Crescent Point closes on sales, but no further details released

Calgary –Crescent Point Energy Corp. announced on Oct. 18 it had successfully closed the previously announced sale of its Uinta Basin asset and certain non-core conventional assets in southeast Saskatchewan.

These accretive dispositions are in-line with the company's strategy to focus its asset base and strengthen its balance sheet, it said in a release.

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When reached by phone on that day, a company spokesperson said they would not be releasing any further details at this time, however, some detail may come forward on Oct. 31 when the company releases its quarterly financials.

On Sept. 3, the company announced on Sept. 3 that it had sold approximately 7,000 barrels of oil equivalent per day production of its conventional assets in southeast Saskatchewan, and more significantly, its entire Utah-based Uinta basin assets totalling 20,000 boepd.

On May 20, Pipeline Newsreported details of the asset sale in southeast Saskatchewan, which listed approximately 21,625 barrels of oil equivalent per day (boepd) of predominantly Mississippian light oil for sale, with over 100 mmboe of 2P reserves across approximately 800 net sections of land. The Sept. 3 announcement appears to account for approximately one-third of the southeast Saskatchewan and southwest Manitoba assets that were detailed in the company’s “Southeast Saskatchewan Light Oil Portfolio Offering” of early 2019.

That offering broke down the portfolio into six parcels, five in southeast Saskatchewan, and one in the extreme southwest corner of Manitoba, referred to as “Pierson.” Basically, almost everything east of Highway 47, except for part of the Viewfield Bakken around Forget and Kisbey, was for sale. There was also a portion south of Weyburn.

The maps included in the documents showed that pretty much everything in southeast Saskatchewan that is not part of the Viewfield Bakken of Flat Lake plays up for grabs.

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