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Crescent Point to spend $1B in Sask in 2015

posted by The Mortgage Associates    |   March 19, 2015 08:34

Crescent Point to spend $1B in Sask in 2015

Article by Bruce Johnstone, Leader-Post, March 12, 2015

"REGINA — Crescent Point Energy Corp. is staying the course in 2015, projecting increased oil and gas production and bucking the industry trend toward major cuts in production and staffing in response to low oil prices.

Canada’s fourth-largest independent oil and gas company and the country’s top driller — based on exploratory and development metres drilled in 2014 — plans on spending more than two-thirds of its $1.45-billion capital budget in Saskatchewan this year, the company announced Wednesday.

The Calgary-based company credits its hedging program, which will see more than half of its 2015 production and one third of 2016 production locked in at higher prices, and cost reductions of up to 20 per cent, for being able to implement its 2015 business strategy."

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