Crescent Point Energy Trust Announces Third Quarter 2007 Results



    CALGARY, Nov. 9 /CNW/ - Crescent Point Energy Trust, ("Crescent Point" or
the "Trust") (TSX: CPG.UN), is pleased to announce its operating and financial
results for the third quarter and nine months ended September 30, 2007.

    
    FINANCIAL AND OPERATING HIGHLIGHTS
    -------------------------------------------------------------------------
                             Three months ended         Nine months ended
    ($000s except               September 30               September 30
     trust units, per   -----------------------------------------------------
     trust unit and                            %                          %
     per boe amounts)       2007      2006  Change     2007      2006  Change
    -------------------------------------------------------------------------
    Financial
    Cash flow from
     operations(1)        92,215    52,774     75   243,338   145,292     67
      Per unit(1)(2)        0.89      0.78     14      2.50      2.36      6
    Net income            18,410    39,588    (53)   58,181    62,029     (6)
      Per unit(2)           0.18      0.58    (69)     0.60      0.97    (38)
    Cash distributions    63,206    39,890     58   177,137   108,955     63
      Per unit(2)           0.60      0.60      -      1.80      1.80      -
    Payout ratio (%)(1)       69        76     (7)       73        75     (2)
      Per unit (%)(1)(2)      67        77    (10)       72        76     (4)
    Net debt(1)(3)       208,554   212,073     (2)  208,554   212,073     (2)
    Capital acquisitions
     (net)(4)             20,777    61,738    (66)  660,029   505,927     30
    Development capital
     expenditures         57,792    31,921     81   132,538    79,956     66
    Weighted average
     trust units
     outstanding (mm)
      Basic                102.7      65.4     57      96.5      59.3     63
      Diluted              104.1      67.8     54      97.8      61.5     59
    -------------------------------------------------------------------------
    Operating
    Average daily
     production
      Crude oil and
       NGLs (bbls/d)      23,846    17,940     33    22,915    17,238     33
      Natural gas (mcf/d) 22,357    20,193     11    20,626    19,638      5
    -------------------------------------------------------------------------
      Total (boe/d)       27,572    21,305     29    26,353    20,511     28
    -------------------------------------------------------------------------
    Average selling
     prices(5)
      Crude oil and
       NGLs ($/bbl)        69.86     66.14      6     63.97     62.22      3
      Natural gas ($/mcf)   5.40      5.49     (2)     6.61      6.29      5
    -------------------------------------------------------------------------
      Total ($/boe)        64.80     60.90      6     60.80     58.31      4
    -------------------------------------------------------------------------
    Netback ($/boe)
      Oil and gas sales    64.80     60.90      6     60.80     58.31      4
      Royalties           (11.77)   (12.97)    (9)   (11.07)   (12.65)   (12)
      Operating expenses   (9.01)    (9.56)    (6)    (9.27)    (8.74)     6
      Transportation       (1.75)    (1.31)    34     (1.68)    (1.23)    37
    -------------------------------------------------------------------------
      Netback prior to
       realized financial
       instruments         42.27     37.06     14     38.78     35.69      9
    Realized gain (loss)
     on financial
     instruments           (1.17)    (4.90)    76      0.19     (4.76)   104
    -------------------------------------------------------------------------
      Netback              41.10     32.16     28     38.97     30.93     26
    -------------------------------------------------------------------------

    (1) Cash flow from operations, payout ratio and net debt as presented do
        not have any standardized meaning prescribed by GAAP 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. The net income and cash flow per
        unit - diluted amounts exclude the cash portion of unit-based
        compensation.
    (3) Net debt includes working capital, but excludes the risk management
        liabilities and assets. Working capital at September 30, 2007
        includes the $16.6 million long-term investment in Innova Exploration
        Ltd.
    (4) Capital acquisitions represent total consideration for the
        transactions including bank debt and working capital assumed.
    (5) The average selling prices reported are before realized financial
        instruments.

    HIGHLIGHTS

    In the third quarter of 2007, 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 increased production in the third quarter of 2007 by
        5 percent over the second quarter of 2007 to 27,572 boe/d due to
        100 percent drilling success in the Viewfield Bakken play and better
        than expected results from the Bakken fracture stimulation program.

    -   Through corporate acquisitions, freehold land acquisitions and Crown
        land sales, the Trust has grown its undeveloped Bakken land base by
        nearly 150 percent since the acquisition of Mission Oil & Gas Inc.
        ("Mission"), from 143 net sections to 353 net sections, including the
        acquisitions of Innova Exploration Ltd. ("Innova") and Pilot Energy
        Ltd. ("Pilot").

    -   Crescent Point is revising upwards its fourth quarter production
        guidance to 31,250 boe/d from 30,000 boe/d due to better than
        anticipated fracture stimulation results that have increased current
        production to more than 32,300 boe/d, 7 percent over previous
        guidance. The Trust is also revising upwards its 2007 capital
        expenditure program from $165 million to $215 million to reflect the
        Trust's Bakken land acquisitions of approximately $40 million in the
        second half of the year.

    -   The Trust spent $57.8 million on development capital activities in
        the quarter, drilling 49 (34.2 net) wells, comprised of 48 (33.5 net)
        oil wells and 1 (0.7 net) water injection well, achieving a
        100 percent success rate. Crescent Point added approximately
        2,300 boe/d of initial interest production through its development
        expenditures in the quarter.

    -   The Trust's cash flow from operations increased by 75 percent to a
        record $92.2 million ($0.89 per unit - diluted) in the third quarter
        of 2007, compared to $52.8 million ($0.78 per unit - diluted) in the
        third quarter of 2006.

    -   The Trust's netback increased by 28 percent to $41.10 per boe despite
        a decline in Canadian dollar benchmark crude oil and natural gas
        prices. This improvement in corporate netback has been driven
        predominantly by Viewfield Bakken production which realized a third
        quarter netback of $62.71 per boe.

    -   The Trust maintained consistent monthly distributions of $0.20 per
        unit, totaling $0.60 per unit for the third quarter of 2007 resulting
        in an overall payout ratio of 67 percent on a per unit - diluted
        basis. This compares to an overall payout ratio of 77 percent on a
        per unit - diluted basis in the third quarter of 2006.

    -   Crescent Point continued to execute its core strategy of managing
        commodity price risk using a combination of fixed price swaps,
        costless collars and put option instruments. As at October 30, 2007,
        the Trust had hedged 55 percent net of royalty interest for the
        fourth quarter of 2007 and 53, 44, and 18 percent for 2008, 2009 and
        the first three quarters of 2010, respectively, providing a floor of
        more than Cdn$70.00 per barrel, with upside participation in rising
        commodity prices.

    -   On September 5, 2007, Crescent Point announced the strategic Bakken
        consolidation acquisition of Innova for $7.55 cash per share, plus
        assumed debt, for a total consideration of approximately
        $400 million. The Trust subsequently took effective control of Innova
        on October 22, 2007 when more than 97 percent of outstanding Innova
        shares were tendered to the offer. With the completion of the
        acquisition, Crescent Point acquired approximately 4,300 boe/d of
        high quality, high netback light oil and natural gas production, more
        than 97 net sections of undeveloped Bakken land, and 380 net low risk
        Bakken development drilling locations.

    -   On September 5, 2007, Crescent Point announced a bought deal equity
        financing of 8.9 million trust units at $18.55 per trust unit for
        gross proceeds of approximately $165 million. Closing of the equity
        financing occurred on September 25, 2007. The Trust used the proceeds
        to reduce outstanding indebtedness incurred prior to the October 31,
        2006 federal government announcement on income trust taxation.

    -   In late October, 2007, as part of the acquisition of Innova, the
        Trust's bank syndicate increased the borrowing base from $600 million
        to $800 million recognizing the strong reserves growth through
        continued development and acquisition success as well as the
        stability of the Trust's continued risk management activities.

    -   The Trust's balance sheet remains strong with debt to annualized cash
        flow of 0.6 times in the third quarter and forecast 2008 debt to cash
        flow of 1.4 times.
    

    OPERATIONS REVIEW

    Forward-Looking Statements

    This report may contain forward-looking statements including expectations
of future production, cash flow and earnings. These statements are based on
current beliefs and expectations based on information available at the time
the assumption was made. By its nature, such forward-looking information is
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" and in our Management's Discussion and
Analysis for the year ended December 31, 2006, under "Business Risks and
Prospects". The material assumptions are disclosed in the Results of
Operations section of this press release 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 "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 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. 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.

    Third Quarter Operations Summary

    During the third quarter of 2007, 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 record production in the third quarter,
increasing production by 5 percent over the second quarter of 2007 to 27,572
boe/d. The Trust drilled a total of 48 (33.5 net) oil wells and 1 (0.7 net)
water injection well, achieving a 100 percent success rate and adding
approximately 2,300 boe/d of initial interest production. The Trust fracture
stimulated 23 (16.3 net) Bakken horizontal wells achieving average post
fracture production rates exceeding 200 boe/d per stimulation.

    
    Drilling Results
    -------------------------------------------------------------------------
    Three months ended
     September 30, 	                                                     %
     2007               Gas    Oil   D&A  Service Standing Total  Net Success
    -------------------------------------------------------------------------
    Southeast
     Saskatchewan        -      43    -      1        -     44   31.4   100
    Southwest
     Saskatchewan        -       5    -      -        -      5    2.8   100
    South/Central
     Alberta             -       -    -      -        -      -      -    -
    Northeast BC & W
     Peace River Arch,
     Alberta             -       -    -      -        -      -      -    -
    -------------------------------------------------------------------------
    Total                -      48    -      1        -     49   34.2   100
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Nine months ended
     September 30,                                                       %
     2007               Gas    Oil   D&A  Service Standing Total  Net Success
    -------------------------------------------------------------------------
    Southeast
     Saskatchewan         -     89    -      3        1     93   65.8    98
    Southwest
     Saskatchewan         -     13    -      -        -     13    6.4   100
    South/Central
     Alberta              -      1    -      1        -      2    1.9   100
    Northeast BC & W
     Peace River Arch,
     Alberta              -      4    -      -        -      4    4.0   100
    -------------------------------------------------------------------------
    Total                 -    107    -      4        1    112   78.1    99
    -------------------------------------------------------------------------
    

    Southeast Saskatchewan

    During the third quarter, Crescent Point participated in drilling a total
of 43 (30.7 net) horizontal oil wells and 1 (0.7 net) water injector well in
southeast Saskatchewan achieving a 100 percent success rate. The Trust
operated 39 (29.2 net) - more than 90 percent - of the wells. Of the total
wells drilled, 32 (19.7 net) were Bakken horizontal wells at Viewfield. The
Trust fracture stimulated 23 (16.3 net) Viewfield Bakken wells utilizing
several progressive packer isolation techniques to optimize results and reduce
costs. Results for 21 (14.3 net) of the wells indicate average post fracture
production rates exceeding 200 boe/d per stimulation. The balance of the wells
were drilled in the Trust's core properties of Manor, Ingoldsby and Glen Ewen.
Crescent Point added approximately 2,250 boe/d of initial interest production
from its drilling activities in southeast Saskatchewan in the quarter.
    The Trust completed the Viewfield gas plant expansion in late July,
increasing the plant's processing capacity to more than 6.0 mmcf/d.
Depropanization and debutanization facilities are expected to be operational
in the fourth quarter, which are expected to increase liquid recoveries from
the plant. Crescent Point anticipates drilling up to 83 (57.7 net) Bakken
horizontal wells during 2007 and up to 56 (39.6 net) Bakken horizontal wells
will be fracture stimulated.
    The third of four water injectors planned for 2007 was drilled in the
Tatagwa Unit in the third quarter. Preliminary development plans for the
Tatagwa Unit in 2008 include drilling up to 6 (4.2 net) water injector wells
and 4 (2.8 net) oil wells to improve recovery factors. A total of 6 (6.0 net)
wells were drilled at Manor and 3 (3.0 net) at Glen Ewen in the third quarter,
adding more than 500 boe/d of interest production.

    Southwest Saskatchewan

    In the third quarter, the Trust participated in drilling 5 (2.8 net)
wells in the Cantuar Unit in the third quarter which will be tied in during
the fourth quarter, achieving a 100 percent success rate and adding expected
initial interest production of 80 boe/d.
    The Trust is currently reviewing facility process design at Battrum to
increase recovery efficiencies and is also preparing plans for the 2008 budget
year. With overall corporate production levels exceeding expectations, plans
for fourth quarter drilling of 7 (2.9 net) oil wells at Battrum were postponed
to early 2008.

    South/Central Alberta

    At Sounding Lake, Crescent Point continued to work on recovery
optimization activities within the Dina and Cummings formations in the third
quarter. The Trust is awaiting regulatory approval, expected in early 2008, of
its application for pool delineation of the Sparky formation and is currently
completing its application for waterflood implementation. Preliminary plans
for 2008, subject to a detailed review of the Alberta royalty changes
announced in October 2007, include drilling up to 4 (4.0 net) wells and 5
(5.0 net) injectors in the Sparky formation. Water injection may commence in
early to mid 2008.
    With natural gas prices remaining weak in the third quarter, the Trust
focused on optimization activities at John Lake. Up to 15 (11.3 net) high
priority opportunities have been identified for the property, including tubing
resizing, pipeline reconfiguring and well bore cleanouts, which could add up
to 500 mcf/d of initial interest production to offset production declines.
    With corporate production exceeding expectations and Alberta royalty
rates uncertain, the Trust delayed completing the first 2 (2.0 net) of up to
19 (19.0 net) recompletion candidates at Little Bow. These activities are
subject to a detailed review of the Alberta royalty changes and will be
considered for 2008.

    Northeast British Columbia and Peace River Arch, Alberta

    Conversion of a well for Charlie Lake T pool water injection at Worsley
was completed and injection commenced early in October. A Belloy source water
well was drilled, completed and tied in, with source water expected to be
available in the early part of the fourth quarter. The Trust submitted an
application to expand the Charlie Lake S Pool waterflood and tied in
approximately 200 boe/d from 4 (4.0 net) wells drilled in late 2006.

    Acquisitions

    On September 5, 2007, Crescent Point announced the strategic Bakken
consolidation acquisition of Innova for $7.55 cash per share, plus assumed
debt, for a total consideration of approximately $400.0 million. The Trust
subsequently took effective control of Innova on October 22, 2007 when more
than 97 percent of outstanding Innova shares were tendered to the offer. With
the completion of the acquisition, Crescent Point acquired approximately
4,300 boe/d of high quality, high netback light oil and natural gas
production, 65 percent of which is in the Viewfield Bakken resource play. The
Innova acquisition consolidated the Trust's dominant Bakken land position,
adding more than 97 net sections of undeveloped land and 380 net low risk
development locations to the Trust's Bakken development drilling inventory.
    Innova was the second largest producer in the Viewfield Bakken play next
to Crescent Point. More than 90 percent of Innova's Bakken production was
operated by Crescent Point, which adds tremendous flexibility and control in
the play with reduced costs. The acquisition increased the majority of the
Trust's Bakken working interest to 100 percent and increased Crescent Point's
Bakken production to more than 10,000 boe/d.
    Crescent Point also closed several minor transactions during the third
quarter. The Trust closed one minor corporate acquisition and three minor
property acquisitions for total consideration of $20.1 million. On a total
basis, the Trust acquired 410 boe/d of production and 0.8 million boe of
proved plus probable reserves in its core area of southeast Saskatchewan.

