Crescent Point Energy announced an increase of $200 million to its 2008 capital spending plans, increasing their total capital expenditures to $425 million.

Increases in capital spending, production, cash flow and distribution are due to significant growth in Crescent Point's southeast Saskatchewan Bakken resource play, with continued better than expected drilling and production results in its core areas, and higher than anticipated commodity prices.

To capitalize on the increasing size and productivity of the Bakken resource play, Crescent Point is upwardly revising its 2008 capital expenditures budget by 89 per cent from $225 million to $425 million.

The vast majority of the increase will accelerate development of the Bakken resource play, which will further extend the company's dominance in the play and capitalize on record high oil prices.

In total, Crescent Point will spend approximately $255 million in 2008 drilling and completion activities, which will add production at a rate of approximately $25,000 per barrel of oil equivalent (boe).

Crescent Point will drill up to 174 (139.7 net) wells, including 110 (93.4 net) Bakken horizontal wells, up from the previous plans of 140 (105.7 net) and 79 (65.5 net) wells respectively.

The company will also fracture stimulate up to 130 (114.4 net) Bakken horizontal wells. Crescent Point currently has 150 Bakken horizontal wells in inventory awaiting fracture stimulation. With significant increases in both drilling and fracture stimulations, Crescent Point now expects to exit 2008 with a production greater than 37,500 boe/d.

A large portion of Crescent Point's 2008 budget will be directed towards facilities and infrastructure, as the company positions itself for further growth in the Bakken resource play in the coming years.

The company's budget for land, facilities and seismic has been increased to $170 million from $45 million. The majority will be spent in the Bakken resource play, including the acquisition of additional and undeveloped Bakken land.

Approximately $80 million is planned on facilities, directed mostly at the long-term strategic infrastructure development of the Viewfield Bakken resource play.

Facilities projects in the budget include the Viewfield gas plant expansion from six million cubic feet per day (mmcf/d) to 15 mmcf/d, strategic battery consolidations, and gathering lines construction, all contributing to area efficiencies and maximizing product value as the Bakken resource play expands and develops.

Crescent Point expects to further expand the Viewfield gas plant to 30 mmcf/d in mid-2009.