Crescent Point Energy Trust announces 2008 budget plans, upward revision to guidance and a $125 million bought deal financing



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

    CALGARY, Dec. 11 /CNW/ - Crescent Point Energy Trust ("Crescent Point" or
the "Trust") (TSX: CPG.UN) is pleased to announce that due to significant
growth potential in its Viewfield Bakken resource play and continued better
than expected drilling and production results in its core areas, the Trust is
upwardly revising its 2008 guidance for production by 5 percent to
32,750 boe/d.
    Crescent Point is also pleased to announce it has entered into an
agreement, on a bought deal basis, with a syndicate of underwriters co-led by
Scotia Capital Inc. and BMO Capital Markets, and including CIBC World Markets
Inc., RBC Capital Markets, FirstEnergy Capital Corp., TD Securities Inc., GMP
Securities L.P., and Tristone Capital Inc., for an offering of 5.155 million
trust units at $24.25 per trust unit to raise gross proceeds of $125 million.
Closing is expected to occur on or about January 8, 2008 and is subject to
customary regulatory approvals.

    REVISING UPWARDS 2008 GUIDANCE

    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.
    Over the course of the past several months, Crescent Point has
aggressively expanded the size of the Bakken resource play by drilling a
number of step out wells with 100 percent success. The Trust now estimates
that the Bakken resource play may contain up to 3.0 billion barrels of
Original Oil in Place.
    Crescent Point has complemented its drilling success with significant
land acquisitions in the second half of 2007. Including corporate
acquisitions, Crown land sales and freehold land acquisitions, the Trust has
grown its undeveloped Bakken land holdings by more than 150 percent from
143 net sections acquired in the acquisition of Mission Oil & Gas Inc. to
360 net sections currently.
    The Trust continues to refine the fracture stimulation techniques that
are key to unlocking the value potential of the Bakken resource play. With
current versions of fracture stimulation techniques, Crescent Point has
increased first month average production rates to more than 200 boe/d per
fractured stimulated well.
    To capitalize on the increasing size and productivity of the Bakken
resource play and to further extend the Trust's dominance in the play,
Crescent Point is upwardly revising its 2008 capital expenditures budget from
$150 million to $225 million.
    In total, the Trust will drill up to 140 (105.7 net) wells in 2008,
including 79 (65.5 net) Bakken horizontal wells. The Trust will also fracture
stimulate up to 92 (77.2 net) Bakken horizontal wells. Crescent Point
currently has 74 (65.9 net) Bakken horizontal wells in inventory awaiting
fracture stimulation, with risked net production additions of approximately
5,000 boe/d.
    Of the remaining 61 (40.2 net) wells, the majority will be drilled in
Crescent Point's core southwest and southeast Saskatchewan areas of Battrum,
Manor, Tatagwa and Glen Ewen. The Trust has more than 1,275 net low risk
development drilling locations in inventory to sustain production for more
than ten years. In addition, the Trust is budgeting $45 million for
facilities, land and seismic in 2008.
    With the increased capital budget, Crescent Point is upwardly revising
its average production forecast for 2008 by 5 percent to 32,750 boe/d,
87 percent weighted to light and medium crude oil. More than 37 percent of the
Trust's production is expected to be from the Viewfield Bakken play, leading
to continued improvement in the Trust's overall corporate netbacks. Crescent
Point's Bakken netbacks averaged $62.71 per boe in the third quarter of 2007.
    Cash flow expectations for 2008 have been revised upwards by more than
9 percent to $433 million with a 70 percent payout ratio. The Trust's balance
sheet remains strong, with budgeted 2008 net debt to cash flow less than 1.2
times, below the expected income trust average of 2.0 times. At current
forward market prices, the Trust's 2008 net debt to cash flow is forecast at
approximately 1.0 times.
    Crescent Point continues to protect its cash flow stream with its
balanced risk management program through a combination of swaps, collars and
put structures. Currently, Crescent Point (pro forma with Pilot) has
59 percent, 55 percent and 34 percent of its production, net of royalties,
hedged for 2008, 2009 and the first three quarters of 2010, respectively.
    The Trust's projections for 2008 are as follows:

    
    -------------------------------------------------------------------------
                                              2008 Preliminary  2008 Revised
                                                      Guidance      Guidance
    Production
      Oil and NGL (bbls/d)                              26,900        28,500
      Natural gas (mcf/d)                               26,100        25,500
    -------------------------------------------------------------------------
    Total (boe/d)                                       31,250        32,750
    -------------------------------------------------------------------------
    Cash flow ($000)                                   396,000       433,000
    Cash flow per unit - diluted ($)                      3.28          3.44
    Cash distributions per unit ($)                       2.40          2.40
    Payout ratio - per unit - diluted (%)                   73            70
    -------------------------------------------------------------------------
    Capital expenditures ($000)(1)                     150,000       225,000
    Wells drilled, net                                      75           106
    -------------------------------------------------------------------------
    Pricing
      Crude oil - WTI (US$/bbl)                          75.00         80.00
      Crude oil - WTI (Cdn$/bbl)                         75.00         80.00
      Natural gas - Corporate (Cdn$/mcf)                  6.50          6.50
      Exchange rate (US$/Cdn$)                            1.00          1.00
    -------------------------------------------------------------------------
    (1) The projection of capital expenditures excludes acquisitions, which
        are separately considered and evaluated.
    

    BOUGHT DEAL FINANCING

    Crescent Point is also pleased to announce it has entered into an
agreement, on a bought deal basis, with a syndicate of underwriters co-led by
Scotia Capital Inc. and BMO Capital Markets, and including CIBC World Markets
Inc., RBC Capital Markets, FirstEnergy Capital Corp., TD Securities Inc., GMP
Securities L.P., and Tristone Capital Inc., for an offering of 5.155 million
trust units at $24.25 per trust unit to raise gross proceeds of $125 million.
Closing is expected to occur on or about January 8, 2008 and is subject to
customary regulatory approvals.
    The offering will be a bought underwritten public issue in all provinces
of Canada by way of a short form prospectus. The offering will be offered for
sale to Qualified Institutional Buyers in the United States pursuant to the
registration exemptions provided by Rule 144A of the Securities Act of 1933
and internationally as permitted.

    DRIP PROGRAM

    Crescent Point also announces that as a result of the provisions of the
federal government Safe Harbour Limits on equity issuance for income trusts,
Crescent Point is suspending its DRIP, Premium DRIP and Optional Unit Purchase
programs beginning with the month of December 2007. Crescent Point will advise
as to when these equity programs will be reinstated.

    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 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.

    CRESCENT POINT ENERGY TRUST

    Scott Saxberg,
    President and Chief Executive Officer





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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