Crescent Point Energy Corporation (NYSE:CPG) inked a pact with a private operator to sell its North Dakota assets for $500 million in cash to accelerate its debt repayment. 

Owing to the divestment, Crescent Point lowered its 2023 annual average production guidance to a range of 156,000 to 161,000 boe/d, which represents a reduction of approximately 4,500 boe/d in comparison to the mid-point of its prior guidance range.

In the last reported quarter, these assets had gross production of approximately 23,500 boe/d (89% oil and liquids), Crescent said, without naming the buyer. 

However, a report by Reuters notes that the assets were sold to Kraken Resources, a portfolio company of alternative asset manager Kayne Anderson Capital Advisors.

Crescent Point lowered its development capital expenditures guidance for 2023 by approximately C$100 million, to a range of C$1.05 to C$1.15 billion, owing to the removal of capital that was expected to be spent on the North Dakota assets following the transaction's closing. 

These transactions have enhanced Crescent Point's long-term per-share metrics and are consistent with its focus on high-return assets with significant inventory depth.