Crescent Point Energy Corp. announces second quarter 2009 results



    CALGARY, Aug. 6 /CNW/ - Crescent Point Energy Corp., ("Crescent Point" or
the "Company") (TSX: CPG), is pleased to announce its operating and financial
results for the second quarter ended June 30, 2009. The unaudited financial
statements and notes as well as management's discussion and analysis
pertaining to the period are available on Crescent Point's website at
www.crescentpointenergy.com and on SEDAR at www.sedar.com.

    
    FINANCIAL AND OPERATING HIGHLIGHTS

    -------------------------------------------------------------------------
                               Three months ended           Six months ended
    ($000s except trust                   June 30                    June 30
     units, per trust   -----------------------------------------------------
     unit and per                               %                          %
     boe amounts)          2009      2008  Change     2009      2008  Change
    -------------------------------------------------------------------------
    Financial
    Funds flow from
     operations(1)       137,960   142,990     (4)  326,188   298,654      9
      Per unit(1)(2)        0.91      1.13    (19)     2.25      2.41     (7)
    Net income
     (loss)(3)           (67,262) (353,660)   (81)  (72,408) (395,124)   (82)
      Per unit(2)(3)       (0.45)    (2.83)   (84)    (0.51)    (3.21)   (84)
    Cash distributions   104,014    78,635     32   202,004   152,260     33
      Per unit              0.69      0.63     10      1.38      1.23     12
    Payout ratio (%)(1)       75        55     20        62        51     11
      Per unit (%)(1)(2)      76        56     20        61        51     10
    Net debt(1)(4)       681,419   635,731      7   681,419   635,731      7
    Capital
     acquisitions
     (net)(5)            327,416     1,710 19,047   464,380   132,648    250
    Development
     capital
     expenditures         50,161   124,487    (60)  116,437   241,382    (52)
    Weighted average
     trust units
     outstanding (mm)
      Basic                149.2     124.8     20     142.8     122.9     16
      Diluted              151.6     126.4     20     145.2     124.5     17
    -------------------------------------------------------------------------
    Operating
    Average daily
     production
      Crude oil and
       NGLs (bbls/d)      36,645    31,686     16    35,999    31,398     15
      Natural gas
       (mcf/d)            28,037    29,144     (4)   27,072    28,735     (6)
    -------------------------------------------------------------------------
      Total (boe/d)       41,318    36,543     13    40,511    36,188     12
    -------------------------------------------------------------------------
    Average selling
     prices(6)
      Crude oil and
       NGLs ($/bbl)        64.98    115.48    (44)    56.50    103.07    (45)
      Natural gas
       ($/mcf)              3.58     10.45    (66)     4.34      9.11    (52)
    -------------------------------------------------------------------------
      Total ($/boe)        60.06    108.46    (45)    53.11     96.67    (45)
    -------------------------------------------------------------------------
    Netback ($/boe)
      Oil and gas sales    60.06    108.46    (45)    53.11     96.67    (45)
      Royalties           (10.31)   (20.06)   (49)    (8.83)   (17.31)   (49)
      Operating expenses   (8.80)    (8.78)     -     (8.48)    (8.59)    (1)
      Transportation       (1.45)    (1.97)   (26)    (1.55)    (2.11)   (27)
    -------------------------------------------------------------------------
      Netback prior to
       realized
       derivatives         39.50     77.65    (49)    34.25     68.66    (50)
      Realized gain (loss)
       on derivatives(7)    3.71    (16.61)   122      6.60    (11.76)   156
    -------------------------------------------------------------------------
      Operating
       netback(1)          43.21     61.04    (29)    40.85     56.90    (28)
    -------------------------------------------------------------------------

    The Crescent Point financial and operating results do not reflect the
    production or cash flows of Shelter Bay Energy Inc. ("Shelter Bay") other
    than the production and cash flows associated with Crescent Point's
    interests in the wells farmed out to Shelter Bay by Crescent Point.
    Crescent Point accounts for its investment in Shelter Bay using the
    equity method of accounting. Accordingly, Crescent Point records its
    share of Shelter Bay net income or loss in the "equity and other income"
    caption on the consolidated statements of operations, comprehensive
    income and deficit.

