Crescent Point to boost Saskatchewan reserves

Canadian oil and gas producer Crescent Point Energy Group has agreed to buy oil and gas firm Wave Energy for C$665 million, in a bid to boost its Saskatchewan oil assets.  The deal will give Calgary-based Crescent Point control of land in Saskatchewan's Lower Shaunavon resource play that could contain over one billion barrels of oil, the company said. Crescent Point, which is on a drive to significantly boost its assets in Saskatchewan, also confirmed it had acquired additional assets in the region for a total of C$258 million, as part of a separate deal.  The assets include wells that currently produce about 3,750 barrels of oil equivalent per day. According to Crescent Point, the purchase of Wave will make it the largest holder of drilling prospects in the southwestern Lower Shaunavon shale formation. As a result of the acquisitions, Crescent Point said its production this year will rise to 51,500 barrels of oil equivalent per dayÔÇö16 percent higher than it had previously estimated. The company has also said it will raise capital spending in 2009 from C$225 million to C$325 million. It is thought that firms are seeking to boost their oil and gas reserves while natural gas prices are low, in order to maximize their profits when prices rise once more. * ┬á┬á┬á┬á┬á┬á┬á*┬á┬á┬á┬á┬á┬á┬á *