Crescent Point Energy selling $600M of assets to Saturn Oil & Gas
Crescent Point Energy Corp. says it has signed a $600-million deal to sell some of its oil-producing properties in Saskatchewan to Saturn Oil & Gas.
The company says included in the deal are its Flat Lake and Battrum properties. It says production from the assets is expected to be 13,500 barrels of oil equivalent per day over the next 12 months.
As a result of the deal, Crescent Point is revising its 2024 annual average production guidance to a range of 191,000 to 199,000 boe/d, a reduction of 7,000 boe/d compared with the midpoint of its prior guidance range.
During the first quarter of 2024, Crescent Point also closed the previously announced disposition of its Swan Hills and Turner Valley assets for $140 million, before closing adjustments.
The company says it will use the proceeds from the dispositions to reduce debt.
Calgary-based Crescent Point has made several major acquisitions since 2021 in the Montney and Kaybob Duvernay oil-and-gas regions of northwest Alberta.
Saturn Oil & Gas, also based in Calgary, has assets across Alberta and Saskatchewan.
This report by The Canadian Press was first published May 7, 2024.
CTVNews.ca Top Stories
Debunking the 'anti-sunscreen' movement: Doctors say TikTok trend is dangerous
Dermatologists are sounding the alarm about misinformation from the anti-sunscreen movement, saying not wearing sunscreen can cause cancer and other problems.
Poilievre Conservatives offer to help Trudeau Liberals pass foreign interference bill
Pierre Poilievre's Conservative Party is offering to help Prime Minister Justin Trudeau's Liberal government pass a piece of legislation aimed at countering foreign interference in Canada.
DEVELOPING Key witness lied on stand, Trump lawyer tells jurors during closing arguments in hush money trial
Donald Trump's landmark hush money trial turns on the testimony of a prosecution witness who told lies on the stand and cannot be trusted, a defence lawyer said Tuesday during closing arguments.
Ont. university says professor fired over 'unethical' sexual relationships with students
An associate professor at McMaster University has been fired after its board of governors found that he engaged in 'unethical, inappropriate and in some instances exploitative' sexual relationships with students.
Richard Dreyfuss' comments about women, LGBTQ2S+ people and diversity lead venue to apologize
The actor Richard Dreyfuss showed up in a dress at a 'Jaws'-themed event in Massachusetts, where the blockbuster 1975 movie he starred in was shot, and then proceeded to make demeaning remarks about women, LGBTQ2S+ people and diversity.
Three people shot to death in tiny South Dakota town; former mayor charged
Three people were shot to death in a small South Dakota town, and a former law officer who once served as the town's mayor is charged in the killings.
Quebec homeowner recalls moment tornado hit his farmhouse west of Montreal
A homeowner in western Quebec is recounting a narrow escape after his home was hit by a tornado Monday afternoon.
WATCH Airline pilot treated to stunning northern lights show during U.S.-Portugal flight
An airline pilot got quite a show on May 11 while flying from San Francisco to Lisbon when a solar storm caused stunning auroras.
Severe thunderstorms, 15 cm of snow: Canadian weather forecast highlights
Well into spring, some parts of Canada could experience a wintry comeback, while other areas are bracing for severe thunderstorms, according to local forecasts.