    (1) Funds flow from operations, payout ratio, net debt and operating
        netback as presented do not have any standardized meaning prescribed
        by Canadian generally accepted accounting principles and, therefore,
        may not be comparable with the calculation of similar measures
        presented by other entities.
    (2) The per unit amounts (with the exception of per unit distributions)
        are the per unit - diluted amounts.
    (3) The net loss of $72.4 million for the six months ended June 30, 2009
        includes unrealized derivative losses of $238.6 million, a
        $72.5 million realized derivative gain on crystallization of various
        oil contracts and a $11.4 million bad debt provision for SemCanada
        Crude Company. The net loss of $395.1 million for the six months
        ended June 30, 2008 includes unrealized loss on derivatives of
        $540.6 million and a $34.5 million realized derivative loss on
        crystallization of various oil contracts.
    (4) Net debt includes bank indebtedness, working capital and long term
        investments, but excludes risk management liabilities and assets.
    (5) Capital acquisitions represent total consideration for the
        transactions including bank debt and working capital assumed.
    (6) The average selling prices reported are before realized derivatives
        and transportation charges.
    (7) The realized derivative gain for the three month and six month period
        ended June 30, 2009 excludes realized derivative gains on
        crystallization of $3.5 million and $72.5 million, respectively. The
        2008 realized derivative loss excludes a $34.5 million loss on
        derivative crystallization of various oil contracts.


    HIGHLIGHTS

    In the second quarter of 2009, Crescent Point continued to execute its
integrated business strategy of acquiring, exploiting and developing high
quality, long life light and medium oil and natural gas properties.

    -   Crescent Point exceeded production guidance and produced an average
        of 41,318 boe/d in the second quarter of 2009, which includes only
        one month of production from assets acquired in the agreement with
        Talisman Energy Canada ("Talisman"). This represents a 4 percent
        increase over the first quarter of 2009 and a 13 percent increase
        over the second quarter of 2008.

    -   The Company spent $50.2 million on development capital activities in
        the second quarter, including $18.0 million on facilities, land and
        seismic and $32.2 million on drilling and completions activities.

    -   During the quarter, Crescent Point drilled 16 (14.6 net) wells with a
        100 percent success rate, including 14 (12.9 net) Bakken horizontal
        wells. The Company also fracture stimulated 23 (22.8 net) Bakken
        horizontal wells.

    -   On May 7, 2009, the Company announced that it had entered into two
        separate arrangement agreements with Wild River Resources Ltd. ("Wild
        River") and Gibraltar Exploration Ltd. ("Gibraltar"), each a
        private oil and gas company active in southwest Saskatchewan. Under
        the terms of the agreements and including the sale of 25 percent of
        the acquired assets to Shelter Bay Energy Inc. ("Shelter Bay"),
        Crescent Point would acquire 2,900 boe/d of high quality, long life
        production, 110 net sections of undeveloped land, and 12.3 million
        boe of proved plus probable reserves. The related transactions
        subsequently closed in early July 2009.

    -   On June 1, 2009, the Company closed the previously announced
        agreement with affiliates of Talisman and TriStar Oil & Gas Ltd.
        ("TriStar") wherein Crescent Point and TriStar jointly acquired all
        of Talisman's assets in southeast Saskatchewan and Montana. On a net
        basis, after selling a portion of the assets acquired to Shelter Bay,
        Crescent Point acquired approximately 4,000 boe/d of high quality
        southeast Saskatchewan production, of which 700 boe/d is in the
        Bakken resource play.

    -   On July 2, 2009, Crescent Point announced that it had completed its
        previously announced strategic conversion (the "Conversion") to a
        dividend paying corporation. Unitholders voted 99.9 percent in favour
        of the Conversion at a unitholder meeting on June 29, 2009. The
        initial dividend for the Company was set at $0.23 per share for the
        month of July, which equals the monthly distribution paid by Crescent
        Point Energy Trust prior to the Conversion.

