Crescent Point Energy Corp (CPG.TO) may raise capital spending by 13 percent to acquire additional lands and boost drilling at a new northern Alberta oil discovery, Canada's No. 7 independent oil producer said late on Thursday. Crescent Point said it has spent 18 months acquiring 380 square miles (984 square km) of exploration lands in the Swan Hills region of northern Alberta that lie over the Beaverhill Lake formation, with much of the property held in a joint venture with privately held Coral Hill Energy Ltd. Oil companies are moving into the Swan Hills region, about 200 km (120 miles) northwest of Edmonton to revisit old discoveries using new horizontal drilling and multistage fracturing techniques to produce oil that vertical wells could not tap. The Beaverhill Lake formation offers high-value light oil and low royalties, and analysts say Crescent Point has been able to establish a significant land base in the region at a low cost.
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