By Shariq Khan

(Reuters) – Canadian oil & gas producer Crescent Point Energy, (NYSE:) Corp wants to sell its assets in Alberta & Saskatchewan. According to a marketing document and an industry source seen by Reuters on Monday, the sale could bring about C$500million ($394 million).

According to marketing materials, Crescent offers the assets in three different packages. The documents revealed that the assets combined are expected to produce around 10.554 barrels per day of equivalent oil in the fourth quarter.

According to marketing materials, the company retained National Bank Financial Markets as an adviser for the sale.

Crescent Point Bank and National Bank failed to respond immediately to emails requesting comment.

Oil and gas producers are encouraged to sell non-core assets in order to increase their cash flow or clean up balance sheets.

Crescent has always been interested in selling non-core assets after it bought European oil major Shell Plc’s Kaybob Duvernay assets, which were valued at C$900million.

Canadian oilsands Company, which purchased some traditional oil and gas production assets in Southeast Saskatchewan in June for C$93 Million, increased its quarterly dividend 50%, and announced share repurchases of up to C$100 millions in December.

($1 = 1.2690 Canadian dollars)