    -   It is Crescent Point's understanding that dividends paid by the
        Company in respect of shares held by Canadians outside of a
        Registered Retirement Savings Plan ("RRSP"), Registered Retirement
        Income Fund ("RRIF"), or Deferred Profit Sharing Plan ("DPSP") will
        be eligible for the Canadian Dividend Tax Credit. As such, with the
        monthly dividend of $0.23 per share, Canadians holding shares outside
        of a RRSP, RRIF or DPSP will receive an increase on an after tax
        basis when they receive the $0.23 monthly dividend instead of
        Crescent Point Energy Trust's most recent distribution.

    -   During the second quarter, the Company's bank line was increased to
        $1.2 billion from $1.15 billion, reflecting the Company's strong
        reserves growth from development activities and strategic
        acquisitions.

    -   Crescent Point's balance sheet remains strong, with more than
        $300 million of unutilized capacity in its bank line and a projected
        net debt to 12 month cash flow of 1.0 times.

    -   Crescent Point's funds flow from operations in the second quarter of
        2009 decreased by 4 percent to $138.0 million ($0.91 per unit -
        diluted), compared to $143.0 million ($1.13 per unit - diluted) in
        the second quarter of 2008. Funds flow from operations included the
        successful crystallization of $3.5 million of mark to market hedging
        gains in its forward commodity price risk management program
        ("derivative crystallization") and a $11.4 million provision in
        respect of the remainder of its previously announced exposure to
        SemCanada Crude Company ("SemCanada"). Excluding the derivative
        crystallization and the SemCanada provision, Crescent Point's funds
        flow from operations was $145.9 million ($0.96 per unit - diluted).

    -   Crescent Point maintained consistent monthly distributions of $0.23
        per unit, totaling $0.69 per unit for the second quarter of 2009.
        This is up from $0.63 per unit paid in the second quarter of 2008 and
        resulted in a payout ratio of 76 percent on a per unit - diluted
        basis, up from 55 percent in the second quarter of 2008. Excluding
        the derivative crystallization and SemCanada provision, Crescent
        Point's payout ratio was 72 percent on a per unit - diluted basis.

    -   Crescent Point continued its disciplined hedging strategy to provide
        increased certainty over cash flow and dividends. As at July 27,
        2009, the Company had hedged 52 percent, 43 percent, 28 percent and
        13 percent of production, net of royalty interest, for the balance of
        2009, 2010, 2011 and 2012, respectively. Average quarterly hedge
        prices range from Cdn$75 per boe to Cdn$84 per boe.

    OPERATIONS REVIEW

    Second Quarter Operations Summary
    

    During the second quarter of 2009, Crescent Point continued to
aggressively implement management's business strategy of creating sustainable,
value added growth in reserves, production and cash flow through acquiring,
exploiting and developing high quality, long life light and medium oil and
natural gas properties.
    Crescent Point achieved another record quarter for production and
averaged 41,318 boe/d in the second quarter of 2009. The Company participated
in the drilling of 15 (13.9 net) oil wells and 1 (0.7 net) service well,
achieving a 100 percent success rate. Crescent Point also fracture stimulated
a total of 23 (22.8 net) Bakken horizontal wells. Drilling and completions
expenditures in the quarter totaled $32.2 million.

    
    Drilling Results

    -------------------------------------------------------------------------
    Three months ended                       Ser-  Stan-               % Suc-
     June 30, 2009      Gas    Oil    D&A   vice   ding  Total    Net   cess
    -------------------------------------------------------------------------
    Southeast
     Saskatchewan         -     15      -      1      -     16   14.6    100
    Southwest
     Saskatchewan         -      -      -      -      -      -      -      -
    South/Central
     Alberta              -      -      -      -      -      -      -      -
    Northeast BC &
     W Peace River
     Arch, Alberta        -      -      -      -      -      -      -      -
    -------------------------------------------------------------------------
    Total                 -     15      -      1      -     16   14.6    100
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Six months ended                         Ser-  Stan-               % Suc-
     June 30, 2009      Gas    Oil    D&A   vice   ding  Total    Net   cess
    -------------------------------------------------------------------------
    Southeast
     Saskatchewan         -     33      -      1      -     34   27.8    100
    Southwest
     Saskatchewan         -      -      -      -      -      -      -      -
    South/Central
     Alberta              -      3      -      -      -      3    0.7    100
    Northeast BC &
     W Peace River
     Arch, Alberta        -      -      -      -      -      -      -      -
    -------------------------------------------------------------------------
    Total                 -     36      -      1      -     37   28.5    100
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    Southeast Saskatchewan

