Crescent Point Energy Corp. is dropping out of the Bakken Shale with a $500 million private sale, casting off its North Dakota assets to concentrate on unconventional natural gas in Western Canada.

The Calgary-based independent said the transaction is with Kraken Resources, a portfolio company of private equity investor Kayne Anderson Capital Advisors. The package includes drilling and development opportunities in the Williston Basin of Montana and North Dakota. 

“This transaction allows us to realize future value for an area with limited scalability while immediately enhancing our financial position and increasing our focus on our core operating areas,” said Crescent CEO Craig Bryksa.

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