Crescent Point Energy trust announces first quarter 2009 results, two strategic southwest Saskatchewan acquisitions and re-scheduling of the Annual General and Special Meeting of Unitholders



    CALGARY, May 7 /CNW/ - Crescent Point Energy Trust, ("Crescent Point" or
the "Trust") (TSX: CPG.UN), is pleased to announce its operating and financial
results for the first quarter ended March 31, 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 March 31
    ($000s except trust units,  ---------------------------------------------
     per trust unit and per boe                                            %
     amounts)                                     2009       2008     Change
    -------------------------------------------------------------------------
    Financial
    Funds flow from operations(1)              188,228    155,664         21
      Per unit(1)(2)                              1.36       1.28          6
    Net income (loss)(3)                        (5,146)   (41,464)       (88)
      Per unit(2)(3)                             (0.04)     (0.34)       (88)
    Cash distributions                          97,990     73,625         33
      Per unit                                    0.69       0.60         15
    Payout ratio (%)(1)                             52         47          5
      Per unit (%)(1)(2)                            51         47          4
    Net debt(1)(4)                             391,295    565,475        (31)
    Capital acquisitions (net)(5)              136,964    130,938          5
    Development capital expenditures            66,276    116,895        (43)
    Weighted average trust units
     outstanding (mm)
      Basic                                      136.4      121.0         13
      Diluted                                    138.8      122.6         13
    -------------------------------------------------------------------------
    Operating
    Average daily production
      Crude oil and NGLs (bbls/d)               35,345     31,111         14
      Natural gas (mcf/d)                       26,098     28,325         (8)
    -------------------------------------------------------------------------
      Total (boe/d)                             39,695     35,832         11
    -------------------------------------------------------------------------
    Average selling prices(6)
      Crude oil and NGLs ($/bbl)                 47.61      90.43        (47)
      Natural gas ($/mcf)                         5.17       7.74        (33)
    -------------------------------------------------------------------------
      Total ($/boe)                              45.80      84.64        (46)
    -------------------------------------------------------------------------
    Netback ($/boe)
      Oil and gas sales                          45.80      84.64        (46)
      Royalties                                  (7.26)    (14.50)       (50)
      Operating expenses                         (8.15)     (8.39)        (3)
      Transportation                             (1.66)     (2.26)       (27)
    -------------------------------------------------------------------------
      Netback prior to realized derivatives      28.73      59.49        (52)
      Realized gain (loss) on derivatives(7)      9.65      (6.81)       242
    -------------------------------------------------------------------------
    Operating netback                            38.38      52.68        (27)
    -------------------------------------------------------------------------

    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 the Trust's interests
    in the wells farmed out to Shelter Bay by the Trust. Crescent Point
    accounts for its investment in Shelter Bay using the equity method of
    accounting. Accordingly, the Trust 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 and net debt 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 $5.1 million for the first quarter of 2009 includes
        unrealized derivative losses of $120.0 million and a $69.0 million
        realized derivative gain on crystallization of various oil contracts.
        The net loss of $41.5 million for the first quarter of 2008 includes
        unrealized loss on derivatives of $109.8 million.
    (4) Net debt includes bank indebtedness, working capital and long term
        investments, but excludes the 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 quarter ended March 31, 2009
        excludes a $69.0 million gain on the derivative crystallization of
        various oil contracts.

    HIGHLIGHTS

    In the first 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 by 4 percent and produced
        an average of 39,695 boe/d in the first quarter, an 11 percent
        increase over first quarter 2008.

    -   The Trust spent $66.3 million on development capital activities in
        the first quarter, including $22.1 million on facilities, land and
        seismic and $44.2 million on drilling and completions activities.

    -   During the quarter, Crescent Point drilled 21 (13.9 net) wells with a
        100 percent success rate, including 14 (9.7 net) Bakken horizontal
        wells. The Trust also fracture stimulated 34 (30.7 net) Bakken
        horizontal wells. Development drilling and completions activities in
        the quarter added 4,100 boe/d of initial interest production.

    -   Crescent Point successfully reduced its expected Bakken drilling
        costs by approximately 20 percent, to approximately $1.6 million per
        well. At $1.6 million per well, expected case Bakken wells generate a
        140 percent before tax rate of return and pay out in approximately 10
        months, assuming a US$45 per barrel WTI price.