    SUBSEQUENT EVENT

    On October 31, 2007, Crescent Point and Pilot announced that they had
entered into an agreement pursuant to which the Trust would exchange, by way
of Plan of Arrangement (the "Plan"), all of Pilot's issued and outstanding
shares for trust units of Crescent Point. Under the terms of the Plan,
Crescent Point will pay approximately $76 million, comprised of 2.9 million
Crescent Point trust units and the assumption of $11 million of net debt (net
of option proceeds) to acquire approximately 1,000 boe/d of high netback oil
production, 50 percent of which is located in the Trust's Viewfield Bakken
resource play. Pilot shareholders will receive 0.1284 Crescent Point trust
units for each Pilot common share under the Plan, which is expected to close
by January 31, 2008.
    Upon completion of the Plan, the Pilot Bakken consolidation acquisition
will increase the Trust's dominance in the Viewfield Bakken light oil resource
play in southeast Saskatchewan, adding flexibility and control in the play
with expected reductions to costs. Approximately 500 boe/d of Pilot's
production is from the Viewfield Bakken resource play, increasing Crescent
Point's Bakken production to more than 10,500 boe/d. In addition, Pilot has
6.5 net sections of undeveloped Bakken land on which Crescent Point has
identified 22 (19.0 net) low risk development drilling locations. With the
closing of the Plan, Crescent Point will have 1,275 net low risk drilling
locations in inventory, including 1,022 (969 net) locations in the Viewfield
Bakken resource play. This represents more than 10 years of low risk drilling
to sustain the Trust's current production. To date, over 256 wells have been
drilled on the Trust's Bakken lands with a 100 percent success rate. Over the
past year, drilling and completion techniques used on these lands have
improved significantly and Crescent Point expects to see continued refinement
and improvement of these techniques over time.

    MARKETS AND PRICING UPDATE

    Benchmark crude oil prices strengthened in the third quarter of 2007,
with West Texas Intermediate ("WTI") averaging US$75.33 per barrel in the
quarter, up 7 percent from the third quarter of 2006. The Canadian dollar,
however, also strengthened in the quarter, achieving 30 year record highs and
averaging US/Cdn $0.96 contributing to a 1 percent decline in the Canadian
dollar benchmark crude oil price compared to the third quarter of 2006.
Despite this market price decline, the Trust's netback increased by 28 percent
to $41.10 per boe, reflecting the improvement in the Trust's oil quality due
to the Mission acquisition, along with its low royalty and operating cost
structure. This improvement in corporate netback has been driven predominately
by the Viewfield Bakken production which realized a third quarter netback of
$62.71 per boe.
    The Trust anticipates the trend of high oil prices and a strong Canadian
dollar to continue through the remainder of the year and into 2008.
    Differentials to WTI for Canadian grades of crude oil remained narrow in
July and August before seasonal widening in September. The Trust anticipates
wider differentials will remain through the fourth quarter of 2007 and first
quarter of 2008 before seasonal narrowing returns in the summer of 2008.
    AECO natural gas prices remained weak, averaging only Cdn$5.16 per mcf
during the third quarter of 2007. Near record high storage levels combined
with mild weather and continued natural gas drilling in the United States has
weakened the market considerably. Crescent Point expects this weakness to
continue through the winter absent colder than normal winter weather in the
major North American markets.

    CHANGES TO ALBERTA ROYALTY SYSTEM

    On September 18, 2007, the Alberta Royalty Review Panel released its
report (the "Report") recommending changes to the Alberta royalty system. The
Report recommended significant changes to the system, including significantly
higher royalty rates without allowing for grandfathering of existing
production. On October 25, 2007, the Premier of Alberta subsequently announced
his government's response to the Report, accepting many, but not all, of the
Report's recommendations.
    Crescent Point has completed an initial evaluation of the October 25,
2007 royalty announcement and has concluded that the royalty changes will have
minimal impact on the Trust's current production and operations. The Trust
anticipates that its corporate royalty rates on existing production will
increase by approximately one percent starting in 2009 when the changes take
effect. Approximately 80 percent of the Trust's current production is in
Saskatchewan, which lessens the impact on the Trust of the Alberta royalty
change.
    Crescent Point continues to work on its 2008 capital expenditure plans
and will review the government's royalty announcement in more detail before
committing to capital expenditures in the province of Alberta in 2008.
Crescent Point has more than 1,000 low risk development drilling locations in
Saskatchewan, including in the Viewfield Bakken resource play, on which it can
focus in 2008 and in the years to come.

    OUTLOOK

    Crescent Point continues to execute its proven business plan of creating
value added growth in reserves, production and cash flow through management's
integrated strategy of acquiring, exploiting and developing high quality, long
life, light and medium oil and natural gas properties.
    With the closing of the Innova acquisition and the announcement of the
Pilot acquisition, the Trust has solidified its position as the dominant
player in the Viewfield Bakken play, which Crescent Point believes is the
third largest conventional oil pool discovered in western Canada, and the
largest discovered in 50 years. The Trust has 1,022 (969 net) low risk
drilling locations in the Bakken and the potential to add more than 140 mmboe
of proved plus probable reserves through infill drilling. Pro forma with
Pilot, the Trust is currently producing more than 10,500 boe/d from the Bakken
play.
    With the acquisition of Mission in February of this year, Crescent Point
acquired approximately 143 net sections of prospective Bakken land. Through
corporate acquisitions including Innova and Pilot, freehold land acquisitions
and Crown land sales, the Trust has grown its undeveloped Bakken land base by
nearly 150 percent to 353 net sections.
    Crescent Point has more than 3.1 billion barrels of original oil in place
and a reserve life index of 12.0 years on a proved plus probable basis. The
Innova and Pilot acquisitions provide Crescent Point with increased
development drilling flexibility as well as anticipated capital, operating and
administrative cost savings in the Trust's main operating area of southeast
Saskatchewan. The Trust's drilling inventory has increased to more than
1,275 net lower risk development drilling locations. Through infill drilling,
production optimization and waterflood implementation, management believes the
Trust has the potential to double its proved plus probable reserves over time.
    Crescent Point currently has more than $1.9 billion of future development
projects, providing ten years of low risk infill development drilling
inventory to sustain current production levels. With a strong balance sheet
and a balanced three year hedge profile, Crescent Point is well positioned to
sustain distributions over time as the Trust continues to exploit and develop
its asset base and actively identify and evaluate accretive acquisition
opportunities.
    With the significant increase in the Trust's Bakken land holdings and
better than anticipated Bakken fracture stimulation results, Crescent Point is
revising upwards its 2007 capital program from $165 million to $215 million
and its fourth quarter 2007 production guidance from 30,000 boe/d to
31,250 boe/d. The Trust is currently producing in excess of 28,000 boe/d
excluding production from the Trust's October 2007 acquisition of Innova and
more than 32,300 boe/d including Innova. In the fourth quarter of 2007, the
Trust anticipates spending approximately $80 million, of which approximately
half will be on land, facilities and seismic.
    With continued drilling and fracture stimulation success in the Bakken,
significant growth in undeveloped Bakken land holdings and drilling
opportunities, and further review required of the Alberta royalty
announcement, Crescent Point does not anticipate finalizing its 2008 capital
expenditure budget until December of 2007. The preliminary capital budget for
2008 has been set at approximately $150 million, balanced more towards the
development and exploitation of the Bakken resource play, with upwards of 53
(50.0 net) Bakken wells planned. Increasing Bakken production is expected to
continue to improve and increase the Trust's overall corporate netbacks while
2008 average daily production is expected to be maintained at 31,250 boe/d.
    The Trust continues to actively manage its three year commodity hedging
program, with 55 percent of production volumes, net of royalty interests,
hedged for the fourth quarter of 2007. As of October 30, 2007, 53, 44 and
18 percent had been hedged for 2008, 2009 and the first three quarters of
2010, respectively. Hedge instruments utilized in the program include swaps,
collars and put options, providing a floor of more than Cdn$70.00 per barrel,
with upside participation in rising commodity prices.
    Crescent Point's management believes that with the high quality reserve
base and development inventory, excellent balance sheet and solid hedging
program, the Trust is well positioned to continue generating strong operating
and financial results and delivering sustainable distributions into 2008 and
beyond.

    Preliminary 2008 Outlook

    Crescent Point's preliminary 2008 guidance (pro forma Innova and Pilot)
is as follows:

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

    On behalf of the board of directors,

    (signed)

    Scott Saxberg
    President and Chief Executive Officer
    November 9, 2007



    MANAGEMENT'S DISCUSSION & ANALYSIS

    Management's discussion and analysis ("MD&A") is dated November 9, 2007
and should be read in conjunction with the unaudited interim consolidated
financial statements for the period ended September 30, 2007 and the audited
consolidated financial statements and MD&A for the year ended December 31,
2006, for a full understanding of the financial position and results of
operations of Crescent Point Energy Trust ("Crescent Point" or the "Trust").

    Non-GAAP Financial Measures

    Throughout this discussion and analysis, Crescent Point uses the terms
cash flow from operations, cash flow from operations per unit, cash flow from
operations per unit - diluted, net debt, market capitalization and total
capitalization. These terms do not have any standardized meaning as prescribed
by Canadian generally accepted accounting principles ("GAAP") and therefore
they may not be comparable with the calculation of similar measures presented
by other issuers.
    Cash flow from operations is calculated based on cash flow from operating
activities before changes in non-cash working capital and asset retirement
obligation expenditures. Cash flow from operations per unit - diluted is
calculated based on cash flow from operating activities before changes in
non-cash working capital and asset retirement obligation expenditures
excluding the cash portion of unit-based compensation. Management utilizes
cash flow from operations as a key measure to assess the ability of the Trust
to finance distributions, operating activities, capital expenditures and debt
repayments. Cash flow from operations as presented is not intended to
represent cash flow from operating activities, net earnings or other measures
of financial performance calculated in accordance with Canadian GAAP.
    The following table reconciles the cash flow from operating activities to
cash flow from operations:

    
    -------------------------------------------------------------------------
                             Three months ended         Nine months ended
                                September 30               September 30
                                               %                          %
    ($000)                  2007      2006  Change     2007      2006  Change
    -------------------------------------------------------------------------
    Cash flow from
     operating
     activities           80,722    50,910     59   233,535   138,113     69
    Changes in non-cash
     working capital      11,206     1,563    617     8,827     6,776     30
    Asset retirement
     expenditures            287       301     (5)      976       403    142
    -------------------------------------------------------------------------
    Cash flow from
     operations           92,215    52,774     75   243,338   145,292     67
    -------------------------------------------------------------------------
    

    Net debt is calculated as current liabilities less current assets,
excluding risk management assets and liabilities and unrealized gains on
investments in marketable securities, and including long term investments.
Management utilizes net debt as a key measure to assess the liquidity of the
Trust. Market capitalization is calculated by applying the period end closing
unit trading price to the number of trust units outstanding. Market
capitalization is an indication of the enterprise value. Total capitalization
is calculated as market capitalization and current liabilities, less current
assets and long term investments, excluding the risk management asset and
liabilities and unrealized gains on investments in marketable securities.
Total capitalization is used by management to measure the proportion of net
debt in the Trust's capital structure.

    Forward-Looking Information

    Certain statements contained in this report constitute forward-looking
statements and are based on the Trust's beliefs and assumptions based on
information available at the time the assumption was made. 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. The Trust and
Crescent Point Resources Inc. ("CPRI"), believe 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 should not be unduly relied upon. These statements speak only as of
the date of this report.
    The material assumptions in making these forward-looking statements are
disclosed in this analysis under the headings "Cash Distributions", "Capital
Expenditures", "Asset Retirement Obligation", "Liquidity and Capital
Resources", "Critical Accounting Estimates" and "New Accounting
Pronouncements".
    This disclosure contains certain forward-looking estimates that involve
substantial known and unknown risks and uncertainties, certain of which are
beyond Crescent Point's control, including the impact of general economic
conditions; 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; increased competition and the lack
of availability of qualified personnel or management; fluctuations in
commodity prices, foreign exchange or interest rates; stock market volatility
and obtaining required approvals of regulatory authorities. In addition, there
are numerous risks and uncertainties associated with oil and gas operations
and the evaluation of oil and gas reserves. Therefore Crescent Point's actual
results, performance or achievement could differ materially from those
expressed in, or implied by, these forward-looking estimates and if such
actual results, performance or achievements transpire or occur, or if any of
them do so, there can be no certainty as to what benefits Crescent Point will
derive there from.
    A barrel of oil equivalent ("boe") is based on a conversion rate of six
thousand cubic feet of natural gas to one barrel of oil.

    Results of Operations

    Production

    Crescent Point's production increased 29 percent, from 21,305 boe/d in
the third quarter of 2006 to 27,572 boe/d in the third quarter of 2007.
Similarly, production for the nine months ended September 30, 2007 increased
by 28 percent over the comparable period in 2006. The increase in production
for both periods relates primarily to the acquisition of Mission Oil & Gas
Inc. ("Mission"), several acquisitions completed in 2007 and the Trust's
successful drilling program. The Mission acquisition closed on February 9,
2007 and added over 7,000 boe/d of high quality, long life, light oil and
natural gas assets, including more than 5,000 boe/d from the Bakken resource
play. This acquisition adds a new core area for the Trust in the Viewfield
area of southeast Saskatchewan.
    The Trust's weighting to oil increased to 86 percent for the third
quarter of 2007, a two percent increase over 2006. The Trust's oil weighting
for the nine months ended September 30, 2007 increased three percent to
87 percent over the comparable 2006 period. The increase in the Trust's oil
weighting is primarily the result of the Mission acquisition which was focused
on light oil assets.

