Crescent Point Energy aims to produce 44,500 barrels per day by year-end

By The Canadian Press

CALGARY - Crescent Point Energy Corp. says its expects its 2009 production to average the equivalent of 42,000 barrels of oil per day, and expects to end the year producing more than 44,500 boe/d following a series of asset purchases and sales.

The company, which has converted from an income trust into a dividend-paying corporation, said Friday it expects its funds from operations in 2009 will be $613 million - based on various production, price and currency assumptions.

It also estimates its 2009 capital expenditures will be $225 million.

Friday's announcement came as Crescent Point completed the acquisition of Gibraltar Exploration Ltd., which followed a combination of the Crescent Point energy trust with Wild River Resources Ltd. that was completed Thursday.

The company also announced Friday the sale of 25 per cent of the assets held by Wild River Resources Ltd. and 25 per cent of the assets acquired from Gibraltar to Shelter Bay Energy for an undisclosed amount of cash.

Crescent Point has made a number of moves recently to consolidate its holdings, including a $360-million purchase of producing assets, undeveloped land and mineral rights in Saskatchewan from Talisman Energy Corp. (TSX: TLM.TO) in June.

In that case, Crescent Point also sold a portion of the acquisitions to Shelter Bay - receiving $35.5 million in cash in that case.