    -   Crescent Point successfully crystallized $69.0 million of mark to
        market hedging gains in its forward commodity price risk management
        program ("derivative crystallization") and subsequently reset the
        hedges with new swaps. Including the derivative crystallization,
        Crescent Point's funds flow from operations in the first quarter of
        2009 increased by 21 percent to $188.2 million ($1.36 per unit -
        diluted), compared to $155.7 million ($1.28 per unit - diluted) in
        first quarter 2008. Excluding the derivative crystallization,
        Crescent Point's funds flow from operations was $119.2 million ($0.86
        per unit - diluted).

    -   The Trust's netback was $38.38 per boe in the first quarter, down
        from $52.68 in first quarter 2008 due primarily to a 45 percent
        reduction in Cdn$ WTI oil prices and offset by a $9.65 per boe
        hedging gain.

    -   Crescent Point maintained consistent monthly distributions of $0.23
        per unit, totaling $0.69 per unit for first quarter 2009. This is up
        from $0.60 per unit paid in first quarter 2008 and resulted in a
        payout ratio of 51 percent on a per unit - diluted basis, up from 47
        percent in 2008. Excluding the derivative crystallization, Crescent
        Point's payout ratio was 80 percent on a per unit - diluted basis.

    -   On March 4, 2009, the Trust announced that it had entered into an
        agreement with affiliates of Talisman Energy Inc. ("Talisman") and
        TriStar Oil & Gas Ltd. ("TriStar") wherein Crescent Point and TriStar
        will jointly acquire all of Talisman's assets in southeast
        Saskatchewan and Montana. Crescent Point and TriStar further agreed
        with Shelter Bay Energy Inc. ("Shelter Bay") to sell a portion of the
        assets to Shelter Bay. On a net basis, Crescent Point expects to
        acquire approximately 4,000 boe/d of high quality southeast
        Saskatchewan production, approximately 700 boe/d of which is in the
        Bakken resource play, for cash consideration of approximately $325
        million. The acquisition is expected to close on June 1, 2009.

    -   On March 24, 2009, the Trust closed its previously announced bought
        deal equity financing of 10.8 million trust units at $21.25 per trust
        unit for gross proceeds of approximately $230 million.

    -   On January 15, 2009, the Trust closed the previously announced
        acquisition of Villanova Energy Corporation ("Villanova"), adding
        approximately 1,750 boe/d of focused, high netback oil production, 95
        percent of which is in the Bakken play. The acquisition added 26 net
        sections of undeveloped Bakken land and 47 net low risk Bakken
        drilling locations to the Trust's inventory.

    -   On January 9, 2009, Crescent Point closed a previously announced
        bought deal equity financing of 5.2 million trust units at $22.00 per
        trust unit for gross proceeds of approximately $115 million.

    -   Crescent Point continued its disciplined hedging strategy to provide
        increased certainty over cash flow and distributions. As at April 30,
        2009 and pro forma with the assets to be acquired from Talisman, the
        Trust had hedged 56 percent, 38 percent, 25 percent and 11 percent of
        production, net of royalty interest, for the balance of 2009, 2010,
        2011 and the first nine months of 2012, respectively. Average
        quarterly hedge prices range from Cdn$74 per boe to Cdn$88 per boe.

    -   On March 4, 2009 Crescent Point announced that its Board of Directors
        had unanimously agreed to a strategic conversion (the "Conversion")
        to a dividend paying corporation. The initial dividend is expected to
        be set at $0.23 per share, which equals Crescent Point's current
        monthly distribution of $0.23 per unit. The Conversion is expected to
        be completed on or about July 2, 2009 and is described in more detail
        under "Subsequent Events".
    

    OPERATIONS REVIEW

    First Quarter Operations Summary

    During the first 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 averaging
39,695 boe/d in the first quarter of 2009. The Trust participated in the
drilling of 21 (13.9 net) oil wells, achieving a 100 percent success rate, and
fracture stimulated a total of 34 (30.7 net) Bakken horizontal wells. With
production levels exceeding expectations and commodity prices lower than
expected, the Trust reduced its first quarter drilling program by 45 percent
and maintained its strong financial position. Drilling and completions
expenditures in the first quarter totaled $44.2 million and added in excess of
4,100 boe/d of initial interest production, not including approximately 460
boe/d of Crescent Point's share of initial production from Bakken wells
drilled on lands farmed out to Shelter Bay.

