Crescent Point Energy announces third quarter 2009 results and upwardly
revised guidance

CALGARY, Nov. 5 /CNW/ - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) is pleased to announce its operating and financial results for the third quarter ended September 30, 2009. The unaudited financial statements and notes as well as management's discussion and analysis pertaining to the period are available on Crescent Point's website at www.crescentpointenergy.com and on SEDAR at www.sedar.com.

    
    FINANCIAL AND OPERATING HIGHLIGHTS
    -------------------------------------------------------------------------
                            Three months ended         Nine months ended
    ($000s except              September 30               September 30
     shares, per share  -----------------------------------------------------
     and per boe                              %                          %
     amounts)              2009      2008  Change     2009      2008  Change
    -------------------------------------------------------------------------
    Financial
    Funds flow from
     operations(1)      155,415   183,843     (15) 481,603   482,497       -
      Per share(1)(2)      0.96      1.45     (34)    3.19      3.86     (17)
    Net income (loss)(3) 45,357   497,815     (91) (27,051)  102,691    (126)
      Per share (2)(3)     0.28      3.92     (93)   (0.18)     0.83    (122)
    Cash dividends (2)  113,158    86,247      31  315,162   238,507      32
      Per share(2)         0.69      0.69       -     2.07      1.92       8
    Payout ratio (%)(1)      73        47      26       65        49      16
      Per
       share (%)(1)(2)       72        48      24       65        50      15
    Net debt(1)(4)      741,287   672,812      10  741,287   672,812      10
    Capital
     acquisitions
     (net)(5)           523,566     8,908   5,777  987,946   141,556     598
    Development capital
     expenditures       110,362   120,296      (8) 226,799   361,678     (37)
    Weighted average
     shares
     outstanding (mm)
      Basic               160.3     125.0      28    148.7     123.6      20
      Diluted             162.6     127.3      28    151.1     125.4      20
    -------------------------------------------------------------------------
    Operating
    Average daily
     production
      Crude oil and NGLs
       (bbls/d)          40,854    32,611      25   37,635    31,805      18
      Natural gas
       (mcf/d)           32,806    30,116       9   29,004    29,199      (1)
    -------------------------------------------------------------------------
      Total (boe/d)      46,322    37,630      23   42,469    36,672      16
    -------------------------------------------------------------------------
    Average selling
     prices(6)
      Crude oil and NGLs
      ($/bbl)             67.97    114.53     (41)   60.70    107.02     (43)
      Natural gas ($/mcf)  3.14      7.99     (61)    3.88      8.72     (56)
    -------------------------------------------------------------------------
      Total ($/boe)       62.17    105.65     (41)   56.44     99.76     (43)
    -------------------------------------------------------------------------
    Netback ($/boe)
      Oil and gas sales   62.17    105.65     (41)   56.44     99.76     (43)
      Royalties          (11.17)   (20.67)    (46)   (9.69)   (18.47)    (48)
      Operating expenses  (9.05)    (9.58)     (6)   (8.69)    (8.93)     (3)
      Transportation      (1.51)    (1.70)    (11)   (1.54)    (1.97)    (22)
    -------------------------------------------------------------------------
      Netback prior to
       realized
       derivatives        40.44     73.70     (45)   36.52     70.39     (48)
      Realized gain
       (loss) on
       derivatives(7)      1.27    (15.18)    108     4.64    (12.94)    136
    -------------------------------------------------------------------------
    Operating netback(1)  41.71     58.52     (29)   41.16     57.45     (28)
    -------------------------------------------------------------------------
    Crescent Point's financial and operating results do not reflect the
    production or cash flows of Shelter Bay Energy Inc. ("Shelter Bay") other
    than the production and cash flows associated with Crescent Point's
    interests in the wells farmed out to Shelter Bay by Crescent Point.
    Crescent Point accounts for its investment in Shelter Bay using the
    equity method of accounting. Accordingly, Crescent Point records its
    share of Shelter Bay net income or loss in the "equity and other income"
    caption on the consolidated statements of operations, comprehensive
    income and deficit.