    
    -------------------------------------------------------------------------
                             Three months ended         Nine months ended
                                September 30               September 30
                                               %                          %
                            2007      2006  Change     2007      2006  Change
    -------------------------------------------------------------------------
    Crude oil and NGL
     (bbls/d)             23,846    17,940     33    22,915    17,238     33
    Natural gas (mcf/d)   22,357    20,193     11    20,626    19,638      5
    -------------------------------------------------------------------------
    Total (boe/d)         27,572    21,305     29    26,353    20,511     28
    -------------------------------------------------------------------------
    Crude oil and NGL (%)     86        84      2        87        84      3
    Natural gas (%)           14        16     (2)       13        16     (3)
    -------------------------------------------------------------------------
    Total (%)                100       100      -       100       100      -
    -------------------------------------------------------------------------
    

    Marketing and Prices

    The Trust's average oil price for the third quarter increased six percent
over the comparable period in 2006 due to narrower corporate oil differentials
as increases in the US$ benchmark WTI price were offset by a stronger Canadian
dollar. Crescent Point's oil differential improved significantly from $12.97
per bbl in the third quarter of 2006 to $8.61 per bbl in the third quarter of
2007. This trend is attributable to both changes in market conditions and a
change in the Trust's crude oil quality as a result of the Viewfield Bakken
light oil properties acquired through the Mission acquisition.
    For the nine months ended September 30, 2007, the Trust's average selling
price for crude oil increased by three percent over the comparable 2006
period. The Trust's average selling price increased despite a three percent
decline in the benchmark US$ WTI price and a stronger Canadian dollar as
improvements in the Trust's average crude quality from the Mission acquisition
narrowed corporate oil differentials significantly. In addition, market
differentials narrowed from the higher levels experienced in the first quarter
of 2006. Collectively, the corporate oil differential for the nine months
ended September 30, 2007 was $8.84 per bbl compared to $15.12 per bbl in the
comparable 2006 period.
    The Trust's average selling price for gas for the three months ended
September 30, 2007 decreased two percent compared to the same period for 2006.
The Trust's average selling price for gas for the nine months ended
September 30, 2007 increased five percent over 2006. These trends were
reasonably consistent with the trend in the AECO daily gas price, reflecting
the Trust's portfolio of gas marketing contracts.

    
    -------------------------------------------------------------------------
    Average Selling          Three months ended         Nine months ended
     Prices(1)                  September 30               September 30
                                               %                          %
                            2007      2006  Change     2007      2006  Change
    -------------------------------------------------------------------------
    Crude oil and NGL
     ($/bbl)               69.86     66.14      6     63.97     62.22      3
    Natural gas ($/mcf)     5.40      5.49     (2)     6.61      6.29      5
    -------------------------------------------------------------------------
    Total ($/boe)          64.80     60.90      6     60.80     58.31      4
    -------------------------------------------------------------------------
    (1) The average selling prices reported are before realized financial
        instrument losses and transportation charges.


    -------------------------------------------------------------------------
    Benchmark Pricing        Three months ended         Nine months ended
                                September 30               September 30
                                               %                          %
                            2007      2006  Change     2007      2006  Change
    -------------------------------------------------------------------------
    WTI crude oil
     (US$/bbl)             75.33     70.55      7     66.26     68.29     (3)
    WTI crude oil
     (Cdn$/bbl)            78.47     79.11     (1)    72.81     77.34     (6)
    AECO natural gas(1)
     (Cdn$/mcf)             5.16      5.66     (9)     6.53      6.39      2
    Exchange rate
     - US$/Cdn$             0.96      0.89      8      0.91      0.88      3
    -------------------------------------------------------------------------
    (1) The AECO natural gas price reported is the average daily spot price.
    

    Financial Instruments and Risk Management

    Management of cash flow variability is an integral component of Crescent
Point's business strategy. Changing business conditions are monitored
regularly and reviewed with the Board of Directors to establish risk
management guidelines used by management in carrying out the Trust's strategic
risk management program. The risk exposure inherent in movements in the price
of crude oil and natural gas, fluctuations in the US/Cdn dollar exchange rate,
changes in the price of power and interest rate movements on long-term debt
are all proactively managed by Crescent Point through the use of derivatives
with reputable, financially sound counterparties. The Trust considers these
contracts to be an effective means to manage cash flow.
    The Trust's crude oil and natural gas financial instruments are
referenced to WTI and AECO, unless otherwise noted. Crescent Point utilizes a
variety of financial instruments including swaps, collars and puts to protect
against downward commodity price movements while providing the opportunity for
some participation during periods of rising prices.
    Crescent Point had a realized financial instrument loss for oil of
$3.5 million for the third quarter of 2007 compared to a $9.5 million loss for
the same period in 2006. The decrease in the loss is attributable to a higher
average financial instrument oil price combined with a slight decline in the
Cdn$ WTI benchmark price. The Trust's average financial instrument oil price
increased $10.13 per bbl, from $64.80 per bbl in the third quarter of 2006 to
$74.93 per bbl for the third quarter 2007.
    The Trust realized a financial instrument gain for oil of $843,000 for
the nine months ended September 30, 2007 compared to a $26.6 million loss for
the comparable 2006 period. Consistent with the three month period, this gain
is attributable to a higher average financial instrument oil price combined
with a decline in the Cdn WTI benchmark price. The Trust's average financial
instrument oil price for the nine months ended September 30, 2007 was $73.10
per bbl compared to $62.85 per bbl for the same period in 2006, an increase of
$10.25 per bbl.
    The Trust has not designated any of its risk management activities as
accounting hedges under the Canadian Institute of Chartered Accountants (the
"CICA") section 3865 and, accordingly, has marked-to-market its financial
instruments. This resulted in an unrealized financial instrument gain of
$3.4 million for the third quarter of 2007 compared to a $34.6 million gain
for the third quarter of 2006. The gain resulted from the maturity of hedges
during the current quarter.
    The Trust's unrealized gain for the nine months ended September 30, 2007
was $6.8 million compared to $11.9 million for the comparable period in 2006.
The gain for the nine months ended September 30, 2007 is attributable to the
decline in Cdn$ WTI.
    The Trust has two physical power contracts and one financial power
contract. The physical contracts have not been marked-to-market. The
unrealized gain on the physical contracts at September 30, 2007 is $106,000.
    The following is a summary of the realized financial instrument gains
(losses) on oil and gas contracts:

    
    -------------------------------------------------------------------------
                             Three months ended         Nine months ended
    ($000, except               September 30               September 30
     per boe and                               %                          %
     volume amounts)        2007      2006  Change     2007      2006  Change
    -------------------------------------------------------------------------
    Average crude oil
     volumes hedged
     (bbls/d)             10,750     7,250     48    10,832     6,722     61
    Crude oil realized
     financial instrument
     gain (loss)          (3,499)   (9,544)    63       843   (26,586)   103
      per bbl              (1.59)    (5.78)    72      0.13     (5.65)   102
    Average natural gas
     volumes hedged (GJ/d) 4,000     1,333    200     3,341       444    652
    Natural gas realized
     financial instrument
     gain (loss)             526       (52) 1,112       547       (52) 1,152
      per mcf               0.26     (0.03)   967      0.10     (0.01) 1,100
    Average barrels of
     oil equivalent
     hedged (boe/d)       11,382     7,461     53    11,360     6,792     67
    Total realized
     financial instrument
     gain (loss)          (2,973)   (9,596)    69     1,390   (26,638)   105
      per boe              (1.17)    (4.90)    76      0.19     (4.76)   104
    -------------------------------------------------------------------------


    Crescent Point has the following financial instrument contracts in place
as at October 30, 2007:

    -------------------------------------------------------------------------
    Financial WTI Crude Oil Contracts - Canadian Dollar

                                    Average    Average    Average    Average
                                       Swap     Bought  Sold Call        Put
                         Volume       Price  Put Price      Price    Premium
    Term      Contract  (bbls/d)  ($Cdn/bbl) ($Cdn/bbl) ($Cdn/bbl) ($Cdn/bbl)
    -------------------------------------------------------------------------
    2007
    October -
     December     Swap    6,500       75.72
    October -
     December   Collar    1,500                  66.74      82.27
    October -
     December      Put    3,250                  77.63                 (7.65)
    -------------------------------------------------------------------------
    2007
     Weighted
     Average             11,250       75.72      74.19      82.27      (7.65)
    -------------------------------------------------------------------------
    2008
    January -
     June         Swap    1,000       72.73
    January -
     September    Swap      250       68.10
    January -
     December     Swap    6,000       76.02
    July -
     December     Swap    1,000       73.52
    October -
     December     Swap      250       70.80
    January -
     June       Collar      250                  65.00      82.00
    January -
     December   Collar    2,250                  70.56      83.22
    July -
     December   Collar      250                  70.00      91.00
    January -
     December      Put    3,500                  72.58                 (6.66)
    -------------------------------------------------------------------------
    2008
     Weighted
     Average             13,250       75.37      71.61      83.55      (6.66)
    -------------------------------------------------------------------------
    2009
    January -
     March        Swap    2,750       77.68
    April -
     June         Swap    2,750       77.58
    January -
     June         Swap    1,250       74.99
    July -
     September    Swap    3,000       74.07
    July -
     December     Swap    1,000       76.41
    October -
     December     Swap    3,000       74.37
    January -
     December     Swap    1,750       74.55
    January -
     March      Collar      250                  75.00      87.00
    April -
     June       Collar      250                  75.00      83.00
    January -
     June       Collar    1,250                  70.00      81.01
    January -
     September  Collar      250                  70.00      79.00
    January -
     December   Collar      750                  70.67      80.25
    July -
     September  Collar      250                  70.00      84.05
    July -
     December   Collar    1,250                  69.00      80.37
    October -
     December   Collar      500                  70.00      85.93
    January -
     December      Put    2,750                  70.26                 (6.15)
    -------------------------------------------------------------------------
    2009
     Weighted
     Average             11,000       75.40      70.23      80.99      (6.15)
    -------------------------------------------------------------------------
    2010
    January -
     March        Swap    3,500       76.22
    April -
     June         Swap    2,750       74.38
    January -
     September    Swap      250       74.00
    April -
     September    Swap      500       74.90
    July -
     September    Swap    1,750       74.28
    January -
     June       Collar      500                  70.00      80.50
    January -
     September  Collar      250                  70.00      78.50
    July -
     September  Collar      250                  70.00      81.50
    -------------------------------------------------------------------------
    2010
     January -
     September
     Weighted
     Average              3,911       75.04      70.00      79.88
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Financial WTI Crude Oil Contracts - U.S. Dollar

                                    Average    Average    Average    Average
                                       Swap     Bought  Sold Call        Put
                         Volume       Price  Put Price      Price    Premium
    Term      Contract  (bbls/d)  ($Cdn/bbl) ($Cdn/bbl) ($Cdn/bbl) ($Cdn/bbl)
    -------------------------------------------------------------------------
    2007
    October -
     December   Collar    1,000                  67.50      75.73
    -------------------------------------------------------------------------
    2007
     Weighted
     Average              1,000                  67.50      75.73
    -------------------------------------------------------------------------
    2009
    January -
     December      Put      250                  72.00                 (6.01)
    -------------------------------------------------------------------------
    2009
     Weighted
     Average                250                  72.00                 (6.01)
    -------------------------------------------------------------------------
    2010
    July -
     September    Swap    1,000       74.70
    January -
     September    Swap      500       74.30
    -------------------------------------------------------------------------
    2010
     January -
     September
     Weighted
     Average                837       74.46
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Financial AECO Natural Gas Contracts - Canadian Dollar

                                                          Average    Average
                                                           Bought  Sold Call
                                               Volume   Put Price      Price
    Term                           Contract    (GJ/d)    ($Cdn/GJ)  ($Cdn/GJ)
    -------------------------------------------------------------------------
    2007
    October                          Collar     4,000        6.75       8.60
    November - December              Collar     2,000        6.75       8.00
    -------------------------------------------------------------------------
    2007 Weighted Average                       2,674        6.75       8.30
    -------------------------------------------------------------------------
    2008
    January - March                  Collar     2,000        6.75       8.00
    April - October                  Collar     2,000        6.75       7.75
    -------------------------------------------------------------------------
    2008 January - October
     Weighted Average                           2,000        6.75       7.82
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Financial Foreign Exchange Contracts - U.S. Dollar
                                                                     Average
                                                           Amount       Swap
    Term                                     Contract        ($US) ($Cdn/$US)
    -------------------------------------------------------------------------
    2007
    October - December                           Swap   2,990,000     1.1600
    October - December                           Swap   3,220,000     1.1012
    -------------------------------------------------------------------------
    2007 Weighted Average                               6,210,000     1.1295
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Financial Interest Rate Contracts - Canadian Dollar
                                                                       Fixed
                                                        Principal     Annual
    Term                                     Contract       ($Cdn)   Rate (%)
    -------------------------------------------------------------------------
    October 2007 - May 2008                      Swap  50,000,000       4.41
    October 2007 - February 2009                 Swap  50,000,000       4.37
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Financial Power Contracts - Canadian Dollar
                                                          Volume  Fixed Rate
    Term                                     Contract      (MW/h) ($Cdn/MW/h)
    -------------------------------------------------------------------------
    October 2007 - December 2008                 Swap         3.0      63.25
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Physical Power Contracts - Canadian Dollar
                                                          Volume  Fixed Rate
    Term                                     Contract      (MW/h) ($Cdn/MW/h)
    -------------------------------------------------------------------------
    October 2007 - December 2009                 Swap         1.0      82.45
    January 2009 - December 2009                 Swap         3.0      81.25
    -------------------------------------------------------------------------
    

    Revenues

    Oil revenues increased by 40 percent and 37 percent in the third quarter
and nine month period ended September 30, 2007, respectively, compared to the
same periods in 2006. These increases in crude oil and NGL sales relate
primarily to the increase in production resulting from the 2007 acquisition of
Mission, along with several other acquisitions completed in 2007 and the
Trust's successful drilling program. A narrowing of corporate oil
differentials due to improvements in the Trust's crude quality and realized
oil prices further contributed to the increase in revenues in both the three
and nine month periods ended September 30, 2007.
    Natural gas sales increased 9 percent in the third quarter and 10 percent
in the nine month period ended September 30, 2007. These increases are mainly
attributable to increases in production for both periods.

    
    -------------------------------------------------------------------------
                             Three months ended         Nine months ended
                                September 30               September 30
                                               %                          %
    ($000)(1)               2007      2006  Change     2007      2006  Change
    -------------------------------------------------------------------------
    Crude oil and NGL
     sales               153,253   109,165     40   400,190   292,800     37
    Natural gas sales     11,115    10,200      9    37,237    33,731     10
    -------------------------------------------------------------------------
    Revenues             164,368   119,365     38   437,427   326,531     34
    -------------------------------------------------------------------------
    (1) Revenue is reported before transportation charges and realized
        financial instruments.
    

    Transportation Expenses

    Transportation expense per boe increased 34 percent and 37 percent in the
three and nine month periods ended September 30, 2007, respectively compared
to the comparable periods in 2006. These increases relate to properties
acquired in the past year and their proximity to market, along with pipeline
capacity constraint issues in southeast Saskatchewan which began in the fourth
quarter of 2006 and continued through 2007. Growing production volumes in
southeast Saskatchewan and incremental imports from other areas have exceeded
capacity of the area's major oil gathering system, Enbridge Pipelines
(Saskatchewan). Efforts to maintain crude sales led to incremental trucking
costs in the fourth quarter of 2006 and the nine month period ended
September 30, 2007. Expansion of the gathering system is expected to be
complete in the second quarter of 2008.