    
    Drilling Results

    -------------------------------------------------------------------------
    Three months ended                    Ser-  Stan-                 % Suc-
    March 31, 2009      Gas   Oil   D&A   vice   ding  Total    Net     cess
    -------------------------------------------------------------------------
    Southeast
     Saskatchewan         -    18     -      -      -     18   13.2      100
    Southwest
     Saskatchewan         -     -     -      -      -      -      -        -
    South/Central
     Alberta              -     3     -      -      -      3    0.7      100
    Northeast BC and
     West Peace
     River Arch,
     Alberta              -     -     -      -      -      -      -        -
    -------------------------------------------------------------------------
    Total                 -    21     -      -      -     21   13.9      100
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    Southeast Saskatchewan

    Crescent Point participated in the drilling of 18 (13.2 net) oil wells in
southeast Saskatchewan, including 14 (9.7 net) horizontal wells in the
southeast Saskatchewan Bakken light oil resource play and 4 (3.5 net)
horizontal wells in the Mississippian Frobisher zone above the Bakken play.
Crescent Point also fracture stimulated a total of 34 (30.7 net) horizontal
wells in the Bakken play. The Trust achieved a 100 percent success rate on its
drilling and completion activities in southeast Saskatchewan and added initial
interest production in excess of 4,000 boe/d, not including volumes added from
wells drilled on lands farmed out to Shelter Bay.
    During the quarter, Shelter Bay drilled 6 Bakken horizontal wells on
lands farmed out by the Trust. Crescent Point's share of initial production
from these wells exceeded 460 boe/d. These wells are not included in the above
totals.
    Crescent Point successfully drilled and completed 4 (3.5 net) horizontal
oil wells in the Frobisher zone above the Bakken play in the first quarter,
adding 650 boe/d of initial interest production. Combined with a three
dimensional seismic survey and wells drilled in late 2008, these wells prove
up 4 new light oil pool discoveries in the shallower Frobisher zone above the
Bakken and help identify several potential additional new pool or pool
extension discoveries. Crescent Point anticipates drilling up to 7 Frobisher
wells above the Bakken play in 2009.
    The Trust completed the expansion of its Viewfield solution gas plant
from 9 mmscf/d to 18 mmscf/d early in the quarter. This expansion allowed the
Trust to conserve approximately 1.2 mmcf/d of interest solution gas in the
quarter with additional volumes to be conserved in coming quarters as
additional wells are tied in. It will also provide capacity for future Bakken
production growth as well as processing revenue on any natural gas volumes
processed on behalf of Shelter Bay or other third party producers.
    The Trust also completed construction of a large oil battery in February
followed by another one in early April. The first quarter was one of the
busiest quarters for the Trust in respect to gathering systems. Crescent Point
constructed 60 km of gathering lines and tied in 41 Crescent Point and Shelter
Bay single well batteries, which should reduce future transportation and
operating costs.
    Crescent Point is also reviewing a gathering system expansion for its
Glen Ewen solution gas plant to capture additional interest and third party
solution gas. This should increase custom process revenues and reduce average
per unit operating costs.
    The Trust commenced integration of the operations of the assets acquired
from Talisman late in the quarter in anticipation of the June 2009 closing of
the above noted acquisition.

    Southwest Saskatchewan

    At Battrum, Crescent Point tied in 13 (5.8 net) wells drilled in the
fourth quarter of 2008. The Trust has identified up to 10 (4.2 net)
recompletion opportunities with the potential to add more than 80 boe/d of
interest production. The Trust received regulatory approval to convert 8 (3.9
net) oil wells in Unit No.1 to injection wells to optimize water flood
patterns and to increase the overall recovery in the Unit.

