Crescent Point Energy Inc, Canada's No. 4 independent oil and gas producer, swung to a profit in the first quarter, driven by higher production, and raised its full-year production forecast for the second time in two months.Crescent Point forecast average daily production of 134,000 barrels of oil equivalent per day (boepd). The company raised its forecast to 133,000 boepd in April from $126,500 boepd.The company, which focuses on producing oil from unconventional fields such as the Bakken shales of southern Saskatchewan, has grown through acquisition, including the C$1.1 billion purchase of CanEra Energy Corp in cash and debt last month.The company said net income was C$30.89 million, or 8 Canadian cents per share, in the three months ended March 31. Crescent Point reported a net loss of C$1.61 million in the same quarter of 2013.
Crescent Point Energy Corp is a Canada-based oil and gas exploration, development and production company. Shares of CPG traded higher by 0.54% or $0.24/share to $44.73. In the past year, the shares have traded as low as $35.25 and as high as $44.90. On average, 1202300 shares of CPG.TO exchange hands on a given day and today's volume is recorded at 23234.
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