    (1) Funds flow from operations, payout ratio, net debt and operating
        netback as presented do not have any standardized meaning prescribed
        by Canadian generally accepted accounting principles and, therefore,
        may not be comparable with the calculation of similar measures
        presented by other entities.
    (2) The per share amounts (with the exception of per share dividends) are
        the per share - diluted amounts. Comparative amounts are Trust
        distributions and per trust unit - diluted.
    (3) The net loss of $27.1 million for the nine months ended
        September 30, 2009 includes unrealized derivative losses of
        $147.4 million, a $72.5 million realized derivative gain on
        crystallization of various oil contracts and a $11.4 million bad debt
        provision for SemCanada. The net income of $102.7 million for the
        nine months ended September 30, 2008 includes an unrealized loss on
        derivatives of $122.4 million and a $34.5 million realized derivative
        loss on crystallization of various oil contracts.
    (4) Net debt includes bank indebtedness, working capital and long term
        investments, but excludes risk management assets and liabilities.
    (5) Capital acquisitions represent total consideration for the
        transactions including bank debt and working capital assumed.
    (6) The average selling prices reported are before realized derivatives
        and transportation charges.
    (7) The realized derivative gain for the nine month period ended
        September 30, 2009 excludes realized derivative gains on
        crystallization of $72.5 million. The 2008 realized derivative loss
        for the nine month period ended September 30 excludes a $34.5 million
        loss on derivative crystallization of various oil contracts.

    HIGHLIGHTS

    In third quarter 2009, Crescent Point continued to execute its integrated
    business strategy of acquiring, exploiting and developing high quality,
    long life light and medium oil and natural gas properties.

    -   Crescent Point exceeded production guidance and produced an average
        of 46,322 boe/d in third quarter 2009. This represents a 12 percent
        increase over second quarter 2009 and a 23 percent increase over
        third quarter 2008. With continuing better than expected production
        results year to date, the Company is upwardly revising its 2009
        annual daily production guidance by 1,000 boe/d to 44,500 boe/d.

    -   The Company spent $110.4 million on development capital activities in
        third quarter, including $27.4 million on facilities, land and
        seismic and $83.0 million on drilling and completions activities.

    -   During the quarter, Crescent Point drilled 71 (49.4 net) wells with a
        100 percent success rate. This includes 46 (31.2 net) Bakken
        horizontal wells and 7 (4.1 net) Lower Shaunavon horizontal wells.
        The Company also fracture stimulated 53 (42.8 net) Bakken horizontal
        wells.

    -   On July 2, 2009, Crescent Point Energy Trust ("the Trust") and Wild
        River Resources Ltd. ("Wild River") completed a plan of arrangement
        (the "Wild River Arrangement") whereby Trust unitholders exchanged
        their trust units for common shares of Wild River on a one-to-one
        basis thereby converting the Trust into a corporation. Unitholders
        voted 99.9 percent in favour of the Wild River Arrangement at a
        unitholder meeting on June 29, 2009. The Company continues to pay a
        dividend of $0.23 per share, which equals the previous monthly
        distribution paid by the Trust.

    -   On July 3, 2009, Crescent Point completed its previously announced
        arrangement with Gibraltar Exploration Ltd. ("Gibraltar"). The
        Company subsequently sold 25 percent of the Wild River and Gibraltar
        assets to Shelter Bay Energy Inc. ("Shelter Bay") resulting in
        Crescent Point retaining 2,900 boe/d of high quality, long life
        production, 110 net sections of undeveloped land, and 12.3 million
        boe of proved plus probable reserves.

    -   On August 24, 2009, the Company announced that it had entered into an
        arrangement agreement to acquire Wave Energy Ltd. ("Wave"), a private
        oil and gas company with a dominant position in the Lower Shaunavon
        resource play in southwest Saskatchewan. Wave's assets included
        3,000 boe/d of high quality, long life production, more than 695 net
        sections of undeveloped land, including 195 net sections in
        Saskatchewan, and 17.6 million boe of proved plus probable reserves.
        The majority of Wave's producing properties were in the Lower
        Shaunavon resource play, with additional properties located in the
        emerging Viking light oil resource play in west central Saskatchewan.
        The arrangement with Wave subsequently closed in early fourth quarter
        2009.

    -   On August 24, 2009, the Company also announced that it had entered
        into two agreements to acquire producing assets (the "Assets") in
        southeast and southwest Saskatchewan for combined consideration of
        approximately $258.5 million of cash before closing cost adjustments.
        The Assets produce approximately 3,750 boe/d, comprised of
        approximately 2,750 boe/d of high quality, southeast Saskatchewan
        production and 1,000 boe/d of high quality, long life southwest
        Saskatchewan production. The Assets include 178 net sections of
        undeveloped land and approximately 11.1 million boe of proved plus
        probable reserves. These acquisitions were both completed during the
        quarter.

    -   Crescent Point's funds flow from operations in third quarter 2009
        decreased by 15 percent to $155.4 million ($0.96 per share -
        diluted), compared to $183.8 million ($1.45 per unit - diluted) in
        third quarter 2008, reflecting strong operating results despite a
        41 percent drop in realized oil prices and a 61 percent drop in
        realized natural gas prices from the same period in 2008.