    South/Central Alberta

    Crescent Point participated in the drilling of a second (0.4 net) well in
the Chip Lake area targeting the Rock Creek formation. The Trust continues to
work with the operator to identify possible follow up locations. The Trust
also participated in 2 (0.3 net) wells in the Wildmere area of central
Alberta.
    The Trust has identified 2 (1.5 net) workover opportunities in the John
Lake area and 2 (2.0 net) recompletion opportunities in the Chauvin area.
    The Trust continues to monitor the performance of the Sounding Lake
Sparky water flood after water injection began in 4 wells late in the fourth
quarter of 2008. Initial expectations for incremental recoveries are greater
than 10 percent within the flood area.

    Northeast British Columbia and Peace River Arch, Alberta

    Crescent Point recently obtained regulatory approval to expand injection
into the Worsley S Pool. The Trust expects to complete a water injection
conversion late in the second quarter of 2009 in order to increase recoveries
in the pool. The Trust is also reviewing further expansion of the Worsley T
Pool injection pattern.

    
    SUBSEQUENT EVENTS

    Strategic Southwest Saskatchewan Acquisitions and Update on Corporate
    Conversion
    
    Crescent Point is pleased to announce that it has entered into two
separate arrangement agreements (the "Arrangements") with Wild River Resources
Ltd. ("Wild River") and Gibraltar Exploration Ltd. ("Gibraltar"), each a
private oil and gas company active in southwest Saskatchewan. The effective
consideration payable by the Trust pursuant to the Arrangements, including the
Trust's prior $20.0 million investment in Wild River, is 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, including approximately 2,500 boe/d of production from southwest
Saskatchewan and 180 boe/d of production from the southeast Saskatchewan
Bakken resource play. The assets also include approximately $504 million of
tax pools. Crescent Point intends to sell 25 percent of the combined assets
acquired to Shelter Bay for cash consideration of approximately $81.3 million,
being equal to the consideration to be paid by Crescent Point for such assets.
    Key attributes of the assets of Wild River and Gibraltar, net of the
assets to be sold to Shelter Bay:

    
    -   Current production of more than 2,900 boe/d, 64 percent of which is
        in southwest Saskatchewan and 5 percent of which is in the southeast
        Saskatchewan Bakken resource play;

    -   110 net sections of undeveloped land;

    -   Net tax pools estimated at more than $423 million;

    -   85 net low risk drilling locations;

    -   Operating costs of less than $10.00 per boe; and

    -   Low royalties of less than 12 percent.
    

    Reserves Summary

    Reserves have been assigned by GLJ Petroleum Consultants Ltd., Sproule
Associates Limited and Paddock Lindstrom & Associates Ltd., effective Dec. 31,
2008, as follows:

    
    -   Approximately 12.3 million boe of proved plus probable and 8.0
        million boe of proved reserves; and

    -   Reserve life index of 11.6 years proved plus probable and 7.6 years
        proved.

    Acquisition Metrics

    Based on the above, and net of the consideration to be received for the
assets to be sold to Shelter Bay and excluding undeveloped land value of $18.5
million, the acquisition metrics are as follows:

    1.  2009 Cash Flow Multiple:
        -  6.7 times based on production of 2,900 boe/d (US$55.00/bbl WTI,
           Cdn$5.00/mcf AECO and $0.80 US$/Cdn$ exchange rate)

    2.  Production:
        -  $77,379 per producing boe based on 2,900 boe/d

    3.  Reserves:
        -  $18.24 per proved plus probable boe
        -  $28.05 per proved boe
    

    The completion of the Arrangements will be accretive to Crescent Point on
a debt adjusted per unit basis to cash flow, production and reserves and will
further Crescent Point's southwest Saskatchewan consolidation strategy,
providing significant production and reserves upside.

