Canadian light oil and gas producer Crescent Point Energy Corp. (NYSE: CPG) said on Dec. 7 it will increase its 2017 capital budget 31% from 2015 to CA$1.45 billion (US$1.10 billion) and boost production by 10%.

The Calgary-based company, which has core operations in southwest Saskatchewan, the Williston Basin and the Uinta Basin in the U.S. , expects to finish 2017 producing 183,000 barrels of oil equivalent per day.

Crescent Point previously set a preliminary 2017 budget of CA$1.4 billion.

The updated guidance is the latest sign of cautious optimism among Canadian oil and gas producers after more than two and a half years of weak prices and aggressive cost cutting.

"We've had a very successful 2016 operationally and are ahead of our budgeted December exit production of approximately 167,000 [barrels of oil equivalent per day]," Scott Saxberg, Crescent Point's president and CEO, said in a statement.

The company plans to drill 670 wells in 2017 and has allocated 51% of its budget to the Williston Basin, which spans the U.S.-Canada border and is Crescent Point's largest producing area.

Crescent Point said 25% of capex are earmarked for southwest Saskatchewan, while 18% of the budget will be spent on the Uinta Basin in Utah. The remainder of the budget will cover infrastructure and seismic investments in its three core areas, Crescent Point said.

(US$1 = CA$1.3233)