    In the second quarter, drilling activities resumed in early May after the
annual spring break up period. Crescent Point participated in the drilling of
15 (13.9 net) oil wells in southeast Saskatchewan, including 14 (12.9 net)
horizontal wells in the southeast Saskatchewan Bakken light oil resource play
and 1 (1.0 net) horizontal well in the Mississippian Frobisher zone. Crescent
Point also fracture stimulated a total of 23 (22.8 net) Bakken horizontal
wells. The Company achieved a 100 percent success rate on its drilling and
completion activities in southeast Saskatchewan. Production from the Bakken
light oil resource play averaged over 18,000 boe/d, including approximately
1,300 boe/d from wells on lands farmed out to Shelter Bay.
    During the quarter, Shelter Bay drilled two Bakken horizontal wells on
lands farmed out by Crescent Point. These wells are not included in the above
totals.
    During the second quarter, the Company completed construction of a 14 km
pipeline in the northeast part of the Bakken play that increases natural gas
and liquids recoveries in that area of the play and is expected to provide
additional pipeline capacity for the area. Planning and design work continue
for an expansion of the Viewfield gas plant to 30 mmcf/d from 18 mmcf/d,
scheduled for completion late in the fourth quarter of 2010.
    Crescent Point successfully drilled and completed 1 (1.0 net) horizontal
oil well in the Frobisher formation above the Bakken play. Crescent Point
anticipates drilling up to seven Frobisher wells in 2009 to delineate the four
Frobisher light oil pool discoveries from 2008 and to validate several
potential additional new pool discoveries indicated by three dimensional
seismic surveys.
    At Tatagwa, Crescent Point drilled the first 1 (0.7 net) of three
injection wells planned for 2009 to improve water flood sweep efficiency and
improve overall recoveries at the Tatagwa Unit.
    The Company completed the integration of properties acquired from
Talisman during the second quarter. Crescent Point plans to move one of its
local field offices in southeast Saskatchewan from Estevan to Carlyle, which
is more central to the Company's operations.

    Southwest Saskatchewan

    Crescent Point achieved net production of more than 2,250 boe/d at
Battrum in June of 2009, a record production level at Battrum since Crescent
Point acquired the properties at the beginning of 2006. Infill drilling in the
fourth quarter of 2008 and continued optimization programs contributed to the
record production. Also at Battrum, Crescent Point received regulatory
approval to convert 10 (3.8 net) oil wells into injection wells which are
expected to optimize water flood patterns and increase overall recovery in the
Units. Well conversion is scheduled for early 2010, pending partner approval.
    During the quarter, the Company also commenced integration of the
operations of Wild River and Gibraltar in anticipation of the closings of the
respective arrangements with Wild River and Gibraltar, which arrangements were
completed in early July. For the remainder of 2009, Crescent Point plans to
drill up to 6 (4.4 net) horizontal oil wells and 1 (0.8 net) disposal well in
the Lower Shaunavon play and to construct centralized facilities to
accommodate increased production and reduce operating costs in the play. In
addition, 2 (0.3 net) non-operated wells are also planned.

    South/Central Alberta

    Crescent Point submitted an application to the ERCB to add two additional
injection wells into the Sounding Lake Sparky water flood. Water injection is
expected to be approved and implemented by early 2010. Initial expectations
for incremental recoveries are greater than 10 percent within the flood area.
Also at Sounding Lake, the installation of an amine unit to reduce greenhouse
gas emissions and conserve associated gas has been completed and is waiting on
government approval to be commissioned.

