Crescent Point Energy Corp. announces 2009 Canadian income tax information
and date for year end results

CALGARY, Feb. 26 /CNW/ - Crescent Point Energy Corp. ("Crescent Point" or the "Company") announces that for Canadian income tax purposes the distributions declared to unitholders of Crescent Point Energy Trust in 2009 are 100% taxable and the dividends paid by the Company subsequent to July 2009 were designated as "eligible dividends."

Crescent Point also announces that it anticipates releasing its 2009 year end and fourth quarter operating and financial results on Thursday, March 11, 2010.

The information contained herein is based on the Company's understanding of the Income Tax Act (Canada) and is provided for general information only. Investors are advised to consult their personal tax advisors with respect to their particular circumstances.

FOR CANADIAN TAXPAYERS

DISTRIBUTIONS PAID BY CRESCENT POINT ENERGY TRUST

The following table outlines the breakdown of the cash distributions per unit paid by Crescent Point Energy Trust with respect to the record dates from January 31, 2009 to June 30, 2009 for Canadian income tax purposes.

    
    -------------------------------------------------------------------------
                                                     Return of
                                            Taxable    Capital    Total Cash
    Record Date              Payment Date    Amount     Amount  Distribution
    -------------------------------------------------------------------------
    January 31, 2009    February 17, 2009     $0.23        -           $0.23
    February 28, 2009      March 16, 2009     $0.23        -           $0.23
    March 31, 2009         April 15, 2009     $0.23        -           $0.23
    April 30, 2009           May 15, 2009     $0.23        -           $0.23
    May 31, 2009            June 15, 2009     $0.23        -           $0.23
    June 30, 2009           July 15, 2009     $0.23        -           $0.23
    -------------------------------------------------------------------------
    TOTAL PER UNIT                            $1.38        -           $1.38
    -------------------------------------------------------------------------

    Units held within an RRSP, RRIF, or DPSP
    ----------------------------------------
    

No amount should be reported on the 2009 individual Income Tax Return ("T1") in respect of Trust units held in a Registered Retirement Savings Plan (RRSP), Registered Retirement Income Fund (RRIF), or Deferred Profit Sharing Plan (DPSP).

    
    Units held outside an RRSP, RRIF, or DPSP
    -----------------------------------------
    

Registered unitholders who held units outside an RRSP, RRIF, or DPSP will receive a T3 Supplementary Slip for 2009 ("T3") from our transfer agent, Olympia Trust Company, on or before March 31, 2010. Individual unitholders must report the taxable portion of such distributions on their 2009 T1. Unitholders who held units through intermediaries such as investment advisers will be issued T3s from those intermediaries on or before March 31, 2010.

    
    Adjusted Cost Base Reduction
    ----------------------------
    

The Adjusted Cost Base ("ACB") is used in calculating capital gains or losses on the disposition of units held as capital property by a unitholder. The ACB of each unit is reduced by the portion of distributions considered a return of capital.

DIVIDENDS PAID BY CRESCENT POINT

The following table outlines the dividends paid per share by Crescent Point with respect to the record dates from July 31, 2009 to December 31, 2009 for Canadian income tax purposes.

    
    -------------------------------------------------------------------------
                                            Eligible      Other
                                            Dividend   Dividend   Total Cash
    Record Date               Payment Date    Amount     Amount     Dividend
    -------------------------------------------------------------------------
    July 31, 2009          August 17, 2009     $0.23         -         $0.23
    August 31, 2009     September 15, 2009     $0.23         -         $0.23
    September 30, 2009    October 15, 2009     $0.23         -         $0.23
    October 31, 2009     November 16, 2009     $0.23         -         $0.23
    November 30, 2009    December 15, 2009     $0.23         -         $0.23
    December 31, 2009     January 15, 2010     $0.23         -         $0.23
    -------------------------------------------------------------------------
    TOTAL PER SHARE                            $1.38         -         $1.38
    -------------------------------------------------------------------------
    

FOR U.S. RESIDENTS

The following information is provided for general information only. Investors are encouraged to seek advice from a qualified tax advisor in their country of residence to obtain guidance with respect to the appropriate tax treatment of their distributions.

We believe, subject to the holding period requirements, that the distributions made by Crescent Point Energy Trust and the dividends made by the Company should be considered Qualified Dividends under the meaning of the United States Jobs and Growth Tax Relief Reconciliation Act of 2003, and thus be eligible for the reduced tax rates applicable to long term capital gains.

Pursuant to the Canada - U.S. Tax Treaty, distributions and dividends paid to residents of the United States may be subject to a 15% withholding tax on 100% of the gross distribution. Amounts paid for foreign taxes may be eligible for a foreign tax credit in the United States, however, the foreign tax credit is subject to numerous limitations imposed by the Internal Revenue Code which are not discussed in this summary.

GENERAL

The information in this release is not intended to be an exhaustive discussion of all possible income tax consequences, but a general guideline. It is not intended to be legal or tax advice to any particular investor or potential investor. The investors or potential investors should consult their own tax advisors as to their particular tax consequences and reporting obligations.

Crescent Point is a conventional oil and gas producer with assets strategically focused in properties comprised of high quality, long life, operated, light oil and natural gas reserves in western Canada.

FORWARD LOOKING STATEMENTS

Certain statements contained in this press release may constitute forward looking statements, including expectations of future production, cash flow and earnings. All forward-looking statements are based on Crescent Point's beliefs and assumptions based on information available at the time the assumption was made. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward looking statements.

With respect to forward looking statements contained in this press release, Crescent Point has made assumptions regarding, among other things, the continuation of current Canadian and United States income tax legislation and the interpretation thereof as it relates to the characterization of Crescent Point Energy Trust's trust units and the distributions paid thereon and the characterization of Crescent Point's common shares and the dividends paid thereon by applicable taxation authorities. Although Crescent Point believes that the expectations reflected in the forward-looking statements contained in this press release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct.

By its nature, such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward looking statements. These risks include, but are not limited to, the possibility of changes (which may be retroactive) in existing Canadian and United States income tax legislation and/or the interpretation thereof as it relates to the characterization of trust units and the distributions paid thereon and the characterization of common shares and the dividends paid thereon by applicable taxation authorities. Additional information on these and other factors that could affect Crescent Point's operations or financial results are included in Crescent Point's reports on file with Canadian securities regulatory authorities. These statements speak only as of the date of this press release or as of the date specified in this press release. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed herein or otherwise and, unless required by law, Crescent Point undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise.

This news release is not for dissemination in the United States or to any United States news services. The shares of Crescent Point have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold in the United States or to any U.S. person except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

    
    CRESCENT POINT ENERGY CORP.

    Scott Saxberg,
    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. 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

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