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Crescent Point to Ramp Up Activity in 2H16; $550MM / 340 Wells
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Crescent Point Energy Corp. reported its operating and financial results for the quarter ended June 30, 2016.
Key Points: In the Uinta Basin, the Company improved drilling efficiencies in its vertical program by reducing the number of drilling days to seven, compared to 14 days on average in 2013. The Company plans to spend approximately $550 million, or 60 percent of its 2016 drilling budget, during the second half of 2016 to drill approximately 340 net wells. Highlights: Crescent Point achieved quarterly production of 167,218 boe/d in second quarter 2016, which was weighted 89 percent to light and medium crude oil and liquids. This represents an increase of 10 percent over second quarter 2015. During second quarter, the Company spent $51.4 million on drilling and development…- ✓ Full news archive — U.S., Canada & international coverage
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