Crescent Point Energy Corp. purchased more than one million net acres of exploratory land in Southern Alberta last year, some of which it believes are prospective for an Alberta version of the Bakken light oil play.


Cresent Point Energy's Bakken Oil project in Stoughton, Saskatchewan.

The company, which pioneered implementation of new drilling and completion technologies that turned the Bakken light oil play in Saskatchewan into one of the most promising new oil sources, said Wednesday it will spend $800-million this year to increase production to more than 72,500 barrels a day on average, primarily from oil plays in Saskatchewan and Alberta.

The Calgary-based company reported a loss of $54.3-million for the fourth quarter, including unrealized derivative losses of $96.3-million, compared to a loss of $4-million in the year ago period. Cash flow for the quarter was $263.2-million, up 38% from the same period last year, while production for the quarter was 62,640 b/d, up 36%.

Source:  FInancial Post

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