Crescent Point Energy Corp. is shifting its budget to center on long-term drilling in Alberta’s liquids-rich shale after landing a $500 million oil asset sale in North Dakota last month.

Of a C$1.05-1.15 billion (US$788-862 million) development program in 2024, 70% is now being allocated for northern Alberta Montney and Duvernay geological formations, according to the Calgary firm.

The company set a 2024 production target of 145,000-151,000 boe/d. 

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“Production from Alberta assets is expected to grow by approximately 10% by the end of 2024,” Crescent Point said.

The budget switch marks the start of a five-year change plan that...