TriStar Oil & Gas Ltd (fka TOG)

[sumisu]

Q&A: Crescent Point’s Scott Saxberg

Michelle Magnan

From the August 18, 2008 issue of Canadian Business magazine

http://www.canadianbusiness.com/managing/ceo_interviews/article.jsp?content=20080818_198723_198723

In a world of floundering trusts, Scott Saxberg president and CEO of Calgary-based Crescent Point Energy Trust, has pulled off some impressive numbers. The oil and gas trust recently announced a $200-million increase to its 2008 capital spending budget. And its units hit a total return of nearly 59% in 2007. Crescent Point’s secret? It has a lot to do with developing resources in Saskatchewan. Saxberg spoke with Calgary contributor Michelle Magnan about the discovery of a lifetime, royalty review fallout and why Saskatchewan is attracting tons of oil and gas dollars.

About 75% of Crescent Point’s resources are in Saskatchewan. Why is the province such a good play?

Our main play there is the Bakken [a formation that traverses the southeastern part of the province that’s been around for years but only became profitable recently thanks to new technology]. What’s exciting about it is it’s the second-largest pool discovered in Western Canada, which I think has been a little lost on people. It’s also the largest pool discovered since the 1950s. It’s a once-in-a-lifetime type of event. Even guys previous to my generation never had those discoveries. It’s one of those unique situations where it’s really not valued in the market yet because it is so new.