    
    -------------------------------------------------------------------------
                             Three months ended         Nine months ended
                                September 30               September 30
    ($000, except                              %                          %
     per boe amounts)       2007      2006  Change     2007      2006  Change
    -------------------------------------------------------------------------
    Transportation
     expenses              4,429     2,562     73    12,099     6,882     76
    Per boe                 1.75      1.31     34      1.68      1.23     37
    -------------------------------------------------------------------------
    

    Royalty Expenses

    Royalties as a percent of sales were 18 percent in both the third quarter
of 2007 and the nine month period ended September 30, 2007, down from
21 percent in the third quarter 2006 and 22 percent in the nine month period
ended September 30, 2006. These decreases are primarily associated with lower
royalty rates on the properties acquired through the Mission acquisition.
Further contributing to the Trust's lower royalty rate are royalty incentives
on new production associated with the Trust's successful drilling program in
southeast Saskatchewan.
    Crescent Point Energy completed an initial evaluation of the October 25,
2007 royalty announcement by the Province of Alberta. Crescent Point concluded
that the royalty changes will have minimal impact on the Trust's current
production and operations.

    
    -------------------------------------------------------------------------
                             Three months ended         Nine months ended
                                September 30               September 30
    ($000, except                              %                          %
     per boe amounts)       2007      2006  Change     2007      2006  Change
    -------------------------------------------------------------------------
    Total royalties       29,853    25,421     17    79,620    70,856     12
    As a % of oil and
     gas sales                18        21     (3)       18        22     (4)
    Per boe                11.77     12.97     (9)    11.07     12.65    (12)
    -------------------------------------------------------------------------
    

    Operating Expenses

    Operating expenses per boe decreased six percent in the third quarter and
increased six percent in the nine month period ended September 30, 2007, over
comparable periods in 2006. The reduction in operating costs per barrel in the
third quarter of 2007 as compared to 2006 reflects the impact of the Mission
acquisition and the lower operating cost structure associated with the
Viewfield Bakken area. The increase in operating costs per barrel for the nine
month period ended September 30, 2007 as compared to 2006 reflects higher
costs experienced for repairs and maintenance and one time costs from a
partner on a non-operated property during the first half of 2007.

    
    -------------------------------------------------------------------------
                             Three months ended         Nine months ended
                                September 30               September 30
    ($000, except                              %                          %
     per boe amounts)       2007      2006  Change     2007      2006  Change
    -------------------------------------------------------------------------
    Operating expenses    22,859    18,737     22    66,726    48,949     36
    Per boe                 9.01      9.56     (6)     9.27      8.74      6
    -------------------------------------------------------------------------
    

    Netbacks

    The Trust's netback after realized financial instruments increased
28 percent to $41.10 per boe in the third quarter of 2007 from $32.16 per boe
in the third quarter of 2006. The Trust's netback increased due to an
improvement in the Trust's average crude quality from the prior year as a
result of the Viewfield Bakken production acquired in the first quarter of
2007 resulting in lower corporate oil differentials. Additional factors
contributing to the improved netback were higher financial instrument prices,
lower royalties and lower operating costs which were modestly offset by
increased transportation costs.
    The netback for the nine month period ended September 30, 2007 increased
26 percent to $38.97 per boe compared to $30.93 per boe for the same period in
2006. The increase in the Trust's netback relates to narrower corporate oil
differentials resulting from the acquired Viewfield Bakken property, partially
offset by a lower US$ benchmark price and a stronger Canadian dollar. The
Trust's higher financial instrument prices and lower royalties also
contributed to the higher netbacks, despite higher operating and
transportation costs.

    
    -------------------------------------------------------------------------
                                          Three months ended September 30
                                            2007                   2006
    -------------------------------------------------------------------------
                               Crude Oil  Natural
                                 and NGL      Gas    Total    Total        %
                                  ($/bbl)  ($/mcf)  ($/boe)  ($/boe)  Change
    -------------------------------------------------------------------------
    Average selling price          69.86     5.40    64.80    60.90        6
    Royalties                     (12.72)   (0.95)  (11.77)  (12.97)      (9)
    Operating expenses             (8.97)   (1.54)   (9.01)   (9.56)      (6)
    Transportation                 (1.83)   (0.20)   (1.75)   (1.31)      34
    -------------------------------------------------------------------------
    Netback prior to realized
     financial instruments         46.34     2.71    42.27    37.06       14
    -------------------------------------------------------------------------
    Realized gain (loss) on
     financial instruments         (1.59)    0.26    (1.17)   (4.90)      76
    -------------------------------------------------------------------------
    Netback                        44.75     2.97    41.10    32.16       28
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                                          Nine months ended September 30
                                            2007                   2006
    -------------------------------------------------------------------------
                               Crude Oil  Natural
                                 and NGL      Gas    Total    Total        %
                                  ($/bbl)  ($/mcf)  ($/boe)  ($/boe)  Change
    -------------------------------------------------------------------------
    Average selling price          63.97     6.61    60.80    58.31        4
    Royalties                     (11.40)   (1.48)  (11.07)  (12.65)     (12)
    Operating expenses             (9.02)   (1.83)   (9.27)   (8.74)       6
    Transportation                 (1.72)   (0.24)   (1.68)   (1.23)      37
    -------------------------------------------------------------------------
    Netback prior to realized
     financial instruments         41.83     3.06    38.78    35.69        9
    -------------------------------------------------------------------------
    Realized gain (loss) on
     financial instruments          0.13     0.10     0.19    (4.76)     104
    -------------------------------------------------------------------------
    Netback                        41.96     3.16    38.97    30.93       26
    -------------------------------------------------------------------------
    

    General and Administrative Expenses

    General and administrative expenses per boe decreased 21 percent in the
third quarter of 2007 compared to the same period in 2006. The decrease is a
result of higher legal and professional fees in the third quarter of 2006
associated with the internal reorganization activities that were incurred in
preparation for the March 2007 reorganization.
    The general and administrative expenses for the nine month period
increased five percent primarily due to the overall growth of the Trust along
with industry cost pressures to retain and attract high quality employees.

    
    -------------------------------------------------------------------------
                             Three months ended         Nine months ended
                                September 30               September 30
    ($000, except                              %                          %
     per boe amounts)       2007      2006  Change     2007      2006  Change
    -------------------------------------------------------------------------
    General and
     administrative costs  4,589     4,033     14    14,563    10,285     42
    Capitalized           (1,239)     (757)    64    (3,119)   (1,818)    72
    -------------------------------------------------------------------------
    General and
     administrative
     expenses              3,350     3,276      2    11,444     8,467     35
    Per boe                 1.32      1.67    (21)     1.59      1.51      5
    -------------------------------------------------------------------------
    

    Restricted Unit Bonus Plan

    The Trust has a Restricted Unit Bonus Plan and under the terms of this
plan, the Trust may grant restricted units to directors, officers, employees
and consultants. Restricted units vest at 33 1/3 percent on each of the first,
second and third anniversaries of the grant date or at a date approved by the
Board of Directors. Restricted unitholders are eligible for monthly
distributions, immediately upon grant.
    The maximum number of trust units issuable under the Restricted Unit
Bonus Plan is 5,000,000 units. The Trust had 1,403,600 restricted units
outstanding at September 30, 2007 compared with 984,651 units outstanding at
September 30, 2006.
    The Trust recorded compensation expense and contributed surplus of
$3.5 million for the third quarter ended September 30, 2007, based on the fair
value of the units on the date of grant, a decrease of 31 percent over the
same period of 2006. Additionally, the Trust recorded $653,000 of cash
distributions on restricted units, an increase of 92 percent from $340,000 in
the third quarter 2006. The total cash and non-cash unit based compensation
recorded in the third quarter of 2007 was $4.2 million as compared to
$5.5 million for the same 2006 period. The decrease is attributable to some
restricted units granted in the third quarter of 2006 which were subject to
shorter vesting terms.
    For the nine month period ended September 30, 2007, the Trust recorded
compensation and contributed surplus of $10.6 million, based on the fair value
of the units on the date of grant, an increase of 26 percent over the same
period of 2006. The cash distributions on restricted units increased from
$687,000 in the nine month period September 30, 2006 to $1.4 million for the
nine month period September 30, 2007. The increase in the number of restricted
units and corresponding unit-based compensation expense is attributable to the
growth in the Trust's operations and industry pressures to retain and attract
high quality employees.

    
    -------------------------------------------------------------------------
                             Three months ended         Nine months ended
                                September 30               September 30
    ($000, except                              %                          %
     per boe amounts)       2007      2006  Change     2007      2006  Change
    -------------------------------------------------------------------------
    Cash unit-based
     compensation expense    653       340     92     1,438       687    109
    Non-cash unit-based
     compensation expense  3,526     5,131    (31)   10,592     8,436     26
    -------------------------------------------------------------------------
    Total                  4,179     5,471    (24)   12,030     9,123     32
    Per boe                 1.65      2.79    (41)     1.67      1.63      2
    -------------------------------------------------------------------------
    

    Interest Expense

    Interest expense per boe increased six percent for both the three and
nine month periods ended September 30, 2007 compared to the same periods for
2006. The increase in the interest expense per boe is attributable to the
higher effective interest rates resulting from an increase in the prime
interest rate. Crescent Point actively manages exposure to fluctuations in
interest rates through interest rate swaps and short term banker's acceptance
(refer to Financial Instruments and Risk Management section above).

    
    -------------------------------------------------------------------------
                             Three months ended         Nine months ended
                                September 30               September 30
    ($000, except                              %                          %
     per boe amounts)       2007      2006  Change     2007      2006  Change
    -------------------------------------------------------------------------
    Interest expense       4,727     3,425     38    13,698    10,071     36
    Per boe                 1.86      1.75      6      1.90      1.80      6
    -------------------------------------------------------------------------
    

    Depletion, Depreciation and Amortization

    The depletion, depreciation and amortization ("DD&A") rate increased to
$24.75 per boe in the third quarter from $19.14 per boe in the third quarter
of 2006. The same trend was experienced for the nine month period ended
September 30, 2007. The higher DD&A rate is due to the acquisitions completed
in 2006 as well as the Mission acquisition completed in 2007 which carried a
higher cost per barrel than the Trust's existing properties.

    
    -------------------------------------------------------------------------
                             Three months ended         Nine months ended
                                September 30               September 30
    ($000, except                              %                          %
     per boe amounts)       2007      2006  Change     2007      2006  Change
    -------------------------------------------------------------------------
    Depletion,
     depreciation and
     amortization         62,791    37,507     67   174,906   103,063     70
    Per boe                24.75     19.14     29     24.31     18.41     32
    -------------------------------------------------------------------------
    

    Taxes

    Capital and other tax expense consists of Saskatchewan Corporation
Capital Tax Resource Surcharge. Capital and other tax expense for the third
quarter of 2007 remained consistent with 2006 despite higher revenues, due to
lower realized capital tax rates on acquisitions. For the nine month period
ended September 30, 2007, capital tax increased 21 percent due to an increase
in the Trust's Saskatchewan based revenues.
    In the first quarter of 2007, the future income tax liability was
eliminated due to the March 1, 2007 reorganization providing the Trust with a
"flow through" structure. This resulted in a future income tax recovery of
$158.8 million in the first quarter of 2007.
    On June 12, 2007 the Federal Government's Bill C-52, which included
legislation to tax publicly traded trusts, was substantively enacted as
defined under Canadian GAAP. As a result of this new legislation, a new
31.5 percent tax will be applied to distributions from Canadian public income
trusts. The new tax is not expected to apply to Crescent Point until
January 1, 2011 as a transition period applies to publicly traded trusts that
existed prior to November 1, 2006. As a result of this change in legislation,
a future income tax liability and future tax expense of $152.3 million was
recognized in the second quarter of 2007. The future income tax represents the
taxable temporary differences of Crescent Point tax effected at 31.5 percent,
which is the rate that will be applicable to trusts in 2011 under current
legislation.
    The Trust recorded a further expense of $9.7 million in the third quarter
of 2007 due to differences between forecasted and realized temporary
differences for the quarter. Accordingly, for the nine month period ending
September 30, 2007 the Trust recorded a $3.2 million charge to future tax
expense which is the excess liability recognized in the second and third
quarters of 2007 in respect of the taxation on trusts over the recovery
recorded in the first quarter of 2007 in respect of the internal
reorganization.
    Despite the trust tax legislation, Crescent Point continues to
aggressively implement its business plan, which remains unchanged since
inception as a junior producer in 2001. Crescent Point's key attributes of
proven management, high quality, large resource in place assets, and
conservative balance sheet and risk management strategy have generated six
strong years of successful results and position the Trust well to succeed in
the future. In addition, with the Canadian Government's Tax Fairness Plan
beginning in 2011, the Trust is well positioned with substantial tax pools,
including the acquisition of Innova Exploration Ltd. in October 2007, of
approximately $1.0 billion, to minimize future taxable income.

    
    -------------------------------------------------------------------------
                             Three months ended         Nine months ended
                                September 30               September 30
    ($000)                                     %                          %
                            2007      2006  Change     2007      2006  Change
    -------------------------------------------------------------------------
    Capital and other
     tax expense           3,309     3,234      2    10,520     8,689     21
    Future income tax
     expense (recovery)    9,679     4,292    126     3,208   (16,340)   120
    -------------------------------------------------------------------------
    

    Cash Flow and Net Income

    Cash flow from operations increased from $52.8 million in the third
quarter of 2006 to $92.2 million in the third quarter of 2007. Cash flow from
operations per unit - diluted also increased 14 percent from $0.78 to $0.89
per unit - diluted. The increase in the cash flow from operations and cash
flow from operations per unit - diluted is primarily the result of the Trust's
increased production and increased corporate netbacks due to narrower
corporate oil differentials as a result of the Mission acquisition. The same
trend was experienced for the nine month period ended September 30, 2007.
    Cash flow from operating activities increased from $50.9 million in the
third quarter of 2006 to $80.7 million in the third quarter of 2007. Cash flow
from operating activities per unit - diluted also increased four percent from
$0.75 to $0.78 per unit - diluted. The increase in cash flow from operating
activities and cash flow from operating activities per unit - diluted is
primarily the result of the same factors described above, along with changes
in working capital. The same trend was experienced for the nine month period
ended September 30, 2007.
    Net income for the third quarter of 2007 decreased to $18.4 million from
$39.6 million for the corresponding period in 2006 primarily as a result of a
$34.6 million unrealized financial instrument gain in 2006 compared to a
$3.4 million unrealized financial instrument gain in 2007. For the nine month
period ended September 30, 2007, net income remained reasonably consistent at
$58.2 million, down from $62.0 million for the same period of 2006.

    
    -------------------------------------------------------------------------
                             Three months ended         Nine months ended
                                September 30               September 30
    ($000, except                              %                          %
     per unit amounts)      2007      2006  Change     2007      2006  Change
    -------------------------------------------------------------------------
    Cash flow from
     operations           92,215    52,774     75   243,338   145,292     67
    Cash flow from
     operations per
     unit - diluted         0.89      0.78     14      2.50      2.36      6

    Cash flow from
     operating activities 80,722    50,910     59   233,535   138,113     69
    Cash flow from
     operating activities
     - diluted              0.78      0.75      4      2.40      2.25      7

    Net income            18,410    39,588    (53)   58,181    62,029     (6)
    Net income per unit
     - diluted(1)           0.18      0.58    (69)     0.60      0.97    (38)
    -------------------------------------------------------------------------
    (1) Net income per unit - diluted is calculated by dividing the net
        income before non-controlling interest by the diluted weighted
        average trust units, excluding the cash portion of unit based
        compensation.
    

