Crescent Point Energy Trust invests $79 million in $300 million Shelter Bay Energy Inc. financing



    
    /THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO
    ANY UNITED STATES NEWS SERVICES. THE TRUST UNITS OF CRESCENT POINT HAVE
    NOT AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
    1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR ANY STATE SECURITIES LAWS
    AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO ANY U.S. PERSON
    EXCEPT IN CERTAIN TRANSACTIONS EXEMPT FROM THE REGISTRATION REQUIREMENTS
    OF THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS./
    

    CALGARY, Oct. 1 /CNW/ - Crescent Point Energy Trust ("Crescent Point" or
the "Trust") (TSX: CPG.UN) and Shelter Bay Energy Inc. ("Shelter Bay") are
pleased to announce the closing of a $300 million private placement financing
for Shelter Bay.
    Shelter Bay raised total proceeds of $300 million through a private
placement to existing Shelter Bay shareholders at a price of $1.50 per share.
Crescent Point's share of the private placement was $78.7 million which was
financed through the Trust's existing credit facilities. With the closing of
the private placement, Crescent Point's aggregate investment in Shelter Bay is
approximately $200 million which equates to a 21 percent interest in Shelter
Bay.
    Through the Trust's ownership in Shelter Bay, Crescent Point remains
exposed to significant value growth opportunities in Shelter Bay. Under the
terms of the Shelter Bay Unanimous Shareholders' Agreement, Crescent Point has
certain rights to acquire assets from Shelter Bay before April 1, 2013.
    Shelter Bay is currently the third largest producer in the southeast
Saskatchewan Bakken light oil resource play and has aggressively grown its
land position in the play to more than 150 net operated sections. Shelter Bay
management and technical staff are provided by Crescent Point via a technical
services agreement. With the closing of the $300 million private placement and
Shelter Bay's $100 million available bank line, Shelter Bay is well positioned
to generate strong growth in production, cash flow, reserves and net asset
value for the balance of 2008 and beyond.

    FORWARD LOOKING STATEMENTS

    Certain statements contained in this press release may constitute forward
looking statements, including expectations of future production, cash flow and
earnings. All forward-looking statements are based on 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.

    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.

    Shelter Bay is a privately held conventional oil and gas growth company
with assets focused in the four billion barrel high netback Bakken light oil
play in southeast Saskatchewan.

    
    CRESCENT POINT ENERGY TRUST                      SHELTER BAY ENERGY INC.
    Scott Saxberg,                                   Neil Smith,
    President and Chief Executive Officer            President
    





For further information:

For further information: on Crescent Point Energy Trust please contact:
Greg Tisdale, Chief Financial Officer or Trent Stangl, Vice President
Marketing and Investor Relations, Telephone: (403) 693-0020, Toll free (US &
Canada): 888-693-0020, Fax: (403) 693-0070, Website:
www.crescentpointenergy.com; For further information on Shelter Bay Energy
Inc. please contact: Ken Lamont, Chief Financial Officer or Trent Stangl,
Manager Marketing and Investor Relations, Telephone: (403) 264-0787, Toll free
(US & Canada): 877-403-1678, Fax: (403) 264-1678, Website:
www.shelterbayenergy.com

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Crescent Point Energy Corp.

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