 |
|
Oilweek Magazine
|
 |
Oilweek subscribers can click on the cover to access their full-version digital copy of the current edition of the magazine.
|
|
| |
| Subscribe Now! |
| |
 |
|
| |
Click here to view a free sample digital edition of Oilweek magazine. As a paid subscriber, all issues of the magazine, including back issues, are online for you to read, search, and reference. |
|
|
| |
|
|
|
|
Latest Headlines
|
|
|
Jun 16, 2008 7:47:00 AM MST
Crescent Point raises distribution, adds $200M to 2008 spending plans (Crescent-Point)
|
|
CALGARY _ Crescent Point Energy Trust (TSX:CPG.UN) has increased its 2008 capital spending plans by $200 million to $425 million and says it´s raising its production guidance by five per cent and its distributions to investors by 15 per cent.
The Calgary-based trust said Monday the increases were due to "significant growth" in its southeast Saskatchewan Bakken resource play, better-than-expected drilling and production results in its core areas, and higher than anticipated commodity prices.
The capital budget is being increased by 89 per cent to advance development at Bakken and add production at a rate of about $25,000 per barrel of oil equivalent.
Crescent Point now expects to exit 2008 with production greater than 37,500 boe per day, and is upwardly revising its 2008 average production forecast by five per cent to 36,250 boe daily.
"The trust continues to have drilling and fracture stimulation success in the Bakken resource play, which has resulted in better than expected corporate production," Crescent Point said.
Cash flow expectations have also been revised upwards to $621 million, or $4.98 per unit.
The distribution increases by three cents per unit to 23 cents per unit monthly.
Crescent Point also said it plans to crystallize past of its mark-to-market loss on 2009 and 2010 fixed-price swaps and will reset these hedges at current forward market prices, which are significantly higher than the Trust´s current average hedge price.
|
|
|
|
|
|
|