    Cash Distributions

    The Trust maintained monthly distributions of $0.20 per unit during the
third quarter and nine month periods ended September 30, 2007. Crescent
Point's risk management strategy minimizes corporate price volatility which
has provided the Trust with the ability to maintain sustainable distributions
through periods of weakening market prices.
    Cash distributions increased by 58 percent for the third quarter of 2007
compared to the same period in 2006, and by 63 percent for the nine month
period ended September 30, 2007. The rise in distributions relates to the
increase in trust units outstanding, primarily as a result of 2007 corporate
acquisitions, a bought deal equity financing in September 2007 and the Trust's
distribution reinvestment programs.
    The following table provides a reconciliation of cash distributions:

    
    -------------------------------------------------------------------------
                             Three months ended         Nine months ended
                                September 30               September 30
    ($000, except                              %                          %
     per unit amounts)      2007      2006  Change     2007      2006  Change
    -------------------------------------------------------------------------
    Accumulated cash
     distributions,
     beginning of period 404,373   209,230     93   290,442   140,165    107
    Cash distributions
     declared to
     unitholders(1)       63,206    39,890     58   177,137   108,955     63
    -------------------------------------------------------------------------
    Accumulated cash
     distributions,
     end of period       467,579   249,120     88   467,579   249,120     88
    -------------------------------------------------------------------------

    Accumulated cash
     distributions per
     unit, beginning
     of period              8.46      6.06     40      7.26      4.86     49
    Cash distributions
     declared to
     unitholders
     per unit(1)            0.60      0.60      -      1.80      1.80      -
    -------------------------------------------------------------------------
    Accumulated cash
     distributions per
     unit, end of period    9.06      6.66     36      9.06      6.66     36
    -------------------------------------------------------------------------
    (1) Cash distributions reflect the sum of the amounts declared monthly to
        unitholders, including distributions under the DRIP and Premium DRIP
        plans.
    

    For the three and nine months ended September 30, 2007, cash flow from
operating activities (including changes in non-cash working capital) of
$80.7 million and $233.5 million, respectively, exceeded cash distributions of
$63.2 million and $177.1 million, respectively. This was consistent with the
two previous fiscal years.
    For the three and nine months ended September 30, 2007, the cash
distributions of $63.2 million and $177.1 million, respectively, exceeded net
income of $18.4 million and $58.2 million, respectively. This is consistent
with the two previous fiscal years. Net income includes significant non-cash
charges which in 2007 were $73.8 million for the quarter and $185.2 million
for the nine months September 30, 2007 that do not impact cash flow. The
non-cash charges also include fluctuations in future income taxes due to
changes in tax rates and tax rules, unrealized gains and losses on financial
instruments and unit-based compensation which includes a significant non-cash
component. Further, other non-cash charges such as DD&A are not a good proxy
for the cost of maintaining our reserves and production.
    Crescent Point does not anticipate cash distributions will exceed cash
flow from operating activities, however it is likely they will exceed net
income as noted above given the significant non-cash items that are recorded
such as future income taxes, DD&A, unit based compensation and unrealized
losses on financial instruments. Further, the cash flow from operating
activities can be significantly impacted by large fluctuations in working
capital adjustments that may vary quarter-to-quarter but level out over the
period. The distributions paid to unitholders represent a return on their
initial investment and is not intended to be a return of capital.
    An objective of the Trust's distribution policy is to provide unitholders
with relatively stable and predictable monthly distributions. An additional
objective is to retain a portion of cash flow to fund ongoing development and
optimization projects designed to enhance the sustainability of the Trust's
cash flow. Although the Trust strives to provide unitholders with stable and
predictable cash flows, the percentage of cash flow from operations paid to
unitholders each month may vary according to a number of factors, including,
fluctuations in resource prices, exchange rates and production rates, reserves
growth, the size of development drilling programs and the portion thereof
funded from cash flow and the overall level of debt of the Trust. The actual
amount of the distributions are at the discretion of the Board of Directors.
In the event that commodity prices are higher than anticipated and a cash
surplus develops, such surplus may be used to increase distributions, reduce
debt and/or increase the capital program.
    The Trust has a strong balance sheet and a balanced three year derivative
profile and is therefore well positioned to sustain distributions over time as
Crescent Point continues to exploit and develop its asset base and actively
identify and evaluate acquisition opportunities. As discussed above, there are
many factors impacting the Trust's ability to sustain distributions. The Trust
continues to monitor these factors in connection with setting distribution
levels.

    
    -------------------------------------------------------------------------
    ($000)                     Three months  Nine months      Year ended
                                   ended        ended
    -------------------------------------------------------------------------
                                   September 30, 2007       2006       2005
    -------------------------------------------------------------------------
    Cash flow from operating
     activities                      80,722    233,535    177,426     94,247
    Net income                       18,410     58,181     68,947     38,509
    Cash distributions paid
     or payable                      63,206    177,137    150,277     74,591
    -------------------------------------------------------------------------
    Excess (shortfall) of cash
     flows from operating activities
     over cash distributions paid    17,516     56,398     27,149     19,656
    -------------------------------------------------------------------------
    Excess (shortfall) of net income
     over cash distributions paid   (44,796)  (118,956)   (81,330)   (36,082)
    -------------------------------------------------------------------------
    

    Investment in Marketable Securities

    During the nine month period ended September 30, 2007, the Trust owned
shares of a publicly traded exploration and production company. In accordance
with new accounting standards, in the first quarter of 2007, the Trust
marked-to-market its investment in marketable securities. The carrying amount
of $171,000 at December 31, 2006 was increased to $1.6 million at January 1,
2007 to reflect the fair value of the investment. The unrealized gain of
$1.5 million at January 1, 2007 was recorded through retained earnings. In the
second quarter of 2007, the Trust sold the securities for a realized gain of
$1.4 million.

    Long Term Investments

    During the three month period ended September 30, 2007, the Trust
purchased 2.2 million shares of Innova Exploration Ltd., a publicly traded
exploration and production company, for an average price of approximately
$7.51 per share or $16.6 million. The Trust acquired all remaining shares of
Innova Exploration Ltd. in October 2007 (refer to Capital Expenditures section
below). The fair value at September 30, 2007 was $16.6 million, unchanged from
the carrying value. Accordingly, there was no adjustment required to mark the
investment to market.

    Capital Expenditures

    During the three month period ended September 30, 2007, the Trust closed
the acquisition of a private corporation with properties in the Willmar and
Browning areas of southeast Saskatchewan for consideration of approximately
$18.9 million including net debt assumed. The purchase was funded through the
transfer of 605,815 trust units and cash of $121,000 from the Trust's existing
bank lines.
    The Trust closed minor property acquisitions in the Viewfield Bakken area
of southeast Saskatchewan and the Sounding Lake area of south central Alberta
in the third quarter 2007 for total consideration of $1.2 million. The Trust
recorded purchase price adjustments of $700,000 on previously closed
acquisitions in the third quarter of 2007. In the nine month period ended
September 30, 2007, the Trust closed two corporate acquisitions and minor
property acquisitions for total consideration of $660.5 million, including
closing adjustments and assumed net debt. The Trust recorded favorable
purchase price adjustments of $500,000 on previously closed acquisitions in
the nine months ended September 30, 2007.
    On February 9, 2007, the Trust closed the acquisition of Mission Oil &
Gas Inc., a publicly traded company with properties in the Viewfield area of
southeast Saskatchewan for consideration of approximately $621.4 million,
including closing adjustments and net debt assumed. The acquisition added
production of 7,000 boe/d, including more than 5,000 boe/d from the Bakken
resource play. The purchase was funded through the Trust's existing bank lines
and the issuance of approximately 29.2 million trust units.
    Subsequent to the quarter, in late October 2007, the Trust closed the
acquisition of Innova Exploration Ltd., a publicly traded company with
properties in the Viewfield Bakken area of southeast Saskatchewan for
consideration of approximately $400.0 million, before closing adjustments and
including assumed net debt. The purchase was funded through the Trust's
existing bank lines. The Trust owned 2.2 million shares of Innova Exploration
Ltd. prior to the closing which it purchased for an average price of
approximately $7.51 per share or approximately $16.6 million in September
2007.
    In late October 2007, the Trust also announced an offer to purchase the
issued and outstanding shares of Pilot Energy Ltd. by way of a Plan of
Arrangement for total consideration of approximately $76.0 million before
closing adjustments and including net debt. An Information Circular outlining
the plan is expected to be mailed by December 15, 2007 and a shareholder vote
to approve the Plan of Arrangement will be held on or about January 15, 2008.
    The Trust's development capital expenditures for the third quarter of
2007 were $57.8 million, compared to $31.9 million for the comparable period
in 2006. In the third quarter of 2007, 49 wells (34.2 net) were drilled with a
success rate of 100 percent.
    The Trust's budgeted capital program for 2007 is approximately
$215.0 million and no budget has been established for acquisitions. The Trust
searches for opportunities that align with strategic parameters and evaluates
each prospect on a case by case basis. The Trust's acquisitions are expected
to be financed through bank debt and new equity issuances.

    
    -------------------------------------------------------------------------
                             Three months ended         Nine months ended
                                September 30               September 30
                                               %                          %
    ($000)                  2007      2006  Change     2007      2006  Change
    -------------------------------------------------------------------------
    Capital acquisitions
     (net)(1)(2)          20,777    61,738    (66)  660,029   505,927     30
    Development capital
     expenditures         57,792    31,921     81   132,538    79,956     66
    Capitalized
     administration        1,239       757     64     3,119     1,818     72
    Office equipment(2)      680       132    415     2,277       536    325
    -------------------------------------------------------------------------
    Total                 80,488    94,548    (15)  797,963   588,237     36
    -------------------------------------------------------------------------
    (1) Capital acquisitions represent total consideration for the
        transactions including bank debt and working capital assumed.
    (2) Comparative prior period results have been restated to conform to
        current period presentation.
    

    Goodwill

    The goodwill balance of $68.4 million as at September 30, 2007 is
attributable to the corporate acquisitions of Tappit Resources Ltd., Capio
Petroleum Corporation and Bulldog Energy Inc. during the period 2003 through
2005.

    Asset Retirement Obligation

    The asset retirement obligation increased by $2.2 million during the
third quarter of 2007. This increase relates to liabilities of $1.3 million
recorded in respect of capital acquisitions and new drills in the third
quarter of 2007 and accretion expense of $1.2 million, offset slightly by
actual expenditures incurred in the quarter of $287,000. For the nine month
period ended September 30, 2007, the asset retirement obligation increased by
$15.5 million. This increase relates to $13.3 million recorded for capital
acquisitions and new drills in the year and accretion expense of $3.2 million,
offset by $976,000 in actual expenditures during the 2007 period.

    Liquidity and Capital Resources

    At September 30, 2007, the Trust had a syndicated credit facility with
seven banks and an operating credit facility with one Canadian chartered bank.
On May 28, 2007, the amount available under the Trust's combined credit
facilities was increased from $470.0 million to $600.0 million, to reflect the
growth of the Trust's reserve base and the Mission acquisition. As at
September 30, 2007, the Trust had debt of $198.6 million, leaving unutilized
borrowing capacity of $401.4 million.
    In October 2007, the Trust's credit facility was increased from $600.0 to
$800.0 million reflecting the growth in the Trust's lending base and the
completion of the Innova Exploration Ltd. acquisition. The Trust's bank
syndicate was also expanded from seven to nine banks.
    As at September 30, 2007, Crescent Point was capitalized with eight
percent net debt and 92 percent equity, an eight percent change from
December 31, 2006, reflecting the September 2007 bought deal financing (based
on period end market capitalization). The Trust's net debt to cash flow of 0.6
times at September 30, 2007 (December 31, 2006 - 1.2 times) reflects the
impact of the September 2007 bought deal financing proceeds which were used to
reduce debt. The Trust's projected net debt to 12 month cash flow is less than
1.4 times.
    The Trust's ability to raise new equity will be limited by the Safe
Harbour Limit guidelines as announced by the Federal Government. The Federal
Government's decision to tax income trusts has created uncertainty in the
capital markets regarding the future of the trust sector however, Crescent
Point believes that it has sufficient capital resources to meet its
obligations given the significant credit facility available and success
raising new equity as demonstrated in fiscal 2006 and the 2007 period.

    
    -------------------------------------------------------------------------
    Capitalization Table ($000, except            September 30,  December 31,
     unit, per unit and percent amounts)                  2007          2006
    -------------------------------------------------------------------------
    Bank debt                                          198,646       254,438
    Working capital(1)                                   9,908       (26,533)
    -------------------------------------------------------------------------
    Net debt(1)                                        208,554       227,905
    Trust units outstanding                        112,722,546    69,531,952
    Market price at end of period (per unit)             20.84         17.60
    Market capitalization                            2,349,138     1,223,762
    -------------------------------------------------------------------------
    Total capitalization                             2,557,692     1,451,667
    -------------------------------------------------------------------------
    Net debt as a percentage of total
     capitalization (%)                                      8            16
    -------------------------------------------------------------------------
    Annualized cash flow from operations               368,860       189,135
    -------------------------------------------------------------------------
    Net debt to cash flow(2)                               0.6           1.2
    -------------------------------------------------------------------------
    (1) Working capital and net debt exclude the risk management liabilities
        and assets and include long-term investments.
    (2) The net debt reflects the financing of acquisitions, however the cash
        flow only reflects cash flows generated from the acquired properties
        since the closing dates of the acquisitions.
    

    Unitholders' Equity

    At September 30, 2007, Crescent Point had 112,722,546 trust units issued
compared to 69,531,952 trust units at December 31, 2006. The increase by more
than 43.0 million trust units relates primarily to the corporate acquisitions
completed in 2007, the bought deal financing in September 2007 and the Trust's
distribution reinvestment programs.
    On February 9, 2007, the Trust issued 29.2 million trust units to Mission
shareholders at a price of $17.37 per trust unit. On September 5, 2007, the
Trust transferred 605,815 trust units at $20.02 per unit in connection with
the acquisition of a private corporation owning properties in the Willmar and
Browning areas of southeast Saskatchewan.
    On September 25, 2007, the Trust and a syndicate of underwriters closed a
bought deal equity financing pursuant to which the syndicate sold 8.9 million
trust units for gross proceeds of $165.1 million ($18.55 per trust unit).
    For the third quarter of 2007, the distribution reinvestment and premium
distribution reinvestment plans resulted in an additional 1.6 million trust
units being issued at an average price of $18.76 raising a total of
$29.4 million. Participation levels in these plans are approximately
46 percent. The cash raised through these alternative equity programs is used
to reduce bank debt. Crescent Point will continue to monitor participation
levels and utilize these funds in the most effective manner.
    Crescent Point's total capitalization increased 76 percent to
$2.6 billion at September 30, 2007 compared to $1.5 billion at December 31,
2006, with the market value of the trust units representing 92 percent of the
total capitalization. The increase in capitalization is attributable to the
increase in the number of units outstanding along with a significant
appreciation in the unit trading price. During the third quarter of 2007, the
Trust's units traded in the range of $17.58 to $20.85 with an average daily
trading volume of 404,032 units.

