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Latest Headlines
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Dec 16, 2009 5:43:00 AM MST
Crescent Point Energy bulks up on Saskatchewan assets (Crescent-Point-Energy)
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CALGARY _ Crescent Point Energy Corp. (TSX:CPG) announced Wednesday it was adding to its Saskatchewan assets by acquiring property from Penn West Energy Trust (TSX:PWT.UN) with a land swap and $434 million in cash.
The Penn West assets are located primarily in the Lower Shaunavon crude oil resource play in southwest Saskatchewan and include production of about 3,500 barrels of oil equivalent per day.
Crescent will exchange its 100 per cent working interest in the Pembina Cardium play, its 50 per cent interest in the Dodsland Viking play and $434 million in cash to acquire the Penn West assets.
The acquisition will increase Crescent´s stake in the Shaunavon project´s total production to 83 per cent. The deal is expected to close by Jan. 15, 2010.
Crescent also said it was budgeting $450 million for capital expenditures in 2010, marking a 38 per cent increase from 2009. Average daily production in 2010 is expected to increase by more than five per cent to 56,500 barrels of oil equivalent per day.
"The 2010 capital budget has been designed to be flexible in response to economic conditions," said Scott Saxberg, Crescent´s president and chief utive officer.
"We are currently cautiously optimistic about commodity prices in 2010, which could lead to increasing our capital spending in the second half of the year by more than $100 million, with corresponding increases in production and reserves expectations," he added.
Crescent said most of its budgeted capital will go towards drilling and completion activities in the Bakken and Lower Shaunavon resource plays with up to 224 net wells expected to be drilled.
The company added that up to $100 million is expected to be invested in facilities infrastructure projects largely in the same areas.
Calgary-based Crescent is a an open-ended investment trust with interests in oil and gas properties.
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