/NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE
CALGARY, July 17, 2012 /CNW/ - Crescent Point Energy Corp. ("Crescent
Point" or the "Company") (TSX: CPG) is pleased to announce that it has
acquired 21,666,667 common share units (the "Units") of Alston Energy
Inc. ("Alston") at an effective issue price of $0.15 per Unit. Each
Unit is comprised of one common share (a "Common Share") of Alston and
one-half of one common share purchase warrant of Alston (each whole
warrant, a "Warrant"). Each Warrant entitles Crescent Point to acquire
one Common Share of Alston at a price of $0.20 per common share within
18 months from today.
The Units were acquired in connection with a sale by Crescent Point to
Alston of certain natural gas properties near Alexander, Alberta, which
include approximately 225 boe/d of primarily natural gas production.
The sale closed today in reliance on the "asset acquisition" exemption
under National Instrument 45-106.
As a result of the acquisition of the Units, Crescent Point now owns or
controls 21,666,667 Common Shares of Alston, representing approximately
13 percent of the issued and outstanding Common Shares of Alston, and
10,833,334 Warrants that, if exercised, would represent approximately
an additional seven percent of the presently issued and outstanding
common shares of Alston.
An Early Warning Report regarding Crescent Point's acquisition of the
Units has been filed on the System for Electronic Document Analysis and
Review ("SEDAR") and can be viewed at www.sedar.com.
Crescent Point acquired the Alston Units for investment purposes only.
The investment will be reviewed on a continual basis and Crescent
Point's holdings may be increased or decreased in the future, depending
upon economic or market conditions or matters relating to Alston.
This news release is not for dissemination in the United States or to
any United States news services. The shares 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
Crescent Point is a conventional oil and gas producer with assets
strategically focused in properties comprised of high-quality,
long-life, operated light and medium oil and natural gas reserves in
United States and Canada.
President and Chief Executive Officer
Crescent Point shares are traded on the Toronto Stock Exchange under the
Crescent Point Energy Corp.
Suite 2800, 111-5th Avenue S.W.
Calgary, AB., T2P 3Y6
SOURCE Crescent Point Energy Corp.
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