    Critical Accounting Estimates

    The preparation of the Trust's financial statements requires management
to adopt accounting policies that involve the use of significant estimates and
assumptions. These estimates and assumptions are developed based on the best
available information and are believed by management to be reasonable under
the existing circumstances. New events or additional information may result in
the revision of these estimates over time. A summary of the significant
accounting policies used by Crescent Point can be found in Note 2 to the
December 31, 2006 consolidated financial statements.

    New Accounting Pronouncements

    Accounting Changes in the Current Period

    Financial Instruments

    On January 1, 2007, the Trust adopted the CICA Handbook sections 3855
"Financial Instruments Recognition and Measurement", 3865 "Hedges", 3861
"Financial Instruments - Disclosure and Presentation", 1530 "Comprehensive
Income," and 3251 "Equity". Other than the effect on the Investment in
Marketable Securities as described in the above section, the adoption of the
financial instruments standards has not affected the current or comparative
period balances on the consolidated financial statements as all financial
instruments identified have been fair valued.
    Section 3855 requires that all financial assets be classified as
held-for-trading, available-for-sale, held-to-maturity, or loans and
receivables and that all financial liabilities must be classified as
held-for-trading or other. Financial assets and financial liabilities
classified as held-for-trading are measured at fair value with changes in
those fair values recognized in earnings. Financial assets held-to-maturity,
loans and receivables, and other financial liabilities are measured at
amortized cost using the effective interest method of amortization.
Available-for-sale financial assets are measured at fair value with unrealized
gains and losses, including changes in foreign exchange rates, being
recognized in other comprehensive income. Investments in equity instruments
classified as available-for-sale that do not have a quoted market price in an
active market are measured at cost. Accordingly, the investment in marketable
securities balance of $171,000 at January 1, 2007 consisting of an investment
in a publicly traded exploration and production company, was fair valued at
January 1, 2007 to $1.6 million. Under prospective application, the
$1.5 million gain was recorded as an adjustment to opening retained earnings.
During the three month period ended June 30, 2007, the Trust sold the
investment in marketable securities resulting in a realized gain of
$1.4 million.
    During the three month period ended September 30, 2007, the Trust
purchased 2.2 million shares of Innova Exploration Ltd., a publicly traded
exploration and production company, for an average price of approximately
$7.51 per share or $16.6 million. The Trust acquired the remaining shares in
October 2007 (refer to Capital Expenditures section above). The fair value at
September 30, 2007 was $16.6 million, unchanged from the carrying value.
Accordingly, there was no adjustment required to mark the investment to
market.
    Section 1530 establishes new standards for reporting comprehensive
income, consisting of Net Income and Other Comprehensive Income ("OCI"). OCI
is the change in equity (net assets) of an entity during a reporting period
from transactions and other events from non-owner sources and excludes those
resulting from investments by owners and distributions to owners. The Trust
has no such transactions and events which would require the disclosure of OCI
for the three month period ended September 30, 2007. Any changes in these
items would be presented in a consolidated statement of comprehensive income.

    Future Accounting Changes

    The CICA issued new accounting standards, CICA Accounting Standard
Handbook Section 3862, "Financial Instruments - Disclosures" and Section 3863
"Financial Instruments - Presentation". These standards require entities to
provide disclosures in their financial statements that enable users to
evaluate the significance of financial instruments to the entity's financial
position and performance. It also requires that entities disclose the nature
and extent of risks arising from financial instruments and how the entity
manages those risks. The standards establish presentation guidelines for
financial instruments and non-financial derivatives and deals with the
classification of financial instruments, from the perspective of the issuer,
between liabilities and equity, the classification of related interest,
dividends, losses and gains, and the circumstances in which financial assets
and financial liabilities are offset.
    The CICA issued Section 1535, "Capital Disclosures". The application of
these recommendations will provide readers of financial statements with
information pertinent to the Trust's objectives, policies and processes for
managing capital. Disclosure of quantitative data regarding what is considered
capital and whether the Trust is in compliance with all externally imposed
capital requirements and consequences of non-compliance will be disclosed.
    The standards are effective for fiscal years beginning on or after
October 1, 2007. The Trust has not assessed the impact of these standards on
its financial statements.

    Internal Controls Update

    Crescent Point is required to comply with Multilateral Instrument 52-109
"Certification of Disclosure in Issuers' Annual and Interim Filings". The 2007
certificate requires that the Trust disclose in the interim MD&A any changes
in the Trust's internal control over financial reporting that occurred during
the period that has materially affected, or is reasonably likely to materially
affect the Trust's internal control over financial reporting. The Trust
confirms that no such changes were made to the internal controls over
financial reporting during the third quarter of 2007.

    
    Summary of Quarterly Results
    -------------------------------------------------------------------------
                                                   2007                 2006
    ($000, except per unit amounts)      Q3         Q2         Q1         Q4
    -------------------------------------------------------------------------
    Revenues                        164,368    144,179    128,880    100,960

    Net income (loss)(1)(5)          18,410   (117,773)   157,544      6,918
    Net income (loss) per unit(1)(5)   0.18      (1.17)      1.83       0.10
    Net income (loss) per unit
     - diluted(1)(5)                   0.18      (1.17)      1.80       0.10

    Cash flow from operating
     activities                      80,722    102,637     50,176     39,313
    Cash flow from operating
     activities per unit               0.79       1.02       0.58       0.58
    Cash flow from operating
     activities per unit - diluted     0.78       1.01       0.58       0.56

    Cash flow from operations        92,215     78,248     72,875     43,843
    Cash flow from operations
     per unit                          0.90       0.78       0.84       0.64
    Cash flow from operations
     per unit - diluted                0.89       0.77       0.84       0.63

    Working capital(2)               (9,908)   (23,346)    13,044     26,533
    Total assets                  2,106,227  2,051,979  2,076,521  1,373,466
    Total liabilities               555,233    656,693    534,299    467,086
    Net debt(2)                     208,554    353,416    340,612    227,905
    Total long-term financial
     liabilities                          -      7,286     16,107     11,697

    Weighted average trust units
     - diluted (thousands)(3)       104,074    101,681     87,537     69,764

    Capital expenditures(4)          80,488     58,835    658,640     32,925

    Cash distributions               63,206     60,320     53,611     41,322
    Cash distributions per unit        0.60       0.60       0.60       0.60
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                                                   2006                 2005
    ($000, except per unit amounts)      Q3         Q2         Q1         Q4
    -------------------------------------------------------------------------
    Revenues                        119,365    113,790     93,376     75,935

    Net income (loss)(1)(5)          39,588     19,260      3,181     33,453
    Net income (loss) per unit(1)(5)   0.61       0.32       0.06       0.87
    Net income (loss) per unit
     - diluted(1)(5)                   0.58       0.31       0.02       0.87

    Cash flow from operating
     activities                      50,910     49,683     37,520     21,731
    Cash flow from operating
     activities per unit               0.78       0.84       0.71       0.56
    Cash flow from operating
     activities per unit - diluted     0.75       0.81       0.68       0.54

    Cash flow from operations        52,774     52,282     40,236     33,424
    Cash flow from operations
     per unit                          0.81       0.88       0.76       0.87
    Cash flow from operations
     per unit - diluted                0.78       0.85       0.73       0.83

    Working capital(2)               29,354     29,840     25,946     31,165
    Total assets                  1,351,245  1,294,214  1,188,260    808,297
    Total liabilities               448,483    503,903    452,648    375,632
    Net debt(2)                     212,073    241,371    206,991    194,545
    Total long-term financial
     liabilities                      8,650     18,791     16,097      4,590

    Weighted average trust units
     - diluted (thousands)(3)        67,810     61,372     54,958     40,464

    Capital expenditures(4)          94,548    116,487    377,202    167,927

    Cash distributions               39,890     36,123     32,942     22,835
    Cash distributions per unit        0.60       0.60       0.60       0.59
    -------------------------------------------------------------------------
    (1) Net income per unit - diluted is calculated by dividing the net
        income before non-controlling interest by the diluted weighted
        average trust units, excluding the cash portion of unit-based
        compensation.

    (2) Working capital and net debt exclude the risk management liabilities
        and assets and unrealized gain on investment in marketable
        securities, and include long term investments.

    (3) The trust units issuable on conversion of the exchangeable shares
        reflect the weighted average exchangeable shares outstanding
        converted at the exchange ratio in effect at the end of the period.
        For the fourth quarter 2006 amounts, the exchangeable share ratio
        applied is the one in effect for the October 27, 2006 redemption.

    (4) Capital expenditures includes capital acquisitions. Capital
        acquisitions represent total consideration for the transactions
        including bank debt and working capital assumed. Prior period results
        have been restated to conform to current period presentation.

    (5) Net income for the first quarter of 2007 includes the $158.8 million
        future income tax recovery resulting from the March 1, 2007
        reorganization. Net income for the second quarter of 2007 includes
        the $152.3 million future income tax expense resulting from the
        June 12, 2007 Bill C-52 Budget Implementation Act that was
        substantively enacted.
    

    Crescent Point's revenue has increased due to several property and
corporate acquisitions completed over the past two years and the Trust's
successful drilling program. The overall growth of the Trust's asset base also
contributed to the general increase in cash flow from operations and cash flow
from operating activities. Net income through 2005 and 2006 has fluctuated
primarily due to unrealized financial instrument gains and losses on oil and
gas contracts, which fluctuate with the changes in market conditions. Net
income for the nine month period September 30, 2007 fluctuated due to changes
in the future tax expense/recovery. The March 1, 2007 internal reorganization
resulted in a $158.8 million future tax recovery in the first quarter of 2007.
Bill C-52 became substantively enacted on June 12, 2007, resulting in the
future tax expense of $152.3 million in the second quarter of 2007. Capital
expenditures fluctuated through this period as a result of timing of
acquisitions. The general increase in cash flows from operations and operating
activities throughout the last eight quarters has allowed the Trust to
maintain stable monthly cash distributions of $0.17 per unit through August
2005 with increases to $0.19 per unit in September and to $0.20 per unit in
November 2005.

    Outlook

    Crescent Point's preliminary 2008 guidance (pro forma with Innova
Exploration Ltd. and Pilot Energy Ltd.) is as follows:

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

    Additional information relating to Crescent Point, including the Trust's
renewal annual information form, is available on SEDAR at www.sedar.com.



    CONSOLIDATED BALANCE SHEETS
    -------------------------------------------------------------------------
                                                             As at
                                                  September 30,  December 31,
    (UNAUDITED) ($000)                                    2007          2006
    -------------------------------------------------------------------------
    ASSETS
      Current assets
        Cash                                             1,752           205
        Accounts receivable                             89,997        53,279
        Investments in marketable securities (Note 2)        -           171
        Prepaids and deposits                            2,581         4,509
        Risk management asset (Note 11)                  2,045           586
    -------------------------------------------------------------------------
                                                        96,375        58,750
      Long-term investment (Note 2 & 3(a))              16,606        30,020
      Reclamation fund                                   2,548         1,725
      Risk management asset (Note 11)                    1,000           466
      Property, plant and equipment (Note 3)         1,921,348     1,214,155
      Goodwill                                          68,350        68,350
    -------------------------------------------------------------------------
    Total assets                                     2,106,227     1,373,466
    -------------------------------------------------------------------------

    LIABILITIES
      Current liabilities
        Accounts payable and accrued liabilities       108,932        53,053
        Cash distributions payable                      11,912         8,598
        Bank indebtedness (Note 4)                     198,646       254,438
        Risk management liability (Note 11)             12,398         7,581
    -------------------------------------------------------------------------
                                                       331,888       323,670
      Asset retirement obligation (Note 5)              61,320        45,829
      Risk management liability (Note 11)                    -        11,697
      Future income taxes (Note 9)                     162,025        85,890
    -------------------------------------------------------------------------
    Total liabilities                                  555,233       467,086
    -------------------------------------------------------------------------

    UNITHOLDERS' EQUITY
      Unitholders' capital (Note 6)                  1,803,782     1,045,929
      Contributed surplus (Note 7)                      13,399         9,150
      Deficit (Note 8)                                (266,187)     (148,699)
    -------------------------------------------------------------------------
    Total unitholders' equity                        1,550,994       906,380
    -------------------------------------------------------------------------
    Total liabilities and unitholders' equity        2,106,227     1,373,466
    -------------------------------------------------------------------------
    See accompanying notes to the consolidated financial statements.



    CONSOLIDATED STATEMENTS OF OPERATIONS, COMPREHENSIVE INCOME AND DEFICIT
    -------------------------------------------------------------------------
                                     Three months ended     Nine months ended
    (UNAUDITED)                          September 30          September 30
    ($000, except per unit amounts)    2007       2006       2007       2006
    -------------------------------------------------------------------------
    REVENUE
      Oil and gas sales             164,368    119,365    437,427    326,531
      Royalties                     (29,853)   (25,421)   (79,620)   (70,856)
      Financial instruments
        Realized gains (losses)      (2,973)    (9,596)     1,390    (26,638)
        Unrealized gains (Note 11)    3,383     34,648      6,810     11,872
    -------------------------------------------------------------------------
                                    134,925    118,996    366,007    240,909

    EXPENSES
      Operating                      22,859     18,737     66,726     48,949
      Transportation                  4,429      2,562     12,099      6,882
      General and administrative      3,350      3,276     11,444      8,467
      Unit-based compensation
       (Note 7)                       4,179      5,471     12,030      9,123
      Interest on bank indebtedness
       (Note 4)                       4,727      3,425     13,698     10,071
      Depletion, depreciation and
       amortization                  62,791     37,507    174,906    103,063
      Accretion on asset retirement
       obligation (Note 5)            1,192        849      3,195      2,307
    -------------------------------------------------------------------------
                                    103,527     71,827    294,098    188,862
    -------------------------------------------------------------------------
      Income before taxes            31,398     47,169     71,909     52,047
      Capital and other taxes         3,309      3,234     10,520      8,689
      Future income tax expense
       (recovery) (Note 9)            9,679      4,292      3,208    (16,340)
    -------------------------------------------------------------------------
      Net income before
       non-controlling interest      18,410     39,643     58,181     59,698
      Non-controlling interest            -        (55)         -      2,331
    -------------------------------------------------------------------------
      Net income and comprehensive
       income for the  period        18,410     39,588     58,181     62,029
    -------------------------------------------------------------------------
      Deficit, beginning of period (221,391)  (113,993)  (148,699)   (67,369)
      Change in accounting policy
       (Note 2)                           -          -      1,468          -
      Cash distributions paid
       or declared                  (63,206)   (39,890)  (177,137)  (108,955)
    -------------------------------------------------------------------------
      Deficit, end of the period
       (Note 8)                    (266,187)  (114,295)  (266,187)  (114,295)
    -------------------------------------------------------------------------

    Net income per unit (Note 10)
      Basic                            0.18       0.61       0.60       1.05
      Diluted                          0.18       0.58       0.60       0.97
    -------------------------------------------------------------------------
    See accompanying notes to the consolidated financial statements.