    Wild River Arrangement and Conversion

    Under the terms of the arrangement agreement with Wild River ("the Wild
River Arrangement"), Crescent Point unitholders will exchange their trust
units for common shares of Wild River, thereby providing for the conversion of
the Trust into a corporation. In addition, pursuant to the Wild River
Arrangement, the shares of Wild River will be consolidated on a 0.1512 for one
basis prior to the exchange of the trust units for Wild River shares, the
Board of Directors and management team of Wild River will be replaced with
Crescent Point's existing Board of Directors and management team, Wild River's
name will be changed to Crescent Point Energy Corp. ("New Crescent Point") and
application will be made to list the common shares of New Crescent Point on
the Toronto Stock Exchange.
    The independent members of the Board of Directors of each of Crescent
Point and Wild River have unanimously approved the Wild River Arrangement. The
Wild River Arrangement is subject to approval by the shareholders of Wild
River and the unitholders of the Trust, as well as customary regulatory and
court approvals. The approval of the unitholders of the Trust will be sought
at the Trust's Annual General Meeting ("AGM") and Special Meeting of
unitholders to be held on June 29, 2009. The Wild River Arrangement is
expected to close on or about July 2, 2009.
    Following the completion of the Wild River Arrangement, it is expected
that the Trust's unitholders will hold approximately 97% of the issued and
outstanding shares of New Crescent Point.
    The Board of Directors of Crescent Point and management have determined
that the Conversion will allow Crescent Point to continue to implement its
proven business plan of growing value through its integrated strategy of
acquiring, exploiting and developing high quality, long life reserves. The
Conversion will allow Crescent Point improved access to capital markets
without the constraints of the Safe Harbour growth limitations placed on
income trusts. Crescent Point's business model will remain unchanged, with
Crescent Point paying a monthly dividend instead of the current monthly
distribution.

    Gibraltar Arrangement

    Under the terms of the arrangement agreement with Gibraltar, all of the
issued and outstanding shares of Gibraltar are expected to be acquired by New
Crescent Point by way of a plan of arrangement (the "Gibraltar Arrangement").
The Board of Directors of each of Crescent Point and Gibraltar have
unanimously approved the Gibraltar Arrangement. The Gibraltar Arrangement is
subject to approval by the shareholders of Gibraltar, as well as customary
regulatory and court approvals. The Gibraltar Arrangement is expected to close
on or about July 3, 2009.

    Financial Advisors

    RBC Capital Markets acted as strategic advisor to Crescent Point with
respect to the Wild River Arrangement. CIBC World Markets Inc. acted as
financial advisor and National Bank Financial acted as strategic advisor to
Crescent Point with respect to the Gibraltar Arrangement.
    Peters & Co. Limited acted as financial advisor to Wild River with
respect to the Wild River Arrangement and FirstEnergy Capital Corp. acted as
financial advisor to Gibraltar with respect to the Gibraltar Arrangement.
    BMO Capital Markets, Scotia Waterous Inc., CIBC World Markets Inc., and
RBC Capital Markets acted as financial advisors to Crescent Point with respect
to the Conversion.

    Revised Date for Annual General and Special Meeting of Unitholders

    In order to complete the Conversion in association with the Wild River
Arrangement, Crescent Point's AGM and Special Meeting of unitholders has been
rescheduled to 10:00 am on June 29, 2009 in the Ballroom of the Metropolitan
Convention Centre in Calgary. An information circular regarding the AGM,
including the approval of the Conversion, will be mailed to all unitholders of
record prior to the meeting.

    SHELTER BAY FIRST QUARTER UPDATE AND UPWARDLY REVISED GUIDANCE

    During the first quarter of 2009, Shelter Bay continued to aggressively
pursue its business strategy of growth in core Crescent Point areas. Shelter
Bay drilled 15 Bakken horizontal wells, including 6 on lands farmed out by the
Trust. In the Lower Shaunavon, Shelter Bay completed the fifth of five
horizontal oil wells drilled in 2008. In total, the five wells added initial
interest production of more than 600 boe/d. Shelter Bay's production averaged
over 5,000 boe/d for the first quarter, entirely from the Bakken and Lower
Shaunavon resource plays.
    In March, Shelter Bay entered into an agreement with Crescent Point and
TriStar to acquire a portion of the Bakken assets that Crescent Point and
TriStar acquired from affiliates of Talisman for cash consideration of $71.0
million. In total, Shelter Bay expects to acquire Bakken production of
approximately 500 boe/d, reserves of 3.5 million boe proved plus probable and
2.5 million boe proved, independently evaluated as of March 31, 2009, and
approximately 12 net sections of undeveloped Bakken land.
    Shelter Bay also intends to acquire from Crescent Point 25 percent of the
assets in the Wild River and Gibraltar Arrangements for cash consideration of
approximately $81.3 million. Shelter Bay expects to acquire production of
nearly 1,000 boe/d, reserves of 4.1 million boe proved plus probable and 2.7
million boe proved, and approximately 36.5 net sections of undeveloped land.
    Shelter Bay is poised for growth with its strong balance sheet and
available cash and credit facilities of more than $100 million as at March 31,
2009 and after adjusting for the cash consideration of $71.0 million for
assets from Crescent Point and TriStar and $81.3 million for assets from
Crescent Point. Shelter Bay currently has a development drilling inventory of
more than 450 locations. Exit 2009 production is forecast at greater than
9,000 boe/d, up 25 percent from previous guidance of 7,200 boe/d.
    Crescent Point's total investment in Shelter Bay is approximately $200
million, which equates to a 21 percent interest. The Crescent Point financial
and operating results do not reflect the production or cash flows of Shelter
Bay other than the production and cash flows associated with the Trust's
interests in the wells farmed out to Shelter Bay by the Trust. Crescent Point
accounts for its investment in Shelter Bay using the equity method of
accounting. Accordingly, the Trust 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.

