Oil and Gas

CORRECTED-UPDATE 1-Crescent Point to exit Uinta Basin, sell some Saskatchewan assets

(Corrects currency to C$ in paragraph 4, 5)

Sept 3 (Reuters) - Canada’s Crescent Point Energy Corp said on Tuesday it would exit Uinta Basin in Utah and sell parts of its assets in southeast Saskatchewan for about C$912 million ($687.01 million) as part of its plan to cut debt under a new management.

The Uinta Basin asset, expected to produce about 20,000 barrels of oil equivalent per day (boepd) in 2020, was sold to a private operator for about C$700 million in cash, the company said without naming the buyer.

The oil and gas producer said it would also look to sell more assets, including the remaining portion of its southeast Saskatchewan conventional assets.

Including Tuesday’s sale, the company said it had divested more than C$1.3 billion in assets since the new management took over in 2018.

Crescent expects the deal to help reduce its net debt to about C$2.75 billion at the end of 2019 from C$4.40 billion in 2018.

The Calgary, Alberta-based company said it expects the deal to add about 11% to its debt-adjusted funds flow per share. ($1 = 1.3275 Canadian dollars) (Reporting by Shariq Khan in Bengaluru; Editing by Shinjini Ganguli)