Crescent Point Energy recently announced their first quarter results in the Bakken oil play in southeast Saskatchewan.

The company has grown its Bakken production by approximately 70 per cent to more than 14,000 barrels of oil equivalent per day (boe/d) from 8,300 boe/d acquired in the acquisitions of Mission Oil and Gas Inc., Innova Exploration Ltd. and Pilot Energy Ltd.

This increase is due to the successful Bakken drilling and improved fracture stimulation technology.

In the first quarter of 2008, Crescent Point participated in the drilling of 39 (32.1 net) oil wells and three (2.1 net) service wells in southeast Saskatchewan, achieving a 100 per cent success rate.

Of these, 34 (28.1 net) wells were Bakken horizontal oil wells at Viewfield. Crescent Point added initial interest production in excess of 3,050 boe/d in southeast Saskatchewan through its drilling and fracture stimulation activities in the quarter.

During the quarter, Shelter Bay drilled 11 Bakken horizontal wells on lands farmed out by Crescent Point.

At the Viewfield gas plant, the company commenced design work to increase plant capacity from six million cubic feet per day (mmcf/d) to 15 mmcf/d by year end 2008 and to 30 mmcf/d by mid-2009 to accommodate the company's drilling plans at Viewfield, which includes up to 79 (65.5 net) Bakken wells to be drilled in 2008.

Through a Crown and freehold land acquisition strategy, Crescent Point acquired 16.8 net sections of undeveloped Bakken land in the first quarter of 2008. The total undeveloped Bakken land holdings at the end of the first quarter were 380 net sections.

Also in the first quarter, Crescent Point drilled two (1.4 net) horizontal oil wells and three (2.1 net) water injection wells at the Tatagwa Unit, two horizontal oil wells in the Lougheed area, and one (0.5 net) horizontal oil well at Edenvale, achieving a 100 per cent success rate.

Development plans for the Tatagwa Unit in 2008 include drilling up to six (4.2 net) water injection wells and three (2.1 net) oil wells to improve recovery factors. Expansion of water handling facilities is also planned for 2008.

At Manor, the company plans to drill up to seven (5.4 net) horizontal oil wells including two reduced spacing wells.

Restrictions on the Enbridge Pipelines gathering system continued into the first quarter, but did not restrict Crescent Point's production. The company was able to deliver and market all of its crude oil production in the area through incremental trucking. Expansion of the gathering system is anticipated to be completed in mid-2008.