Crescent Point Energy Trust announces 2007 Canadian income tax information and date for year-end results



    /THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO
    ANY UNITED STATES NEWS SERVICES/

    CALGARY, Feb. 27 /CNW/ - Crescent Point Energy Trust ("Crescent Point" or
the "Trust") announces the distributions declared to unitholders in 2007 are
75% taxable for the January 1 - March 1, 2007 taxation year and 100% taxable
for the March 2 - December 31, 2007 taxation year, for Canadian income tax
purposes.
    The Trust also announces that it anticipates releasing the 2007 year-end
and fourth quarter operating and financial results on Wednesday, March 12,
2008.
    The information contained herein is based on the Trust's understanding of
the Income Tax Act (Canada) and is provided for general information only.
Unitholders are advised to consult their personal tax advisors with respect to
their particular circumstances.

    FOR CANADIAN TAXPAYERS

    The following table outlines the breakdown of the cash distributions per
unit paid or payable by Crescent Point Energy Trust with respect to the record
dates from January 31, 2007 to December 31, 2007 for Canadian income tax
purposes.
    During 2007, a corporate reorganization of the Trust and its subsidiaries
was completed. As a result of this reorganization, the Trust had two taxation
years within the 2007 calendar year. The first is from January 1 - March 1,
2007 and the second is from March 2 - December 31, 2007. The amount of the
distributions which are taxable in each of the two taxation years is outlined
in the table below. Unitholders who held their units throughout the year will
receive a separate T3 slip for each of the two taxation years.

    
    -------------------------------------------------------------------------
                                                     Taxable         Taxable
                                                      Amount         Capital
                                                  (Box 26 Other       Gain
       Record Date            Payment Date            Income)       Amount(1)
    -------------------------------------------------------------------------
    January 31, 2007         February 15, 2007        $0.1500              -
    February 28, 2007        March 15, 2007           $0.1500              -
    March 31, 2007           April 16, 2007           $0.1960        $0.0040
    April 30, 2007           May 15, 2007             $0.1960        $0.0040
    May 31, 2007             June 15, 2007            $0.1960        $0.0040
    June 30, 2007            July 16, 2007            $0.1960        $0.0040
    July 31, 2007            August 15, 2007          $0.1960        $0.0040
    August 31, 2007          September 17, 2007       $0.1960        $0.0040
    September 30, 2007       October 15, 2007         $0.1960        $0.0040
    October 31, 2007         November 15, 2007        $0.1960        $0.0040
    November 30, 2007        December 17, 2007        $0.1960        $0.0040
    December 31, 2007        January 15, 2008         $0.1960        $0.0040
    -------------------------------------------------------------------------
    TOTAL PER UNIT                                      $2.26          $0.04
    -------------------------------------------------------------------------
    (1) The taxable capital gain represents 50% of the capital gain which
    will be reported in Box 21 of the T3 slips.


    -------------------------------------------------------------------------
                                                   Tax Deferred
                                                   Amount (Box
                                                    42 Return     Total Cash
       Record Date            Payment Date          of Capital)  Distribution
    -------------------------------------------------------------------------
    January 31, 2007         February 15, 2007        $0.0500          $0.20
    February 28, 2007        March 15, 2007           $0.0500          $0.20
    March 31, 2007           April 16, 2007                 -          $0.20
    April 30, 2007           May 15, 2007                   -          $0.20
    May 31, 2007             June 15, 2007                  -          $0.20
    June 30, 2007            July 16, 2007                  -          $0.20
    July 31, 2007            August 15, 2007                -          $0.20
    August 31, 2007          September 17, 2007             -          $0.20
    September 30, 2007       October 15, 2007               -          $0.20
    October 31, 2007         November 15, 2007              -          $0.20
    November 30, 2007        December 17, 2007              -          $0.20
    December 31, 2007        January 15, 2008               -          $0.20
    -------------------------------------------------------------------------
    TOTAL PER UNIT                                      $0.10          $2.40
    -------------------------------------------------------------------------
    

    Units held within an RRSP, RRIF, or DPSP
    ----------------------------------------
    No amount should be reported on the 2007 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 2007 ("T3") from our transfer agent,
Olympia Trust Company, on or before March 31, 2008. Individual unitholders
must report the taxable portion of such distributions in their 2007 T1.
Unitholders who held units through intermediaries such as investment advisers
will be issued T3s from those intermediaries on or before March 31, 2008.

    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.

    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 that we are a corporation for United States federal income tax
purposes and, as a result, a distribution that we make on a unit is treated as
a dividend for United States federal income tax purposes. This treatment of
our distributions is based on the fact that we have not determined, and do not
intend to determine, our current or accumulated earnings and profits. In the
absence of such information, we believe that a United States person should
report our distributions as fully subject to United States federal income tax.
We believe such distributions should be considered "qualified dividends" for
purposes of United States income taxation. Such a dividend received by an
individual would be taxed by the United States at a maximum federal rate of
15 percent if such individual meets certain holding period requirements and
certain other requirements of the United States Internal Revenue Code are
satisfied.
    The 15 percent Canadian non-resident withholding tax on distributions to
United States residents may be eligible for a foreign tax credit in the United
States. Any credit is subject to certain limitations imposed by the Internal
Revenue Code. Such Canadian withholding taxes cannot be used as a credit
against such federal income taxes if such taxes can be recovered from Canada
as an overpayment.

    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 holder or
potential holder of units. The holders or potential holders of units should
consult their own tax advisors as to their particular tax consequences and
reporting obligations.
    Crescent Point Energy Trust is a conventional oil and gas income trust
with assets strategically focused in properties comprised of high quality,
long life, operated, light oil and natural gas reserves in western Canada.
Trust units of Crescent Point are traded on the Toronto Stock Exchange under
the symbol "CPG.UN".

    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 the 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. 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,
including those material risks discussed in our annual information form under
"Risk Factors" and in our MD&A under "Business Risks and Prospects". These
risks include, but are not limited to: the risks associated with the oil and
gas industry (e.g., operational risks in development, exploration and
production; delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of reserve
estimates; the uncertainty of estimates and projections relating to
production, costs and expenses, and health, safety and environmental risks),
commodity price, price and exchange rate fluctuations and uncertainties
resulting from potential delays or changes in plans with respect to
exploration or development projects or capital expenditures. 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 trust units 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 TRUST

    Scott Saxberg,
    President and Chief Executive Officer

    Trust units of Crescent Point are traded on the Toronto Stock Exchange
    under the symbol CPG.UN





For further information:

For further information: Greg Tisdale, Chief Financial Officer or Trent
Stangl, Manager 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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Crescent Point Energy Corp.

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