For the first time since 2008, the Organization of the Petroleum Exporting Countries (OPEC) agreed to curb production from 33.2 million barrels to 32.5 million barrels. Naturally, a reduction in the number of barrels pumped daily could have a serious impact on the price of oil, sending it higher. The impact this could have on Crescent Point Energy Corp.  (TSX:CPG)(NYSE:CPG) is quite significant.

The problem is that nothing actually changed. Members of OPEC won’t agree to make cuts until the annual meeting held on November 30. That means until that meeting, the number of barrels that individual members of OPEC can pump remains unchanged.

But that doesn’t mean that Crescent Point isn’t still worth considering. Just talk about an OPEC deal has sent the price of oil up, which is exactly what oil companies around the world were hoping for. And if a deal can be reached, oil prices will push much higher, allowing cash flows to increase.

Here are a few reasons to consider investing in Crescent Point.

The first reason is its balance sheet, which got a huge boost thanks to the bought-deal offering of 33.7 million shares. At a price of $19.30, this resulted in $650 million straight into the bank account. However, management doesn’t intend to just hold on to this money; instead, it plans to invest it right back into the company to help boost production.

Management offered guidance of 167,000 barrels of oil per day, which is up 2,000 daily barrels since this deal closed. Next year the company will push production to 175,000-177,000 barrels a day. According to management, the inventory Crescent Point is sitting on is incredibly profitable with oil at current prices and will be even better if OPEC agrees to curbing production.

But does that mean that investors should buy Crescent Point?

That depends entirely on your outlook on oil. OPEC hasn’t been able to reach an agreement on production since 2008. That’s eight years. Therefore, if they can’t agree in November, or if the members simply ignore the production goals, the market will continue to have far too much oil supply and not enough demand to support the cost.

On the other hand, if OPEC does agree to cut its production, it would be a huge boon for companies like Crescent Point. Other than the recent fundraising, management intends to use cash flows to continue growing the business; therefore, if oil prices can continue rising, the company could grow quite significantly.

Another perk, though it is a small one, is that the company pays a small 2.03% yield. While it isn’t as much as other companies, it pays a monthly $0.03 to investors. And with a DRIP, investors could very quickly start accumulating a larger position in a company that could have its brightest years ahead of it.

Ultimately, a lot depends on whether or not OPEC agrees to curb production in November. Yet even if it doesn’t, Crescent Point is in a prime position to continue growing the business with highly profitable inventory. Starting a small position in this company could turn out to be a great investment.

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Fool contributor Jacob Donnelly has no position in any stocks mentioned.