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CALGARY, Oct. 5 /CNW/ - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX:CPG) announces that on October 2, 2009, Crescent Point acquired an aggregate of 32,166,667 common shares (the "Shares") of Reliable Energy Ltd. (the "Issuer") pursuant to a private placement at a subscription price of $0.15 per Share.
The Shares acquired by Crescent Point are held for investment purposes. This investment will be reviewed on a continuing basis by Crescent Point and such holdings may be increased or decreased in the future. Crescent Point may in the future acquire or dispose of Shares, through the open market, privately or otherwise, as circumstances or market conditions warrant.
Immediately after the completion of the transaction referred to above, Crescent Point exercised control or direction over an aggregate of 32,166,667 Shares, representing 19.9% of the issued and outstanding Shares as at October 2, 2009.
Crescent Point has filed an early warning report pursuant to National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues describing the above transaction with applicable securities regulatory authorities, a copy of which is available at www.crescentpointenergy.com.
Peters & Co. Limited acted as financial advisor to Crescent Point with respect to the investment.
Crescent Point is a conventional oil and gas producer with assets strategically focused in properties comprised of high quality, long life, operated, light and medium oil and natural gas reserves in Western Canada.
President and Chief Executive Officer
Shares of Crescent Point are traded on the Toronto Stock Exchange under the symbol CPG.
SOURCE Crescent Point Energy Corp.
For further information: For further information: ON CRESCENT POINT ENERGY CORP., OR FOR A COPY OF THE EARLY WARNING REPORT, PLEASE CONTACT: Greg Tisdale, Chief Financial Officer or Trent Stangl, Vice President Marketing and Investor Relations, Telephone: (403) 693-0020, Toll free (US & Canada): 888-693-0020, Fax: (403) 693-0070, website: www.crescentpointenergy.com