Canadian oil and gas producer Crescent Point Energy Corp. is looking to sell some of its assets in Alberta and Saskatchewan that could fetch around CA$500 million (US$394 million), according to an industry source and marketing documents seen by Reuters on Feb. 7.

Crescent is offering the assets for sale in three separate packages, according to the marketing documents. Combined, the assets are estimated to have output around 10,554 boe/d in the fourth quarter, the documents showed.

The company has retained National Bank Financial Markets as its adviser on the planned sale, according to the marketing documents.

Crescent Point and National Bank did not immediately respond to emailed requests for comment.

With U.S. oil prices over $90/bbl, the highest in seven years, oil and gas producers have been encouraged to raise cash by selling noncore assets to clean up their balance sheets or boost shareholder returns.

Crescent has been eyeing sales of noncore assets since it took over European oil major Shell Plc’s Kaybob Duvernay assets for CA$900 million in February last year.

The Canadian company, which sold some conventional oil and gas producing assets in southeast Saskatchewan for CA$93 million in June, hiked its quarterly dividend by 50% and announced up to CA$100 million in share repurchases in December. (US$1 = 1.2690 Canadian dollars)

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