Crescent Point selling $912M in assets including Uinta Basin asset

Crescent Point Energy Corp. is selling its Uinta Basin asset in Utah and certain southeast Saskatchewan conventional assets for a total of approximately $912 million.

The Calgary-based company says the agreements include 27,000 barrels of oil equivalent per day of upstream assets.

Crescent Point says the transactions are expected to help strengthen its balance sheet.

Net debt is expected to improve to about $2.75 billion at the end of 2019 compared with $4.40 billion before the changes in senior management in 2018, it says.

Crescent Point's Uinta Basin asset includes approximately 350 net sections of undeveloped land, 123.1 million barrels of oil equivalent of proved plus probable reserves and 29.5 million of barrel of oil equivalent of proved developed producing reserves.

The conventional assets in Saskatchewan being sold include approximately 7,000 barrels of oil equivalent per day of current production and 49.2 million barrels of oil equivalent of proved plus probably reserves.

"The sale of the Uinta Basin and certain conventional assets is accretive for our shareholders and aligned with the key criteria we established for our asset portfolio," chief executive Craig Bryksa said in a statement.

"These transactions are a considerable step forward in our ongoing plan to focus our asset base."

Companies in this story: (TSX:CPG)