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Shell sells its Alberta shale assets to Calgary-based Crescent Point By Robert Tuttle on 2/18/2021
Crescent Point Energy
CALGARY (Bloomberg) Crescent Point Energy Corp. agreed to buy some of Royal Dutch Shell Plcâs Western Canadian shale operations for about C$900 million ($707 million) in the latest example of consolidation in the Canadian oil and gas sector.
Calgary-based Crescent Point, an oil driller with a focus on Saskatchewan, will acquire Shellâs Kaybob Duvernay assets for $550 million in cash and 50 million Crescent Point common shares. The assets are expected to produce about 35,000 barrels of oil equivalent a day by the second quarter, including a number of drilled and uncompleted wells that are about to come on stream, the company said in a release.