Part of the March year end results with the expected increase to $1.1 billion.
why is CPG still droping???????
any ideas. Anyone
The Company will continue to expand and develop its Viewfield Bakken water flood program. By year-end 2011, the Company expects to have up to 36 injection wells in the Bakken play. Based on promising results from two and a half years of production in the Company's first Bakken water flood pilot, Crescent Point believes that water flood implementation could increase ultimate recovery factors to greater than 30 percent. Also, in the Lower Shaunavon play, Crescent Point will implement its fourth water flood pilot later this year.
Funds flow from operations for 2011 is expected to increase to $1.1 billion ($4.08 per share - diluted), based on forecast pricing of US$92.00 per barrel WTI, Cdn$3.50 per mcf AECO gas and US$/Cdn$1.01 exchange rate.
The Company's balance sheet remains strong, with projected average net debt to 12-month cash flow of approximately 1.0 times and approximately $685 million currently unutilized on its bank lines.
Crescent Point continues to implement its balanced 31/2-year price risk management program, using a combination of swaps, collars and purchased put options with investment grade counterparties all within Crescent Point's banking syndicate. As at March 8, 2011, the Company had hedged 55 percent, 44 percent, 35 percent and 19 percent of production, net of royalty interest, for the balance of 2011, 2012, 2013 and the first half of 2014, respectively. Average quarterly hedge prices range from Cdn$84 per boe to Cdn$100 per boe.
Crescent Point's management believes that with the Company's high-quality reserve base and development drilling inventory, excellent balance sheet and solid risk management program, the Company is well-positioned to continue generating strong operating and financial results through 2011 and beyond