Crescent Point Energy Corp. said Wednesday it has reached a deal with Penn West Energy Trust that will boosts Crescent Point

Cresent Point will pay Penn West $434-million for some of Penn West's Lower Shaunavon properties in southwest Saskatchewan. Penn West, meanwhile, is taking a 100% stake in the Cynthia Cardium Unit and a 50% interest in 40,400 acres of undeveloped land in the Dodsland Viking light oil play in western Saskatchewan.


Calgary-based Crescent also said it plans to increase its capital spending next year by 38% to $450-million, with most of the funds going to drilling and completions activities in the light oil Bakken play in southeast Saskatchewan and the Lower Shaunavon, a medium-gravity field.


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