Wild River Resources Ltd. announces plan of arrangement with Crescent Point Energy Trust



    CALGARY, May 7 /CNW/ - Wild River Resources Ltd. ("Wild River") is
pleased to announce that it has entered into an arrangement agreement (the
"Arrangement") with Crescent Point Energy Trust ("Crescent Point"). Under the
terms of the Arrangement, Crescent Point unitholders will exchange their trust
units for common shares of Wild River, thereby providing for the conversion of
Crescent Point into a corporation. In addition, pursuant to the Arrangement,
the shares of Wild River will be consolidated on a 0.1512 for 1.0 basis prior
to the exchange of the trust units for Wild River shares, the Board of
Directors and management team of Wild River will be replaced with Crescent
Point's existing Board of Directors and management team and Wild River's name
will be changed to "Crescent Point Energy Corp." ("New Crescent Point") and an
application will be made to list the common shares of New Crescent Point on
the Toronto Stock Exchange.
    The Board of Directors of each of Crescent Point and Wild River have
approved the Arrangement. The Arrangement is subject to approval by the
shareholders of Wild River and the unitholders of Crescent Point, as well as
regulatory and court approvals. The approval of the shareholders of Wild River
will be sought at Wild River's Annual General and Special Meeting of
shareholders to be held on June 29, 2009. The approval of the unitholders of
Crescent Point will be sought at Crescent Point's Annual General and Special
Meeting of unitholders to be held on June 29, 2009. The Arrangement is
expected to close on or about July 2, 2009. All of the officers and directors
of Wild River and certain other shareholders, holding approximately 21% of the
Wild River shares (calculated on a fully diluted basis), have entered into
support agreements to vote in favour of the Arrangement, subject to certain
terms and conditions.
    Peters & Co. Limited acted as financial advisor to Wild River and has
provided an opinion to the Board of Directors of Wild River that the
consideration to be received by the holders of Wild River shares pursuant to
the Arrangement is fair, from a financial point of view, to the holders of
Wild River shares.

    CAUTIONARY STATEMENTS

    Certain statements regarding the Company including management's
assessments of future plans and operations, timing of receipt of shareholder
and unitholder approvals, timing of completion of the Arrangement and the
effect of the Arrangement on Wild River shareholders and unitholders of
Crescent Point may constitute forward-looking statements under applicable
securities laws and necessarily involve known and unknown risks and
uncertainties, most of which are beyond the Company's control. These risks may
cause actual financial and operating results, performance, levels of activity
and achievements to differ materially from those expressed in, or implied by,
such forward-looking statements.
    Such factors include, but are not limited to: the impact of general
economic conditions in Canada and the United States; industry conditions
including changes in laws and regulations; obtaining required approvals of the
shareholders of Wild River and the unitholders of Crescent Point; and
obtaining required approvals of regulatory authorities.
    The forward-looking statements and information are based on certain key
expectations and assumptions made by Wild River, including the timing of
receipt of shareholders and regulatory approval. Accordingly, the Company
gives no assurance nor makes any representations or warranty that the
expectations conveyed by the forward-looking statements will prove to be
correct and actual results may differ materially from those anticipated in the
forward looking statements.
    Management has included the above summary of assumptions and risks
related to forward-looking information provided in this press release in order
to provide shareholders with a more complete perspective on the Company's
current and future operations and such information may not be appropriate for
other purposes. The Company undertakes no obligation to publicly update or
revise any forward-looking statements, unless required by applicable
securities laws.





For further information:

For further information: Neil Roszell, President & Chief Executive
Officer, Phone: (403) 213-4520; Jerry Sapieha, CA, Vice President Finance,
Phone: (403) 213-4518

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WILD RIVER RESOURCES LTD.

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