Crescent Point Energy Trust completes acquisition of Talisman's assets in southeast Saskatchewan



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

    CALGARY, June 1 /CNW/ - Crescent Point Energy Trust ("Crescent Point" or
the "Trust") (TSX: CPG.UN) is pleased to announce that today the Trust closed
the previously announced acquisition of assets (the "Assets") from Talisman
Energy Canada for aggregate cash consideration of approximately $360.0
million.
    Crescent Point is also pleased to announce that the Trust today closed
the previously announced sale of a portion of the Assets to Shelter Bay Energy
Inc. ("Shelter Bay") for aggregate cash consideration of approximately $35.5
million.
    As a result of these transactions, Crescent Point acquired approximately
4,000 boe/d of high quality, high netback production in southeast
Saskatchewan, approximately 21.1 million boe of proved plus probable and 14.6
million boe of proved reserves, 312 net sections of undeveloped Saskatchewan
land, and ownership of freehold mineral rights on 217 net sections of land.
Crescent Point's net consideration for the Assets acquired and retained was
$324.5 million of cash. The acquisition was financed through a $230 million
bought deal financing that closed on March 24, 2009 and through the Trust's
existing bank lines.

    FORWARD LOOKING STATEMENTS

    Certain statements contained in this press release may constitute forward
looking statements, including expectations of future production. All
forward-looking statements are based on the Crescent Point's beliefs and
assumptions based on information available at the time the assumption was
made. The use of any of the words "anticipate", "continue", "estimate",
"expect", "may", "will", "project", "should", "believe" and similar
expressions are intended to identify forward looking statements. By its
nature, such forward-looking information involves known and unknown risks,
uncertainties and other factors that may cause actual results or events to
differ materially from those anticipated in such forward looking statements,
including those material risks discussed in our annual information form under
"Risk Factors" and in our MD&A under "Business Risks and Prospects". These
risks include, but are not limited to: the risks associated with the oil and
gas industry (e.g., operational risks in development, exploration and
production; delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of reserve
estimates; the uncertainty of estimates and projections relating to
production, costs and expenses, and health, safety and environmental risks),
commodity price, price and exchange rate fluctuations and uncertainties
resulting from potential delays or changes in plans with respect to
exploration or development projects or capital expenditures. Additional
information on these and other factors that could affect Crescent Point's
operations or financial results are included in Crescent Point's reports on
file with Canadian securities regulatory authorities. These statements speak
only as of the date of this press release or as of the date specified in this
press release Readers are cautioned not to place undue reliance on this
forward-looking information, which is given as of the date it is expressed
herein or otherwise and, unless required by law, Crescent Point undertakes no
obligation to update publicly or revise any forward-looking information,
whether as a result of new information, future events or otherwise.

    The trust units of Crescent Point have not and will not be registered
under the United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be offered or sold
in the United States or to any U.S. person except in certain transactions
exempt from the registration requirements of the U.S. Securities Act and
applicable state securities laws.

    Crescent Point is a conventional oil and gas income trust with assets
strategically focused in properties comprised of high quality, long life,
operated, light oil and natural gas reserves in western Canada.

    CRESCENT POINT ENERGY TRUST

    Scott Saxberg,
    President and Chief Executive Officer





For further information:

For further information: Greg Tisdale, Chief Financial Officer or Trent
Stangl, Vice President Marketing and Investor Relations, Telephone: (403)
693-0020, Toll free (US & Canada): 1-888-693-0020, Fax: (403) 693-0070,
website: www.crescentpointenergy.com

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Crescent Point Energy Corp.

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