After announcing a $2.55-billion deal to buy Hammerhead Energy, the CEO of Crescent Point says his company is stepping away from mergers for the near future.

This week, the Calgary-based oil and gas company said it would buy Hammerhead and assume its $455 million in debt as it looks to take control of the Montney region of northwestern Alberta, one of the biggest natural gas reserves in North America.

While the stock has tumbled since the move, Crescent Point Energy president and CEO Craig Bryksa is bullish on the acquisition.

“We’ve been through an extreme portfolio transformation over the last few years and I would call this really the icing on the cake,” he told BNN Bloomberg in a television interview on Friday.

Bryksa said his company’s transition has involved balancing the company’s assets between “short-cycle” or quick return assets and more “long-cycle” assets, which provide slower growth but last longer.

The company has been looking to expand in the Montney region, Bryksa added, and the Hammerhead deal gives Crescent Point now 1,400 drilling locations in the area.

“Bringing this in at this time was absolutely something strategically that we wanted to do and are so excited to have brought it in,” he said.

Despite his company’s recent aggressiveness in the merger market, Bryska insists that Crescent Point is done making deals for the time being.

“Don’t expect us to do anything here in the near term as we take a break, bring this in, digest it and really to execute on this going forward,” he said.

With files from The Canadian Press