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Feb 7, 2022

Crescent Point Energy seeks buyer for Western Canadian oil assets

Eric Nuttall discusses Crescent Point Energy

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Canadian light oil producer Crescent Point Energy Corp. is looking to sell a package of lands in Alberta and Saskatchewan that was producing 11,154 barrels of oil equivalent per day as of the fourth quarter of 2021.

Crescent Point hired National Bank Financial to market the lands, according to documents obtained by Bloomberg News. The documents value the proved, developed and producing lands at $403 million (US$318 million). 

When the undeveloped lands are included, the assets have a net present value of $834 million, according to the documents. The sale effort was reported earlier by Reuters. 

A data room opened Jan. 24 and the bank planned to begin technical presentations to interested buyers Jan. 31.

Calgary-based Crescent Point did not immediately respond to a request for comment on what value it expected to receive. Last year, the company spent $900 million on Shell Canada Ltd. assets in Alberta and announced its intention to sell assets following the closing of that deal.