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Crescent Point Energy (NYSE:CPG) said late Monday it agreed to sell non-core assets in Saskatchewan to Saturn Oil & Gas for C$600M in cash.
The assets, which include Flat Lake and Battrum, were expected to produce 13.5K boe/day over the next 12 months, generating C$210M of net operating income at current strip prices.
As a result of the sale, Crescent Point (CPG) lowered its FY 2024 production guidance to a range of 191K-199K boe/day, which represents a reduction of 7K boe/day compared to the midpoint of prior guidance.
The company maintained guidance for full-year development capital spending of C$1.4B-C$1.5B, given minimal development capex allocated to the assets for the rest of the year.
