(Reuters) - Crescent Point Energy Corp said on Thursday it will buy privately held oil and gas producer Ute Energy Upstream Holdings LLC for $784 million in cash.

Crescent Point will also assume about $77 million of Ute's debt, it said.

Ute has current production of about 7,800 barrels of oil equivalent per day.

(Reporting by Shounak Dasgupta in Bangalore)