added it plans to grow its Kaybob Duvernay asset to over 55,000 barrels of oil equivalent per day (boepd) within its five-year plan, from 35,000 boepd in 2022.
The assets include about 130 net drilling locations across nearly 65,000 net acres of land.
To reflect the deal, Crescent raised its 2023 annual average production guidance to between 138,000 boepd and 142,000 boepd from a previous outlook of between 134,000 boepd and 138,000 boepd.
The energy company has also increased its first-quarter base dividend by 25% to 10 Canadian cents per share.
The deal will be funded through existing credit facilities and is expected to close during January 2023, Crescent said.
Last year, Crescent purchased Kaybob Duvernay assets from oil major Royal Dutch Shell's unit for C$900 million.
U.S.-listed shares of Crescent are up 1.1% at $6.7 premarket.
($1 = 1.3612 Canadian dollars)
(Reporting by Ankit Kumar; Editing by Krishna Chandra Eluri)