    Northeast British Columbia and Peace River Arch, Alberta

    The Company received approval to expand the water flood in the Worsley S
pool and injection commenced in mid July to improve water flood sweep
efficiencies and improve recoveries. Expansion of the Worsley T Pool injection
pattern is being reviewed for application and implementation in 2010.

    Acquisitions

    Talisman Assets:

    On June 1, 2009, Crescent Point announced that it had closed the
previously announced agreement with affiliates of Talisman and TriStar wherein
Crescent Point and TriStar jointly acquired all of Talisman's assets in
southeast Saskatchewan and Montana. Crescent Point also closed the previously
announced agreement with TriStar and Shelter Bay wherein Crescent Point and
TriStar sold to Shelter Bay a portion of the Bakken assets (the "Bakken
Assets") acquired from Talisman. The proceeds from the sale of the Bakken
Assets to Shelter Bay effectively reduced Crescent Point's net purchase price
before closing adjustments to approximately $324.5 million from approximately
$360.0 million.
    With the completion of the Talisman transaction and the subsequent sale
of the Bakken Assets to Shelter Bay, Crescent Point acquired approximately
4,000 boe/d of high quality, high netback production in southeast
Saskatchewan, contiguous with and adjacent to existing Crescent Point
properties. Approximately 700 boe/d of the production is in the Bakken light
oil resource play. The Company also acquired 312 net sections of undeveloped
Saskatchewan land, including ownership of mineral rights on 217 net sections
of land, 70 net drilling locations and proved plus probable reserves of 21.1
million boe, independently evaluated effective March 31, 2009.

    Wild River and Gibraltar Arrangements:

    On May 7, 2009, Crescent Point announced that it had entered into two
separate arrangement agreements with Wild River and Gibraltar, each a private
oil and gas company active in southwest Saskatchewan. Consideration payable by
Crescent Point pursuant to the arrangements was approximately $324.2 million,
based on a five day weighted average trading price of $27.16 per trust unit
and including $83.5 million of net debt. On a combined basis, the assets of
Wild River and Gibraltar include more than 3,900 boe/d of high quality, long
life crude oil and natural gas production.
    Crescent Point also entered into an agreement with Shelter Bay to sell 25
percent of the combined assets acquired to Shelter Bay for cash consideration
of approximately $81.9 million, being equal to the consideration paid by
Crescent Point for such assets. The Wild River and Gibraltar arrangements and
the sale of assets to Shelter Bay were completed in early July 2009.
    On a net basis, Crescent Point acquired production of more than 2,900
boe/d through these transactions, 64 percent of which is in southwest
Saskatchewan, 110 net sections of undeveloped land, tax pools of approximately
$423 million, 85 net low risk drilling locations and proved plus probable
reserves of 12.3 million boe, independently evaluated as of December 31, 2008.

    SHELTER BAY SECOND QUARTER UPDATE

    During the second quarter of 2009, Shelter Bay continued to aggressively
pursue its business strategy of growth in core Crescent Point areas. Shelter
Bay drilled 16 Bakken horizontal wells, including two on lands farmed out by
Crescent Point. Shelter Bay's production averaged more than 4,800 boe/d for
the second quarter, of which approximately 4,500 boe/d was from the Bakken
play and the remainder was from the Lower Shaunavon play.
    In June, Shelter Bay completed the acquisition of Bakken assets from
Crescent Point and TriStar that Crescent Point and TriStar had acquired from
affiliates of Talisman. Consideration was $71.0 million of cash. Shelter Bay
acquired approximately 500 boe/d of Bakken production, approximately 12 net
sections of undeveloped Bakken land and proved plus probable reserves of 3.5
million boe, independently evaluated effective March 31, 2009.
    In early July, Shelter Bay completed its acquisition from Crescent Point
of 25 percent of the assets Crescent Point acquired in the arrangements with
Wild River and Gibraltar. Shelter Bay paid approximately $81.9 million of cash
for these assets. Shelter Bay acquired production of nearly 1,000 boe/d,
approximately 36 net sections of undeveloped land and reserves of 4.1 million
boe proved plus probable, independently evaluated as of December 31, 2008.
    Shelter Bay has current production of more than 6,000 boe/d and a
development drilling inventory of more than 450 locations. The total cost of
Crescent Point's investment in Shelter Bay is approximately $200 million at
cost, which equates to a 21 percent interest.
    Crescent Point's financial and operating results do not reflect the
production or cash flows of Shelter Bay other than the production and cash
flows associated with Crescent Point's interests in the wells farmed out to
Shelter Bay by Crescent Point. Crescent Point accounts for its investment in
Shelter Bay using the equity method of accounting. Accordingly, Crescent Point
records its share of Shelter Bay net income or loss in the "equity and other
losses" caption on the consolidated statements of operations, comprehensive
income and deficit.

