Crescent Point Energy announces significant oil discovery

Crescent Point Energy Corp. announced a discovery in the Flat Lake area of the Torquay formation in southeast Saskatchewan.

Crescent Point Energy Corp. announced a discovery in the Flat Lake area of the Torquay formation in southeast Saskatchewan.

Crescent Point has expanded its operations from its Three Forks area in North Dakota into Canada. The company has drilled 36 horizontal wells in the Flat Lake area of the Torquay Formation in Saskatchewan and production from the area has grown to approximately 5,100 barrels of oil per day over the past 12 months.

The company believes the Torquay region could be as productive as the Bakken region in North Dakota. In 2013, Crescent point stated the proved and probable reserves in Torquay were 11.2 million barrels of oil equivalent (MMBOE).

This year, the company expects to spend about $200 million out of its total 2014 budget in the Flat Lake area, which includes drilling 48 net wells. Crescent Point's total capital expenditures budget for the year is $1.75 billion.

In addition to the Flat Lake area, Crescent Point is also exploring and accumulating land in southeast Saskatchewan. The company had drilled six wells to test these regions and plans to drill five more over the next six months.

More information on oil exploration in Saskatchewan, visit PennEnergy's Research Center.

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