    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.
    Based on the expected completion of the Arrangements, Crescent Point is
revising upwards its 2009 average daily production expectation from 40,500
boe/d to 42,000 boe/d and maintaining its 2009 capital expenditures budget at
$225 million. Exit production is forecast at more than 44,500 boe/d.
    Crescent Point's significant low risk drilling inventory will increase to
more than 1,700 net low risk locations. This represents an inventory of 17
years to maintain current production levels.
    Crescent Point continues to implement its balanced 3 1/2 year price risk
management program, using a combination of swaps, collars and purchased put
options with investment grade counterparties all within the Trust's banking
syndicate. In the first quarter of 2009, the Trust increased its 2009 hedge
volumes to provide further certainty around 2009 cash flows. The Trust also
crystallized mark to market gains in its forward hedge book, including $69.0
million in the first quarter and $3.5 million in the second quarter,
increasing 2009 cash flows by $72.5 million. Effective April 30, 2009, pro
forma with the Arrangements, the Trust has hedged 53 percent of production
volumes net of royalty interests for the balance of 2009, 36 percent for 2010,
24 percent for 2011 and 10 percent for the first nine months of 2012.
Quarterly floor prices range from Cdn$74 per boe to Cdn$88 per boe, with
upside potential if prices strengthen above current levels.
    Including the hedge crystallization and the completion of the
Arrangements, 2009 funds flow from operations is expected to increase to $613
million ($3.99 per share - diluted), based on forecast pricing of US$51.00 per
barrel WTI, Cdn$4.00 per mcf AECO gas and US$0.82 exchange rate.
    Crescent Point will continue to have a strong balance sheet with
projected net debt to cash flow of 1.0 times and unutilized credit capacity in
excess of $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 Trust is well positioned to continue generating strong
operating and financial results and delivering sustainable distributions
through 2009 and beyond.

    
    2009 Upwardly Revised Guidance

    Crescent Point's upwardly revised 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 ($000)                                613,000
    Combined funds flow per unit (share) - diluted ($)                  3.99
    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)                                        51.00
      Crude oil - WTI (Cdn$/bbl)                                       62.20
      Natural gas - Corporate (Cdn$/mcf)                                4.00
      Exchange rate (US$/Cdn$)                                          0.82
    -------------------------------------------------------------------------
    (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 "anticipate",
"continue", "estimate", "expect", "may", "will", "project", "should",
"believe" 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; the quantity of Crescent Point's oil and natural
gas reserves and anticipated future cash flows from such reserves; 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; 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 March 31, 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 March 31, 2009 under the headings "Cash
Distributions", "Taxation of 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: volatility in
market prices for oil and natural gas; liabilities inherent in oil and natural
gas operations; uncertainties associated with estimating oil and natural gas
reserves; competition for, among other things, capital, acquisitions of
reserves, undeveloped lands and skilled personnel; incorrect assessments of
the value of acquisitions and exploration and development programs;
geological, technical, drilling and processing problems; fluctuations in
foreign exchange or interest rates and stock market volatility; failure to
realize the anticipated benefits of acquisitions; general business and market
conditions; changes in income tax laws or changes in tax laws 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 income trust with assets
strategically focused in properties comprised of high quality, long life,
operated, light oil and natural gas reserves in western Canada.





For further information:

For further information: 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

Organization Profile

Crescent Point Energy Corp.

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