December 15, 2010 / 2:39 PM / 7 years ago

UPDATE 1-Crescent Point sets 2011 capex at C$800 mln

* Sees avg daily production of 72,500 boe/d next yr

* Expects to drill 311 net wells in 2011

Dec 15 (Reuters) - Independent oil company Crescent Point Energy Corp (CPG.TO) said it sees 2011 capital expenditures at C$800 million, up 78 percent, and expects to spend most of it on drilling and completions.

The Calgary, Alberta-based company said about 84 percent of its budget is expected to be allocated to drilling and completions, with a total of 311 net wells planned.

The remainder of the budget is expected to be allocated to infrastructure investments, undeveloped land acquisitions and seismic.

Crescent Point expects to spend about 62 percent of its 2011 budget in the Viewfield Bakken area of southeast Saskatchewan, drilling about 200 net wells in the area, and investing up to C$45 million on infrastructure projects.

The company expects average daily production of more than 72,500 barrels of oil equivalent per day next year, representing an exit production growth of 28 percent.

Crescent Point also plans to drill 311 net wells of its more than 6,000 net internally identified low-risk drilling locations.

The company’s shares, which have gained 7 percent since it posted third-quarter results in November, were down 44 Canadian cents at C$43.09 on Wednesday morning on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Unnikrishnan Nair) ((isheeta.sanghi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: isheeta.sanghi.thomsonreuters.com@reuters.net))

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