    OUTLOOK

    Crescent Point continues to execute its business plan of creating
sustainable value added growth in reserves, production and cash flow through
management's integrated strategy of acquiring, exploiting and developing high
quality, long life, light oil and natural gas properties in western Canada.
    The Company has more than 1,700 net low risk drilling locations,
representing an inventory of 17 years to maintain current production levels.
The recently completed Conversion also positions the Company well to pursue
value added, large oil or gas in place acquisitions.
    Including the recently completed acquisitions, the Company is forecasting
2009 average daily production of 42,000 boe/d with an exit rate greater than
44,500 boe/d. The 2009 capital budget is currently $225 million. With recent
strength in benchmark light sweet oil prices, Crescent Point is reviewing its
capital budget plans for a potential increase over the second half of the
year, which could include increases in Bakken drilling activity as well as
additional non Bakken projects.
    Crescent Point continues to implement its balanced 3 1/2 years price risk
management program, using a combination of swaps, collars and purchased put
options with investment grade counterparties all within Crescent Point's
banking syndicate. During the first six months of 2009, Crescent Point
increased cash flow by $72.5 million by crystallizing mark to market gains in
its forward hedge book, including $3.5 million in the second quarter. The
hedges were simultaneously reset, with additional hedges being layered in over
the second quarter. As at July 27, 2009, Crescent Point has hedged 52 percent
of production volumes net of royalty interests for the balance of 2009, 43
percent for 2010, 28 percent for 2011 and 13 percent for 2012. Quarterly floor
prices range from Cdn$75 per boe to Cdn$84 per boe, with upside potential if
prices strengthen above current levels.
    Including the hedge crystallization, 2009 funds flow from operations is
expected to increase to $617 million ($4.01 per share - diluted), based on
forecast pricing of US$60.00 per barrel WTI, Cdn$4.00 per mcf AECO gas and
US$0.87 exchange rate.
    Crescent Point expects to continue to have a strong balance sheet with
projected net debt to cash flow of 1.0 times and unutilized credit capacity of
more than $300 million.
    Crescent Point's management believes that with the high quality reserve
base and development inventory, excellent balance sheet and solid risk
management program, the Company is well positioned to continue generating
strong operating and financial results and delivering sustainable dividends
through 2009 and beyond.

    
    2009 Guidance

    Crescent Point's projections for 2009 are as follows:

    -------------------------------------------------------------------------
    Production
      Oil and NGL (bbls/d)                                            37,333
      Natural gas (mcf/d)                                             28,000
    -------------------------------------------------------------------------
    Total (boe/d)                                                     42,000
    -------------------------------------------------------------------------
    Funds flow from operations ($000)                                617,000
    Combined funds flow per unit (share) - diluted ($)                  4.01
    Combined cash distributions per unit and dividends per share ($)    2.76
    Payout ratio - per unit (share) - diluted (%)                         69
    -------------------------------------------------------------------------
    Capital expenditures ($000)(1)                                   225,000
    Wells drilled, net                                                    82
    -------------------------------------------------------------------------
    Pricing
      Crude oil - WTI (US$/bbl)                                        60.00
      Crude oil - WTI (Cdn$/bbl)                                       68.97
      Natural gas - Corporate (Cdn$/mcf)                                4.00
      Exchange rate (US$/Cdn$)                                          0.87
    -------------------------------------------------------------------------
    (1) The projection of capital expenditures excludes acquisitions, which
        are separately considered and evaluated.


