Crescent Point Energy Trust (TSX:CPG.UN) is increasing its Bakken oil in Saskatchewan, Canada spending by $200-425 million. Crescent Point is raising its production guidance by five per cent and its distributions to investors by 15 per cent.
The Calgary-based trust said Monday the increases were due to "significant growth" in its southeast Saskatchewan Bakken resource play, better-than-expected drilling and production results in its core areas, and higher than anticipated commodity prices.
The capital budget is being increased by 89 per cent to advance development at Bakken and add production at a rate of about $25,000 per barrel of oil equivalent.
Crescent Point now expects to exit 2008 with production greater than 37,500 boe per day, and is upwardly revising its 2008 average production forecast by five per cent to 36,250 boe daily.
From the Business Week article:
North Dakota surpassed Kansas in 2006 to become the eighth-largest oil-producing state in the nation, and soon will surpass Wyoming to become seventh among oil-producing states, said Ron Ness, president of the North Dakota Petroleum Council.
North Dakota produced 45 million barrels of oil last year, up about 5 million barrels from 2006, Ness said.
Production this year likely will exceed the record of 52.6 million barrels set in 1984, said Lynn Helms, the director of the state Department of Mineral Resources.
More North Dakota oil statistics