RE:Crescent Point
Hi Classicoil..... Fyi........ See memo below.... It will happen before the end of this year......
By Nia Williams
CALGARY, Alberta, Nov 7 (Reuters) - Crescent Point Energy
CPG.TO became the latest Canadian oil producer to reveal plans
to trim 2015 capital spending on Friday, as falling crude prices
prompted some companies to rein in budgets.
The light oil producer has a budget of C$2 billion for 2014
but said on Friday next year's capital expenditure could be
slightly lower as a result of volatile crude prices.
"We are currently in the middle of the 2015 budget process,
we haven't finalized anything yet, but given the recent
volatility the 2015 budget will be slightly lower than 2014, but
not significantly," Crescent Point Chief Executive Officer Scott
Saxberg told analysts on a third-quarter earnings call.
Despite plans to lower 2015 spending, Crescent Point said it
was well-protected in the current price environment and was
always on the lookout for merger and acquisition opportunities,
particularly in areas where the company already had a presence.
"We have obviously a focus on southeast Saskatchewan, and
Shaunavon and Uinta, and so opportunities that are in those
areas, if they come about and present themselves and the value
is there, we are obviously going to be compelled to act and
consolidate these fields," Saxberg said.
The Shaunavon field is located in southwest Saskatchewan and
the Uinta basin is a light oil play in Utah.