    CONSOLIDATED STATEMENTS OF CASH FLOWS
    -------------------------------------------------------------------------
                                     Three months ended     Nine months ended
                                         September 30          September 30
    (UNAUDITED) ($000)                 2007       2006       2007       2006
    -------------------------------------------------------------------------
    CASH PROVIDED BY (USED IN)
     OPERATING ACTIVITIES
      Net income for the period      18,410     39,588     58,181     62,029
      Items not affecting cash
        Non-controlling interest          -         55          -     (2,331)
        Future income taxes (Note 9)  9,679      4,292      3,208    (16,340)
        Unit-based compensation
         (Note 7)                     3,526      5,131     10,592      8,436
        Depletion, depreciation
         and amortization            62,791     37,507    174,906    103,063
        Accretion on asset
         retirement obligation
         (Note 5)                     1,192        849      3,195      2,307
        Realized gain on sale of
         investment (Note 2)              -          -     (1,402)         -
        Unrealized gains on
         financial instruments
         (Note 11)                   (3,383)   (34,648)    (6,810)   (11,872)
        Unrealized loss on
         investment (Note 2)              -          -      1,468          -
      Asset retirement expenditures
       (Note 5)                        (287)      (301)      (976)      (403)
      Change in non-cash working
       capital
        Accounts receivable         (14,285)    (1,109)     5,691    (15,571)
        Prepaid expenses and
         deposits                     1,146       (207)     1,928      3,728
        Accounts payable              1,933       (247)   (16,446)     5,067
    -------------------------------------------------------------------------
                                     80,722     50,910    233,535    138,113
    -------------------------------------------------------------------------
    INVESTING ACTIVITIES
      Development capital and
       other expenditures           (59,711)   (32,810)  (137,934)   (82,311)
      Capital acquisitions (Note 3)  (2,108)   (57,938)   (57,243)  (360,184)
      Proceeds on sale of
       investment (Note 2)                -          -      1,573          -
      Reclamation fund net
       contributions                   (348)       (90)      (823)    (1,709)
      Long-term investment          (16,606)         -    (16,606)         -
      Change in non-cash working
       capital
        Accounts receivable          (2,921)      (586)    (7,645)    (1,566)
        Accounts payable             17,202      2,149     37,772      6,998
    -------------------------------------------------------------------------
                                    (64,492)   (89,275)  (180,906)  (438,772)
    -------------------------------------------------------------------------
    FINANCING ACTIVITIES
      Issue of trust units, net
       of issue costs               184,851    108,931    233,384    410,241
      Restricted unit vests               -     (1,377)      (833)    (1,377)
      Decrease in bank
       indebtedness                (137,691)   (29,784)  (109,810)    (1,645)
      Cash distributions            (63,206)   (39,890)  (177,137)  (108,955)
      Change in non-cash working
       capital
        Cash distributions payable    1,040        143      3,314      2,258
    -------------------------------------------------------------------------
                                    (15,006)    38,023    (51,082)   300,522
    -------------------------------------------------------------------------
    INCREASE (DECREASE) IN CASH       1,224       (342)     1,547       (137)
    CASH AT BEGINNING OF PERIOD         528        522        205        317
    -------------------------------------------------------------------------
    CASH AT END OF PERIOD             1,752        180      1,752        180
    -------------------------------------------------------------------------
    See accompanying notes to the consolidated financial statements.



    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

    SEPTEMBER 30, 2007 (UNAUDITED)

    1.  SIGNIFICANT ACCOUNTING POLICIES

    These interim consolidated financial statements of Crescent Point Energy
    Trust ("the Trust") have been prepared by management in accordance with
    Canadian generally accepted accounting principles and follow the same
    accounting policies as the most recent annual audited financial
    statements, except as described below. The specific accounting policies
    used are described in the annual consolidated financial statements
    appearing on pages 49 through 51 of the Trust's 2006 Annual Report. All
    amounts reported in these statements are in Canadian dollars.

    2.  CHANGES IN ACCOUNTING POLICIES

    Financial Instruments

    On January 1, 2007, the Trust adopted the CICA Handbook sections 3855
    "Financial Instruments Recognition and Measurement", 3865 "Hedges", 3861
    "Financial Instruments - Disclosure and Presentation", 1530
    "Comprehensive Income," and 3251 "Equity". Other than the effect on the
    Investment in Marketable Securities as described in the section below,
    the adoption of the financial instruments standards has not affected the
    current or comparative period balances on the consolidated financial
    statements as all financial instruments identified have been fair valued.

    Financial Instruments

    Section 3855 requires that all financial assets be classified as held-
    for-trading, available-for-sale, held-to-maturity, or loans and
    receivables and that all financial liabilities must be classified as
    held-for-trading or other. Financial assets and financial liabilities
    classified as held-for-trading are measured at fair value with changes in
    those fair values recognized in earnings. Financial assets held-to-
    maturity, loans and receivables, and other financial liabilities are
    measured at amortized cost using the effective interest method of
    amortization. Available-for-sale financial assets are measured at fair
    value with unrealized gains and losses, including changes in foreign
    exchange rates, being recognized in other comprehensive income.
    Investments in equity instruments classified as available-for-sale that
    do not have a quoted market price in an active market are measured at
    cost. The Trust has elected to classify the investment in marketable
    securities as held for trading. Accordingly, the investment in marketable
    securities balance of $171,000 at January 1, 2007 consisting of an
    investment in a publicly traded exploration and production company, was
    fair valued at January 1, 2007 to $1.6 million. Under prospective
    application, the $1.5 million gain was recorded as an adjustment to
    opening retained earnings.

    During the three month period ended June 30, 2007, the Trust sold the
    investment in marketable securities. As a result, the change in the
    unrealized gain on investment of $1.5 million was recorded through the
    income statement and a realized gain was recorded for $1.4 million.

    During the three month period ended September 30, 2007, the Trust
    purchased 2.2 million shares of Innova Exploration Ltd., a publicly
    traded exploration and production company, for an average price of
    approximately $7.51 per share or $16.6 million. The Trust acquired the
    remaining shares in October 2007 (refer to Subsequent Event Note 12(a)
    below). The fair value at September 30, 2007 was $16.6 million, unchanged
    from the carrying value. Accordingly, there was no adjustment required to
    mark the investment to market.

    Derivative instruments are always carried at fair value and reported as
    assets where they have a positive fair value and as liabilities where
    they have a negative fair value. Derivatives may be embedded in other
    financial instruments. Under the new Financial Instruments standards the
    derivatives embedded in other financial instruments are valued as
    separate derivatives when their economic characteristic and risks are not
    clearly and closely related to those of the host contract; the terms of
    the embedded derivative are the same as those of a free standing
    derivative; and the combined contract is not held-for-trading. When an
    entity is unable to measure the fair value of the embedded derivative
    separately, the combined contract is treated as a financial asset or
    liability that is held-for-trading and measured at fair value with
    changes therein recognized in earnings.

    The fair value of a financial instrument on initial recognition is
    normally the transaction price, i.e. the fair value of the consideration
    given or received. Subsequent to initial recognition, the fair values are
    based on quoted market price where available from active markets,
    otherwise fair values are estimated based upon market prices at reporting
    date for other similar assets or liabilities with similar terms and
    conditions, or by discounting future payments of interest and principal
    at estimated interest rates that would be available to the Trust at the
    reporting date.

    Hedges

    Section 3865 replaces the guidance formerly in Section 1650, "Foreign
    Currency Translation" and Accounting Guideline 13, "Hedging
    Relationships" by specifying how hedge accounting is applied and what
    disclosures are necessary when it is applied. The Trust does not have any
    derivative instruments that have been designated as hedges. Accordingly,
    the Trust is marking to market its financial instruments.

    Comprehensive Income

    Section 1530 establishes new standards for reporting the display of
    comprehensive income, consisting of Net Income and Other Comprehensive
    Income ("OCI"). OCI is the change in equity (net assets) of an entity
    during a reporting period from transactions and other events from non-
    owner sources and excludes those resulting from investments by owners and
    distributions to owners. The Trust has no such transactions and events
    which would require the disclosure of OCI for the three month and nine
    month periods ended September 30, 2007. Any changes in these items would
    be presented in a consolidated statement of operations and comprehensive
    income.

    Equity

    Section 3251 replaces section 3250, "Surplus" and establishes standards
    for the presentation of equity and changes in equity during reporting
    period, including changes in Accumulated Other Comprehensive Income
    ("Accumulated OCI"). Any cumulative changes in OCI would be included in
    Accumulated OCI and be presented as a new category of Shareholder's
    Equity on the consolidated balance sheet. As the Trust has no OCI
    transactions, the Trust does not have any Accumulated OCI.

    3.  CAPITAL ACQUISITIONS

    a)  Acquisition of Mission Oil & Gas Inc.

    On February 9, 2007, the Trust purchased all the issued and outstanding
    shares of Mission Oil & Gas Inc., a publicly traded company with
    properties in the Viewfield area of southeast Saskatchewan for total
    consideration of $621.4 million, including assumed bank debt and working
    capital ($700.5 million was allocated to property, plant and equipment).
    The purchase was paid for through the Trust's existing bank lines and
    issuance of approximately 29.2 million trust units and was accounted for
    as a business combination using the purchase method of accounting. The
    Trust owned 3.8 million shares of Mission Oil & Gas Inc. prior to the
    closing which it purchased for $7.90 per share or $30.0 million in
    November 2005.

    -------------------------------------------------------------------------
                                                                       ($000)
    -------------------------------------------------------------------------
    Net assets acquired
    Working capital                                                      488
    Risk management asset                                              2,063
    Property, plant and equipment                                    700,511
    Bank debt                                                        (47,751)
    Asset retirement obligation                                       (8,285)
    Future income taxes                                              (72,927)
    -------------------------------------------------------------------------
    Total net assets acquired                                        574,099
    -------------------------------------------------------------------------
    Consideration
    Cash                                                              62,767
    Trust units issued (29,178,562 trust units)                      506,832
    Acquisition costs                                                  4,500
    -------------------------------------------------------------------------
    Total purchase price                                             574,099
    -------------------------------------------------------------------------

    b)  Acquisition of a Private Corporation

    On September 5, 2007, the Trust purchased all the issued and outstanding
    shares of a private corporation with properties in the Willmar and
    Browning areas of southeast Saskatchewan for total consideration of
    $18.9 million including assumed bank debt and working capital
    ($19.6 million was allocated to property, plant and equipment). The
    purchase was paid for with cash of $121,000 from the Trust's existing
    bank lines and 605,815 trust units and was accounted for as a business
    combination using the purchase method of accounting.

    -------------------------------------------------------------------------
                                                                       ($000)
    -------------------------------------------------------------------------
    Net assets acquired
    Property, plant and equipment                                     19,638
    Working capital deficiency                                          (275)
    Bank debt                                                         (6,266)
    Asset retirement obligation                                         (697)
    -------------------------------------------------------------------------
    Total net assets acquired                                         12,400
    -------------------------------------------------------------------------
    Consideration
    Cash                                                                 121
    Trust units issued (605,815 trust units)                          12,129
    Acquisition costs                                                    150
    -------------------------------------------------------------------------
    Total purchase price                                              12,400
    -------------------------------------------------------------------------

    c)  Property Acquisitions

    During the three months ended September 30, 2007, the Trust closed minor
    property acquisitions for total consideration of approximately
    $1.2 million ($1.2 million was also allocated to property, plant and
    equipment). The Trust recorded purchase price adjustments on previously
    closed acquisitions for the three months ended September 30, 2007 of
    $700,000.

    During the nine months ended September 30, 2007, the Trust closed minor
    property acquisitions for total consideration of approximately
    $20.2 million ($22.9 million was allocated to property, plant and
    equipment). The Trust recorded favorable purchase price adjustments on
    previously closed acquisitions for the nine months ended September 30,
    2007 of $500,000.

    4.  BANK INDEBTEDNESS

    The Trust has a syndicated credit facility with seven banks and an
    operating credit with one Canadian chartered bank. On May 28, 2007, the
    amount available under the combined credit facilities was increased from
    $470.0 million to $600.0 million. Refer to Subsequent Event Note 12(b)
    for details of a further increase subsequent to the end of the quarter.
    The Trust has letters of credit in the amount of $340,000 outstanding at
    September 30, 2007.

    The credit facilities bear interest at the prime rate plus a margin based
    on a sliding scale ratio of the Trust's debt to cash flows. The credit
    facility is secured by the oil and gas assets owned by the Trust's wholly
    owned subsidiaries.

    The cash interest paid in the nine months ended September 30, 2007
    was $13.1 million (2006 - $10.9 million). The cash interest paid in the
    third quarter of 2007 was $2.5 million (2006 - $3.4 million).

    5.  ASSET RETIREMENT OBLIGATION

    The following table reconciles the asset retirement obligation:

    -------------------------------------------------------------------------
                                                                       ($000)
    -------------------------------------------------------------------------
    Asset retirement obligation, January 1, 2007                      45,829
    Liabilities incurred                                               1,561
    Liabilities acquired through capital acquisitions                 11,711
    Liabilities settled                                                 (976)
    Accretion expense                                                  3,195
    -------------------------------------------------------------------------
    Asset retirement obligation, September 30, 2007                   61,320
    -------------------------------------------------------------------------

    6.  UNITHOLDERS' CAPITAL

    On September 25, 2007, the Trust and a syndicate of underwriters closed a
    bought deal equity financing pursuant to which the syndicate sold
    8,900,000 trust units for gross proceeds of $165.1 million ($18.55 per
    trust unit)
    -------------------------------------------------------------------------
                                                     Number of        Amount
                                                   trust units        ($000)
    -------------------------------------------------------------------------
    Trust units, January 1, 2007                    69,531,952     1,083,948
    Issued for cash                                  8,900,000       165,095
    Issued on capital acquisitions                  29,784,377       518,961
    Issued on vesting of restricted units(1)           167,933         3,615
    Issued pursuant to the distribution
     reinvestment plans                              3,822,343        68,352
    To be issued pursuant to the distribution
     reinvestment plans                                515,941        10,409
    -------------------------------------------------------------------------
    Trust units, September 30, 2007                112,722,546     1,850,380
    -------------------------------------------------------------------------
    Cumulative unit issue costs                              -       (46,598)
    -------------------------------------------------------------------------
    Total unitholders' capital,
     September 30, 2007                            112,722,546     1,803,782
    -------------------------------------------------------------------------
    (1) The amount of trust units issued on vesting of restricted units is
        net of trust units purchased in the market to satisfy the issuance of
        trust units under the restricted unit bonus plan and employee
        withholding taxes.

