Canadian light oil producer Crescent Point Energy is reportedly seeking to sell some of its assets in Alberta and Saskatchewan. According to Reuters, which cited an industry source, as well as marketing documents it had seen this week, the assets could fetch around CAD500mn ($394mn).
The marketing documents show that Crescent Point is offering the assets in three separate packages that had combined production of 10,554 barrels of oil equivalent per day (boepd) in the fourth quarter of 2021. The documents also show that including undeveloped acreage, the properties have a net present value (NPV) of roughly CAD834mn ($656mn).
The company is reported to have been seeking to shed some of its non-core assets since it bought Royal Dutch Shell’s Kaybob Duvernay properties for CAD900mn ($708mn) in February 2021. In June, Crescent Point sold some of its conventional assets in Saskatchewan for CAD93mn ($73mn).
According to the marketing documents, National Bank Financial Markets has been retained as Crescent Point’s adviser on the planned sale.
The report comes as oil and gas companies in both the US and Canada are continuing to take advantage of improved conditions for selling assets.

 

©2022 bne IntelliNews , source Magazine