Crescent Point Energy selling $600M of assets to Saturn Oil & Gas
Crescent Point Energy Corp. has signed a $600-million deal to sell some of its oil-producing properties in Saskatchewan to Saturn Oil & Gas.
Included in the deal are its Flat Lake and Battrum properties and 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 closed the previously announced disposition of its Swan Hills and Turner Valley assets for $140 million, before closing adjustments.