A 102 square-mile spread of west-central Alberta drilling prospects fetched C$375 million ($281 million) in an all-cash purchase by Crescent Point Energy Corp. from Paramount Resources Ltd.

The package, in the Kaybob Duvernay area, produces natural gas and natural gas liquids (NGL) at a rate of 4,000 boe/d. About one-half of the well flows are NGLs. The deal includes a processing plant.

“We continue to generate strong full cycle returns from our Kaybob Duvernay assets, which are top quartile within our overall portfolio,” said CEO Craig Bryksa. “Through this acquisition, we are increasing our drilling inventory in the play to over 20 years, based on current production.”

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