Crescent Point disposes of shares of Painted Pony Petroleum Ltd.

    CALGARY, Aug. 6 /CNW/ - Crescent Point Energy Trust ("Crescent Point" or
the "Trust") (TSX: CPG.UN) announces that on August 5, 2008 it closed the sale
of 4,110,000 Class A Shares of Painted Pony Petroleum Ltd. ("Painted Pony";
PPY:TSX-V) to Shelter Bay Energy Inc. ("Shelter Bay") by way of private sale,
and not through any market. The disposition is further to the April 11, 2008
Crescent Point press release announcing the acquisition of Class A shares of
Painted Pony as consideration for the sale of oil and gas assets in the
Cameron River/Blair fairway in northeastern British Columbia. Aggregate cash
consideration was $17,989,133.88, which reflects the original cost of
acquiring the shares plus accrued interest. Shelter Bay is a private oil and
gas corporation in which Crescent Point retains a minority interest. Crescent
Point no longer beneficially owns or controls any Class A Shares of Painted

    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.


    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): (888) 693-0020, Fax: (403) 693-0070,

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Crescent Point Energy Corp.

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