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Released March 29, 2023 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Crescent Point Energy Corporation (NYSE:CPG) (Calgary, Alberta) is broadening its role in Canada's Montney Shale with its acquisition of oil and liquids-rich assets in the area from Spartan Delta Corporation (Calgary). Crescent Point will add 600 locations and about 38,000 barrels of oil equivalent per day (BOE/d) to its portfolio. Industrial Info is tracking more than US$2.2 billion worth of active projects from Crescent Point, about US$638 million of which are located in the Montney.
Click on the image at right for a graph detailing active Crescent Point projects tracked in Industrial Info's project database, by formation.
Following the acquisition, Crescent Point now expects its 2023 capital expenditures (capex) to be between C$1.15 billion and C$1.25 billion (US$845 million and US$918 million), with average production to be between 160,000 and 166,000 BOE/d. The company previously forecast 2023 production to average between 138,000 and 142,000 BOE/d. The acquisition is expected to close sometime in the second quarter.
Crescent Point said its newly acquired assets are located near its properties in the Kaybob Field, in Alberta's Duvernay Formation, which the company has been buying up since early 2021. The company's 2023 drilling program in the Kaybob Field involves drilling 45 to 55 new wells at its existing properties, to keep its production at 32,000 BOE/d. The company also is preparing to drill more than 44 new wells as part of the 2024 program. Both programs are located just south of the Alberta city of Whitecourt.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Database can read detailed reports on Crescent Point's 2023 and 2024 drilling programs in the Kaybob Field.
Subscribers also can click here for a list of Spartan Delta properties in the Montney Shale that are being tracked by Industrial Info.
"The Montney acquisition is immediately accretive to our per-share metrics, enhances our return of capital to shareholders, and is aligned with our long-term strategy to focus on high-quality, scalable resource plays that meet our defined asset criteria," said Craig Bryksa, the chief executive officer of Crescent Point in a press release. He said the new assets include more than 20 years' worth of inventory to sustain current production levels.
Most of Crescent Point's other active investments are in the Bakken Shale's Willison Basin, which covers most of southern Saskatchewan and North Dakota. The company plans to expand its production in the Shaunavon Field in 2023 and 2024, drilling 45 new wells this year and the same, if not more, next year. The activity, which includes the development of water- or polymer-injection wells, is set for both the upper and lower Shaunavon conventional zones. Subscribers can read detailed reports on the 2023 and 2024 drilling programs in the Shaunavon Field.
About 260 miles east of the Shaunavon Field, on the other side of Saskatchewan, Crescent Point plans to expand its production in the Viewfield area in 2023 and 2024, drilling 40 new wells this year and up to 45 next year. Subscribers can read detailed reports on the 2023 and 2024 drilling programs.
"In the Viewfield Bakken, we have identified approximately 150 new drilling locations or 4 years of additional inventory in the play by successfully implementing new wellbore designs in open-hole multilateral drilling," said Ryan Gritzfeldt, the chief operating officer of Crescent Point, in a recent quarterly earnings-related conference call. He said that ultimate recoveries from Viewfield are expected to be "three times to four times greater than a traditional infill well."
Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active projects from Crescent Point.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
Click on the image at right for a graph detailing active Crescent Point projects tracked in Industrial Info's project database, by formation.Following the acquisition, Crescent Point now expects its 2023 capital expenditures (capex) to be between C$1.15 billion and C$1.25 billion (US$845 million and US$918 million), with average production to be between 160,000 and 166,000 BOE/d. The company previously forecast 2023 production to average between 138,000 and 142,000 BOE/d. The acquisition is expected to close sometime in the second quarter.
Crescent Point said its newly acquired assets are located near its properties in the Kaybob Field, in Alberta's Duvernay Formation, which the company has been buying up since early 2021. The company's 2023 drilling program in the Kaybob Field involves drilling 45 to 55 new wells at its existing properties, to keep its production at 32,000 BOE/d. The company also is preparing to drill more than 44 new wells as part of the 2024 program. Both programs are located just south of the Alberta city of Whitecourt.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Database can read detailed reports on Crescent Point's 2023 and 2024 drilling programs in the Kaybob Field.
Subscribers also can click here for a list of Spartan Delta properties in the Montney Shale that are being tracked by Industrial Info.
"The Montney acquisition is immediately accretive to our per-share metrics, enhances our return of capital to shareholders, and is aligned with our long-term strategy to focus on high-quality, scalable resource plays that meet our defined asset criteria," said Craig Bryksa, the chief executive officer of Crescent Point in a press release. He said the new assets include more than 20 years' worth of inventory to sustain current production levels.
Most of Crescent Point's other active investments are in the Bakken Shale's Willison Basin, which covers most of southern Saskatchewan and North Dakota. The company plans to expand its production in the Shaunavon Field in 2023 and 2024, drilling 45 new wells this year and the same, if not more, next year. The activity, which includes the development of water- or polymer-injection wells, is set for both the upper and lower Shaunavon conventional zones. Subscribers can read detailed reports on the 2023 and 2024 drilling programs in the Shaunavon Field.
About 260 miles east of the Shaunavon Field, on the other side of Saskatchewan, Crescent Point plans to expand its production in the Viewfield area in 2023 and 2024, drilling 40 new wells this year and up to 45 next year. Subscribers can read detailed reports on the 2023 and 2024 drilling programs.
"In the Viewfield Bakken, we have identified approximately 150 new drilling locations or 4 years of additional inventory in the play by successfully implementing new wellbore designs in open-hole multilateral drilling," said Ryan Gritzfeldt, the chief operating officer of Crescent Point, in a recent quarterly earnings-related conference call. He said that ultimate recoveries from Viewfield are expected to be "three times to four times greater than a traditional infill well."
Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active projects from Crescent Point.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
