Canada's Crescent Point acquires Innova

Canada's Crescent Point Energy Trust said it has taken effective control of Innova Exploration Ltd.

By OGJ editors
HOUSTON, Oct. 23 -- Canada's Crescent Point Energy Trust said it has taken effective control of Innova Exploration Ltd.

The management team of the Calgary concerns is integrating the two firms' operations, has hiked the 2007 capital budget $15 million to $165 million, and set the 2008 capital budget at $150 million, weighted toward Bakken oil exploitation.

Crescent Point acquired 97% of Innova's shares in a tender offer. Total consideration will be more than $321 million (Can.).

More than 53 gross Bakken wells are planned for drilling in 2008. Most drilling will take place in Southeast Saskatchewan. Production is expected to be maintained at 30,250 boe/d in 2008.

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