CPG $1.35 billion to spend in 2013 Crescent Point Energy* (CPG : TSX : $36.16), Net Change: -0.84, % Change: -2.27%, Volume: 2,723,193
I got $1.35 billion to spend in 2013. Crescent Point announced its 2013 capital program of $1.35 billion which is expected to
increase average daily production to 112,000 boe/d, with a 2013 exit rate of 114,000 boe/d. The company's 2013 guidance
includes the assumption of a long spring break-up and the anticipated production impact of converting producing wells to water
injection wells in the Bakken and Shaunavon resource plays. Approximately $1.17 billion, or ~87% of the capital budget, is
expected to be allocated to drilling and completions, with a total of 455 net wells planned. The balance of the budget will be
allocated to infrastructure, undeveloped land and seismic. CPG expects to spend ~$510 million of its 2013 budget in the
Viewfield Bakken and Flat Lake areas of southeast Saskatchewan, including drilling approximately 163 net wells in the
Viewfield area and 15 net wells at Flat Lake. CPG has excellent exposure to large OOIP light oil reservoirs, a continuous track
record of outperformance, a robust hedging program, a clean balance sheet with D:CF below 1.0x, and a steady dividend with a
7.6% yield.