Calgary-based Crescent Point said the acquisition expands its position in the Shaunavon and Battrum/Cantuar areas of southwest Saskatchewan.
Some of the acquired assets and liabilities will be spun off into a separate company that will be led by Wild Stream's current management.
"The successful completion of the Wild Stream arrangement is expected to further solidify Crescent Point's position as the largest player in the Shaunavon resource play in southwest Saskatchewan, in terms of production and land," the company said in a statement.
Under the transaction, Crescent Point intends to buy 5,400 oil-equivalent barrels per day of Wild Stream's production.
It will result in an increase in capital spending for the year, adding $50 million to bring Crescent Point's total 2012 budget to $1.15 billion. Most of that money will be spent on the Shaunavon play.
Crescent Point's average daily production in 2012 is expected to increase to 83,500 barrels of oil equivalent pre day from 80,000 barrels.
Funds flow from operations, a measure of financial performance, is expected to be about $1.44 billion
Crescent Point will also get 2.65 million shares of a new junior exploration company that will hold the remainder of Wild Stream's production and assume $43.5 million of existing Wild Stream debt.
Shares of the new company, which hasn't been formally been named yet, will be priced at $1.61 per share. The stock will be publicly listed.
Crescent Point said 91 per cent of Wild Stream's operation shares a border with its assets in the Shaunavon and Battrum/Cantuar areas of southwest Saskatchewan.
The agreement will have each Wild Stream share (TSXV:WSX) exchanged for 0.17 common share of Crescent Point, as well as one share of a new light oil focused junior exploration company and 0.2 of a share purchase warrant.
The spinoff company will be led by Neil Roszell, Wild Stream's president and CEO, and four members of Wild Stream's management team.
In addition to the Wild Stream acquisition, Crescent Point will also buy more land in the Beaverhill Lake light oil resource play in Alberta through a series of acquisitions and Crown land sales for about $38 million.
Shares in Crescent Point were down 36 cents at $46.28 in morning trading on the Toronto Stock Exchange. Wild Stream stock was up seven cents at $9.87 on the junior TSX Venture Exchange.