CanEra's assets include a large land position in the Torquay area in Saskatchewan, where Crescent Point is active, and production of approximately 10,000 barrels of oil equivalent per day.
Crescent Point president and chief executive Scott Saxberg said the deal complement's his company's assets and grows its ability to expand in a region it is already excited about.
"This acquisition adds to our low-risk drilling inventory in the Flat Lake area and provides increased exposure on the greater exploration trend," Saxberg said.
"We have a successful track record of finding and developing new resource plays that have enhanced our growth and we are excited about the potential we see in the Torquay."
Under the deal, Crescent point has agreed to pay 12.9 million shares, $192 million in cash and assume $348 million in debt.
With the acquisition, Crescent said it expects production and funds flow from operations to be higher than earlier expected.
It expects to finish the year with production of 145,000 boepd, up from earlier guidance of 135,000. Average daily production is expected to be 133,000 boepd, up from 126,500.
Funds flow from operations for 2014 is expected to increase by six per cent to $2.38 billion from $2.25 billion, while capital expenditures for the year are expected to increase about $25 million to $1.775 billion.
The deal, which is subject to the customary regulatory, court and other approvals, is expected to close on or about May 15.
Shares in Crescent Point, which were halted pending the announcement, were down eight cents at $44.42 on the Toronto Stock Exchange on Wednesday.