Crescent Point Energy increased deployment of its new waterflood injection control device (ICD) during the first quarter across operations in the Williston Basin and Shaunavon resource plays, the company said on Thursday.
Following the success of an initial pilot in late 2016, over 35 ICD systems have now been installed, with additional installations planned after break-up.
Crescent Point says the system has demonstrated encouraging results, with three times the amount of water injectivity compared to prior technology.
The company it expects increased water injectivity and enhanced distribution of injected water will help manage reservoir pressure and may further reduce decline rates and increase estimated ultimate recoveries.
Crescent Point achieved average production of 173,329 boe/d in the first quarter, ahead of guidance of 170,000 boe/d. This is an increase of eight percent compared to third quarter 2016, the company says, when its capital program was accelerated as a result of the success of new play development.
Crescent Point recorded net income of $119.4 for the first quarter of 2017, compared to an $87.5 million net loss for the first quarter of last year.