Ute Energy is active in the Uinta Basin light oil resource play in northeast Utah and has current production of some 7,800 barrels of oil equivalent per day.
Crescent Point says the price includes a cash consideration of $784 million, plus assumed debt.
"We're excited about establishing this initial position in the Uinta Basin," Crescent Point president and CEO Scott Saxberg said in a release.
"This resource play is a new core area for Crescent Point and is consistent with our strategy of acquiring high-quality, large oil-in-place pools with long-term upside potential," he said.
Saxberg added that his company believes it can apply extraction expertise developed in Canada to the Uinta Basin to deliver long-term value to its shareholders.
The deal is expected to close by the end of the month.
Assuming successful completion of the acquisition, Crescent Point has upwardly revised its 2012 capital expenditure plans and production guidance.
Capital expenditures now are expected to increase by $150 million to $1.4 billion, with a portion of the increase expected going to develop the Ute assets.
"The remainder of the increase is expected to be spent on drilling and completions, building upon the company's drilling success to date in 2012, as well as land and facilities," it said.
The company's average daily production in 2012 is expected to increase to more than 97,000 boe/d from 95,000 boe/d, while its 2012 exit production rate is expected to increase to more than 109,000 boe/d from 100,000 boe/d.
On the Toronto Stock Exchange, Crescent Point shares were down seven cents at $41.43 in late-day trading Thursday.