Crescent Point Energy announced Tuesday the sale of its Uinta Basin asset in its entirety as well as certain Saskatchewan assets for a total cash consideration of $912 million dollars. “Since we established our transition plan in September 2018, we have meaningfully improved the sustainability of our business model by revising our capital allocation process, lowering our cost structure and strengthening our balance sheet,” shared Craig Bryksa, President and CEO of Crescent Point. “The sale of the Uinta Basin and certain conventional assets is accretive for our shareholders and aligned with the key criteria we established for our asset portfolio. These transactions are a considerable step forward in our ongoing plan to focus our asset base.” Tuesday’s press release states that the sale is to a private operator. The sale is expected to be complete in October this year.
