/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO
ANY UNITED STATES NEWS SERVICES/
CALGARY, March 5 /CNW/ - Crescent Point Energy Trust ("Crescent Point" or
the "Trust") is pleased to announce the completion of its previously announced
reorganization and certain related post-reorganization transactions. The
reorganization was approved by Crescent Point's unitholders at a special
meeting held on November 27, 2006 and was completed on March 1, 2007. Pursuant
to the reorganization, which includes a dissolution of Mission Oil & Gas
Limited Partnership completed on March 2, 2007, the existing business of the
Trust, which was previously carried on through a limited partnership and
corporations, is now being carried on through a limited partnership indirectly
owned by the Trust, with distributions from the limited partnership
effectively taxed at the unitholder level. The reorganization, which is
similar to reorganizations that have been adopted by a number of other income
trusts, provides the Trust with a "flow through" structure that should
maximize the cash available for distribution.
For unitholders, the reorganization has not resulted in a change to the
number, type and ownership of the outstanding units of the Trust. In addition,
there has been no impact on the daily operations of the Trust.
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
President and Chief Executive Officer
For further information:
For further information: ON CRESCENT POINT ENERGY TRUST PLEASE CONTACT:
Greg Tisdale, Chief Financial Officer or Trent Stangl, Manager Marketing and
Investor Relations, Telephone: (403) 693-0020, Fax: (403) 693-0070