    7.  RESTRICTED UNIT BONUS PLAN

    A summary of the changes in the restricted units outstanding under the
    plan is as follows:

    -------------------------------------------------------------------------
    Restricted units, January 1, 2007                              1,043,628
    Granted                                                          705,647
    Exercised                                                       (324,178)
    Forfeited                                                        (21,497)
    -------------------------------------------------------------------------
    Restricted units, September 30, 2007                           1,403,600
    -------------------------------------------------------------------------

    8.  DEFICIT

    The deficit balance is composed of the following items:
    -------------------------------------------------------------------------
                                                                       ($000)
    -------------------------------------------------------------------------
    Accumulated earnings                                             201,392
    Accumulated cash distributions                                  (467,579)
    -------------------------------------------------------------------------
    Deficit                                                         (266,187)
    -------------------------------------------------------------------------

    During the period, presentation changes were made to combine the
    previously reported Accumulated Earnings and Accumulated Cash
    Distribution figures on the balance sheet into a single Deficit balance.
    The Trust has historically paid cash distributions in excess of
    accumulated earnings as cash distributions are based on cash flow from
    operating activities before changes in non-cash working capital generated
    in the current period while accumulated earnings are based on cash flow
    from operating activities before changes in non-cash working capital
    generated in the current period less a depletion, depreciation, and
    accretion expense recorded on original property, plant, and equipment,
    unrealized financial instrument gains/losses and other non-cash charges.

    9.  INCOME TAXES

    On June 12, 2007, Bill C-52 Budget Implementation Act, 2007 was
    substantively enacted by the Canadian federal government, which contains
    legislation to tax publicly traded trusts in Canada. As a result, a new
    31.5 percent tax will be applied to distributions from Canadian public
    income trusts. The new tax is not expected to apply to Crescent Point
    until 2011 as a transition period applies to publicly traded trusts that
    existed prior to November 1, 2006. The impact of the substantive
    enactment of trust taxation was that Crescent Point recorded a
    $152.3 million future income tax liability and future income tax expense
    in the three month period ended June 30, 2007. For the three month period
    ended September 30, 2007, the Trust recorded a $9.7 million future tax
    expense.

    There was no future tax liability recorded at March 31, 2007 as the Trust
    completed a reorganization into a flow through structure on March 1,
    2007, resulting in the recovery of the future tax liability of
    $158.8 million in the first quarter of 2007. The future income tax
    liability of $162.0 million at September 30, 2007 represents the taxable
    temporary differences of Crescent Point tax effected at 31.5 percent,
    which is the rate that will be applicable to trusts in 2011 under current
    legislation.

    The cash capital taxes paid during the nine month period ended
    September 30, 2007 were $11.4 million (2006 - $7.1 million). The cash
    capital taxes paid during the third quarter of 2007 were $3.9 million
    (2006 - $4.5 million).

    10. PER TRUST UNIT AMOUNTS

    The following table summarizes the weighted average trust units used in
    calculating net income per trust unit:

    -------------------------------------------------------------------------
                                   Three months ended      Nine months ended
                                      September 30            September 30
                                    2007        2006        2007        2006
    -------------------------------------------------------------------------
    Weighted average trust
     units                   102,669,333  65,401,265  96,469,405  59,260,514
    -------------------------------------------------------------------------
    Trust units issuable on
     conversion of
     exchangeable shares(1)           -    1,420,988           -   1,420,988
    Dilutive impact of
     restricted units         1,404,420      987,787   1,355,073     780,862
    -------------------------------------------------------------------------
    Dilutive trust units
     and exchangeable
     shares(1)              104,073,753   67,810,040  97,824,478  61,462,364
    -------------------------------------------------------------------------
    (1) The trust units issuable on conversion of the exchangeable shares
        reflect the weighted average exchangeable shares outstanding
        converted at the exchange ratio in effect at the end of the period.
        On October 27, 2006, the Trust purchased all issued and outstanding
        exchangeable shares.

    11. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

    The Trust's financial instruments recognized on the consolidated balance
    sheet include cash, accounts receivable, the reclamation fund, accounts
    payable, accrued liabilities and debt. The fair value of these financial
    instruments approximates their carrying amounts due to their short-term
    nature. A substantial portion of the Trust's accounts receivable are with
    customers in the oil and gas industry and are subject to normal industry
    credit risks.

    The Trust entered into fixed price oil, gas, power and foreign exchange
    contracts along with interest rate swaps to manage its exposure to
    fluctuations in the price of crude oil, gas, power, foreign exchange and
    interest on debt.

    The following is a summary of the financial instrument contracts in place
    as at September 30, 2007:

    -------------------------------------------------------------------------
    Financial WTI Crude Oil Contracts - Canadian Dollar

                                    Average    Average    Average    Average
                                       Swap     Bought  Sold Call        Put
                         Volume       Price  Put Price      Price    Premium
    Term      Contract  (bbls/d)  ($Cdn/bbl) ($Cdn/bbl) ($Cdn/bbl) ($Cdn/bbl)
    -------------------------------------------------------------------------
    2007
    October -
     December     Swap    6,500       75.72
    October -
     December   Collar    1,500                  66.74      82.27
    October -
     December      Put    3,250                  77.63                 (7.65)
    -------------------------------------------------------------------------
    2007
     Weighted
     Average             11,250       75.72      74.19      82.27      (7.65)
    -------------------------------------------------------------------------
    2008
    January -
     June         Swap    1,000       72.73
    January -
     September    Swap      250       68.10
    January -
     December     Swap    4,750       75.86
    July -
     December     Swap    1,000       73.52
    October -
     December     Swap      250       70.80
    January -
     June       Collar      250                  65.00      82.00
    January -
     December   Collar    2,000                  70.00      83.25
    July -
     December   Collar      250                  70.00      91.00
    January -
     December      Put    3,500                  72.58                 (6.66)
    -------------------------------------------------------------------------
    2008
     Weighted
     Average             11,750       75.11      71.46      83.62      (6.66)
    -------------------------------------------------------------------------
    2009
    January -
     March        Swap    2,750       77.68
    April -
     June         Swap    2,750       77.58
    January -
     June         Swap    1,250       74.99
    July -
     September    Swap    3,000       74.07
    July -
     December     Swap    1,000       76.41
    October -
     December     Swap    3,000       74.37
    January -
     December     Swap    1,000       73.30
    January -
     March      Collar      250                  75.00      87.00
    April -
     June       Collar      250                  75.00      83.00
    January -
     June       Collar    1,250                  70.00      81.01
    January -
     September  Collar      250                  70.00      79.00
    January -
     December   Collar      500                  70.00      78.88
    July -
     September  Collar      250                  70.00      84.05
    July -
     December   Collar    1,250                  69.00      80.37
    October -
     December   Collar      500                  70.00      85.93
    January -
     December      Put    1,750                  70.41                 (6.43)
    -------------------------------------------------------------------------
    2009
     Weighted
     Average              9,000       75.28      70.18      80.77      (6.43)
    -------------------------------------------------------------------------
    2010
    January -
     March        Swap    3,500       76.22
    April -
     June         Swap    2,750       74.38
    January -
     June       Collar      500                  70.00      80.50
    -------------------------------------------------------------------------
    2010
     January -
     June
     Weighted
     Average               3,623      75.41      70.00      80.50
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Financial WTI Crude Oil Contracts - U.S. Dollar

                                                          Average    Average
                                                           Bought  Sold Call
                                               Volume   Put Price      Price
    Term                           Contract   (bbls/d)  ($Cdn/bbl) ($Cdn/bbl)
    -------------------------------------------------------------------------
    2007
    October - December               Collar      1,000      67.50      75.73
    -------------------------------------------------------------------------
    2007 Weighted Average                        1,000      67.50      75.73
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Financial AECO Natural Gas Contracts - Canadian Dollar

                                                          Average    Average
                                                           Bought  Sold Call
                                               Volume   Put Price      Price
    Term                           Contract    (GJ/d)    ($Cdn/GJ)  ($Cdn/GJ)
    -------------------------------------------------------------------------
    2007
    October                          Collar     4,000        6.75       8.60
    November - December              Collar     2,000        6.75       8.00
    -------------------------------------------------------------------------
    2007 Weighted Average                       2,674        6.75       8.30
    -------------------------------------------------------------------------
    2008
    January - March                  Collar     2,000        6.75       8.00
    April - October                  Collar     2,000        6.75       7.75
    -------------------------------------------------------------------------
    2008 January - October Weighted Average     2,000        6.75       7.82
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Financial Foreign Exchange Contracts - U.S. Dollar
                                                                     Average
                                                          Amount        Swap
    Term                                      Contract      ($US)  ($Cdn/$US)
    -------------------------------------------------------------------------
    2007
    October - December                            Swap  2,990,000     1.1600
    October - December                            Swap  3,220,000     1.1012
    -------------------------------------------------------------------------
    2007 Weighted Average                               6,210,000     1.1295
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Financial Interest Rate Contracts - Canadian Dollar
                                                                       Fixed
                                                        Principal     Annual
    Term                                     Contract       ($Cdn)   Rate (%)
    -------------------------------------------------------------------------
    October 2007 - May 2008                      Swap  50,000,000       4.41
    October 2007 - February 2009                 Swap  50,000,000       4.37
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Financial Power Contract - Canadian Dollar
                                                          Volume  Fixed Rate
    Term                                      Contract     (MW/h) ($Cdn/MW/h)
    -------------------------------------------------------------------------
    October 2007 - December 2008                  Swap       3.0       63.25
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Physical Power Contracts - Canadian Dollar
                                                          Volume  Fixed Rate
    Term                                      Contract     (MW/h) ($Cdn/MW/h)
    -------------------------------------------------------------------------
    October 2007 - December 2009                  Swap       1.0       82.45
    January 2009 - December 2009                  Swap       3.0       81.25
    -------------------------------------------------------------------------

    The Trust has two physical power contracts and one financial power
    contract. The physical contracts have not been marked-to-market. The
    unrealized gain on the physical contracts at September 30, 2007 is
    $106,000.

    None of the Trust's financial instrument contracts have been designated
    as accounting hedges. Accordingly, all financial instrument contracts
    have been recorded on the balance sheet as assets and liabilities based
    on their fair values.

    The following table reconciles the movement in the fair value of the
    Trust's commodity, power, foreign exchange and interest rate contracts:

    -------------------------------------------------------------------------
                                                                       ($000)
    -------------------------------------------------------------------------
    Risk management asset, January 1, 2007                             1,052
    Acquired through capital acquisitions                              2,063
    Unrealized mark-to-market loss                                       (70)
    -------------------------------------------------------------------------
    Risk management asset, September 30, 2007                          3,045
    Less: current risk management asset, September 30, 2007           (2,045)
    -------------------------------------------------------------------------
    Long term risk management asset, September 30, 2007                1,000
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                                                                       ($000)
    -------------------------------------------------------------------------
    Risk management liability, January 1, 2007                        19,278
    Unrealized mark-to-market gain                                    (6,880)
    -------------------------------------------------------------------------
    Risk management liability, September 30, 2007                     12,398
    Less: current risk management liability, September 30, 2007      (12,398)
    -------------------------------------------------------------------------
    Long term risk management liability, September 30, 2007                -
    -------------------------------------------------------------------------

    12. SUBSEQUENT EVENTS

    a)  Acquisition of Innova Exploration Ltd. (Viewfield Bakken Property)

    In late October 2007, the Trust closed the acquisition of Innova
    Exploration Ltd., a publicly traded company with properties in the
    Viewfield Bakken area of southeast Saskatchewan for consideration of
    approximately $400.0 million, before closing adjustments and including
    assumed net debt. The purchase was funded through the Trust's existing
    bank lines.

    The Trust owned 2.2 million shares of Innova Exploration Ltd. prior to
    the closing which it purchased for an average price of approximately
    $7.51 per share or approximately $16.6 million in September 2007.

    b)  Credit Facility

    In late October 2007, the amount available under the Trust's credit
    facility was increased from $600.0 million to $800.0 million and two
    additional banks joined the syndicate.

    c)  Acquisition of Pilot Energy Ltd.

    In late October 2007, the Trust announced the issuance of an offer to
    purchase the issued and outstanding shares of Pilot Energy Ltd. by way of
    a Plan of Arrangement for total consideration of approximately
    $76.0 million before closing adjustments and including net debt. An
    Information Circular outlining the plan is expected to be mailed by
    December 15, 2007 and a shareholder vote to approve the Plan of
    Arrangement will be held on or about January 15, 2008.

    13. COMPARATIVE INFORMATION

    Certain information provided for the previous period has been restated to
    conform to the current period presentation.


    Directors                                Legal Counsel

    Peter Bannister, Chairman(1)(3)          McCarthy Tétrault LLP
                                             Calgary, Alberta
    Paul Colborne(2)(4)
                                             Evaluation Engineers
    Ken Cugnet(3)(4)(5)
                                             GLJ Petroleum Consultants Ltd.
    Hugh Gillard(1)(2)(3)                    Calgary, Alberta

    Gerald Romanzin(1)(5)                    Sproule Associates Ltd.
                                             Calgary, Alberta
    Scott Saxberg(4)
                                             Registrar and Transfer Agent
    Greg Turnbull(2)(5)
                                             Investors are encouraged to
    (1) Member of the Audit Committee        contact Crescent Point's
        of the Board of Directors            Registrar and Transfer Agent
    (2) Member of the Compensation           for information regarding
        Committee of the Board of            their security holdings:
        Directors
    (3) Member of the Reserves Committee     Olympia Trust Company
        of the Board of Directors            2300, 125 - 9th Avenue SE
    (4) Member of the Health, Safety and     Calgary, Alberta T2G 0P6
        Environment Committee of the Board   Tel: (403) 261-0900
        of Directors
    (5) Member of the Corporate Governance   Stock Exchange
        Committee
                                             Toronto Stock Exchange - TSX
    Officers
                                             Stock Symbol
    Scott Saxberg
    President and Chief Executive Officer    CPG.UN

    C. Neil Smith                            Investor Contacts
    Vice President, Engineering and
    Business Development                     Scott Saxberg
                                             President and Chief Executive
    Greg Tisdale                             Officer
    Chief Financial Officer                  (403) 693-0020

    Dave Balutis                             Greg Tisdale
    Vice President, Geosciences              Chief Financial Officer
                                             (403) 693-0020
    Tamara MacDonald
    Vice President, Land                     Trent Stangl
                                             Manager, Marketing and Investor
    Ken Lamont                               Relations
    Controller and Treasurer                 (403) 693-0020

    Head Office

    Suite 2800, 111 - 5th Avenue SW
    Calgary, Alberta T2P 3Y6
    Tel: (403) 693-0020
    Fax: (403) 693-0070
    Toll Free: (888) 693-0020

    Banker

    The Bank of Nova Scotia
    Calgary, Alberta

    Auditor

    PricewaterhouseCoopers LLP
    Calgary, Alberta
    





For further information:

For further information: Investor Contacts: Scott Saxberg, President and
Chief Executive Officer, (403) 693-0020; Greg Tisdale, Chief Financial
Officer, (403) 693-0020; Trent Stangl, Manager, Marketing and Investor
Relations, (403) 693-0020

Organization Profile

Crescent Point Energy Corp.

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