    ON BEHALF OF THE BOARD OF DIRECTORS

    Scott Saxberg,
    President and Chief Executive Officer
    

    Forward-Looking Statements

    Certain statements contained in this press release constitute
forward-looking statements. 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 "could", "should",
"can", "anticipate", "expect", "believe", "will", "may", "projected",
"sustain", "continues", "strategy", "potential", "projects", "grow", "take
advantage", "estimate", "well positioned" and similar expressions are intended
to identify forward-looking statements. By their nature, such forward-looking
statements involve 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. Crescent Point believes that
the expectations reflected in those forward-looking statements are reasonable
but no assurance can be given that these expectations will prove to be correct
and such forward-looking statements included in this report should not be
unduly relied upon. These statements speak only as of the date of this report
or, if applicable, as of the date specified in those documents specifically
referenced herein.
    In particular, this press release contains forward-looking statements
pertaining to the following: the performance characteristics of Crescent
Point's oil and natural gas properties; oil and natural gas production levels;
capital expenditure programs; drilling programs; well conversion and water
injection programs; the quantity of Crescent Point's oil and natural gas
reserves and anticipated future cash flows from such reserves; the quantity of
drilling locations in inventory; projections of commodity prices and costs;
supply and demand for oil and natural gas; expectations regarding the ability
to raise capital and to continually add to reserves through acquisitions and
development; expected debt levels and credit facilities; expected pipeline
capacity additions; office moves; facility construction plans; and treatment
under governmental regulatory regimes.
    By their nature, such forward-looking statements are subject to a number
of risks, uncertainties and assumptions, which could cause actual results or
other expectations to differ materially from those anticipated, including
those material risks discussed in our annual information form under "Risk
Factors" our Management's Discussion and Analysis for the year ended December
31, 2008 under the heading "Forward-Looking Information" and in our
Management's Discussion and Analysis for the quarter ended June 30, 2009 under
the heading "Forward-Looking Information". The material assumptions are
disclosed in the Results of Operations section of our Management's Discussion
and Analysis for the quarter ended June 30, 2009 under the headings "Cash
Distributions", "Capital Expenditures", "Asset Retirement Obligation",
"Liquidity and Capital Resources", "Critical Accounting Estimates", "New
Accounting Pronouncements" and "Outlook". The actual results could differ
materially from those anticipated in these forward-looking statements as a
result of the material risks set forth under the noted headings, which
include, but are not limited to: financial risk of marketing reserves at an
acceptable price given market conditions; volatility in market prices for oil
and natural gas; delays in business operations, pipeline restrictions,
blowouts; the risk of carrying out operations with minimal environmental
impact; industry conditions including changes in laws and regulations
including the adoption of new environmental laws and regulations and changes
in how they are interpreted and enforced; uncertainties associated with
estimating oil and natural gas reserves; economic risk of finding and
producing reserves at a reasonable cost; uncertainties associated with partner
plans and approvals; operational matters related to non-operated properties;
increased competition for, among other things, capital, acquisitions of
reserves and undeveloped lands; competition for and availability of qualified
personnel or management; incorrect assessments of the value of acquisitions
and exploration and development programs; unexpected geological, technical,
drilling, construction and processing problems and availability of insurance;
fluctuations in foreign exchange and interest rates; stock market volatility;
failure to realize the anticipated benefits of acquisitions; general economic,
market and business conditions; uncertainties associated with regulatory
approvals; uncertainty of government policy changes; uncertainties associated
with credit facilities and counterparty credit risk; changes in income tax
laws or changes in tax laws, crown royalty rates and incentive programs
relating to the oil and gas industry.
    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.
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 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, unless required to do so pursuant to applicable law.

    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.
    Shares of Crescent Point are traded on the Toronto Stock Exchange under
the symbol CPG.





For further information:

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): 1-888-693-0020, Fax: (403) 693-0070,
website: www.crescentpointenergy.com

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Crescent Point Energy Corp.

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