    -   Crescent Point maintained consistent monthly dividends of $0.23 per
        share, totaling $0.69 per share for third quarter 2009. This is
        unchanged from $0.69 per unit paid in third quarter 2008 and resulted
        in a payout ratio of 72 percent on a per share - diluted basis, up
        from 48 percent in third quarter 2008.

    -   On September 15, 2009, the Company closed a $230.1 million bought
        deal equity financing, the net proceeds of which were used to fund a
        portion of the asset acquisitions announced on August 24, 2009.

    -   On October 14, 2009, the Company announced a $500.3 million bought
        deal equity financing which included an option granted to the
        underwriters to purchase up to an additional $75.0 million of shares.
        The option was subsequently exercised in full, and the financing
        closed on November 3, 2009. Net proceeds of the financing were
        initially used to reduce outstanding bank indebtedness, providing
        borrowing capacity for general corporate purposes, which may include
        funding future development capital programs and prospective
        acquisitions.

    -   Crescent Point's balance sheet remains strong, with more than
        $600 million of unutilized capacity projected in its bank lines and a
        projected average net debt to 12 month cash flow of less than
        0.5 times.

    -   Crescent Point continued its disciplined hedging strategy to provide
        increased certainty over cash flow and dividends. As at October 26,
        2009, the Company had hedged 48 percent, 46 percent, 32 percent and
        16 percent of production, net of royalty interest, for the balance of
        2009, 2010, 2011 and 2012, respectively. Average quarterly hedge
        prices range from Cdn$78 per boe to Cdn$87 per boe. The Company also
        initiated its first quarter 2013 hedge position, with four percent
        hedged at approximately Cdn$89 per boe.
    

OPERATIONS REVIEW

Third Quarter Operations Summary

During third quarter 2009, Crescent Point continued to aggressively implement management's business strategy of creating sustainable, value added growth in reserves, production and cash flow through acquiring, exploiting and developing high quality, long life light and medium oil and natural gas properties.

Crescent Point achieved another record quarter for production, averaging 46,322 boe/d in third quarter 2009. The Company participated in the drilling of 69 (48.0 net) oil wells and 2 (1.4 net) service wells, achieving a 100 percent success rate. Crescent Point also fracture stimulated a total of 53 (42.8 net) Bakken horizontal wells and 7 (4.1 net) Lower Shaunavon horizontal wells. Drilling and completions expenditures in the quarter totaled $83.0 million.

    
    Drilling Results

    -------------------------------------------------------------------------
    Three months ended
     September 30,                                                        %
     2009              Gas    Oil   D&A  Service Standing Total  Net Success
    -------------------------------------------------------------------------
    Southeast
     Saskatchewan        -      61    -      2        -     63   45.3   100
    Southwest
     Saskatchewan        -       7    -      -        -      7    4.1   100
    South/Central
     Alberta             -       1    -      -        -      1    0.0   100
    Northeast BC & W
     Peace River Arch,
     Alberta             -       -    -      -        -      -      -     -
    -------------------------------------------------------------------------
    Total                -      69    -      2        -     71   49.4   100
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Nine months ended
     September 30,                                                        %
     2009              Gas    Oil   D&A  Service Standing Total  Net Success
    -------------------------------------------------------------------------
    Southeast
     Saskatchewan        -      94    -      3        -     97   73.1    100
    Southwest
     Saskatchewan        -       7    -      -        -      7    4.1    100
    South/Central
     Alberta             -       4    -      -        -      4    0.7    100
    Northeast BC & W
     Peace River Arch,
     Alberta             -       -    -      -        -      -      -      -
    -------------------------------------------------------------------------
    Total                -     105    -      3        -    108   77.9    100
    -------------------------------------------------------------------------
    

Southeast Saskatchewan

In the third quarter, Crescent Point participated in the drilling of a total of 61 (43.9 net) oil wells and 2 (1.4 net) service wells in southeast Saskatchewan, achieving a 100 percent success rate. Of the wells drilled, 46 (31.2 net) were horizontal wells in the Bakken light oil resource play. The Company also fracture stimulated a total of 53 (42.8 net) Bakken horizontal wells.

During the quarter, Shelter Bay drilled four Bakken horizontal wells on lands farmed out by Crescent Point. These wells are not included in the above totals.

Crescent Point also successfully drilled and completed 5 (3.3 net) horizontal oil wells in the Mississippian Frobisher zone above the Bakken play. Year to date, Crescent Point has drilled 10 (7.8 net) wells in this zone, discovering two new light oil pools and continuing to delineate pools discovered in late 2008. Exploration efforts continue on several Frobisher prospects defined by three dimensional seismic and newly encountered oil shows.

The Company completed the construction of 92 kilometres of pipeline gathering systems in the Viewfield Bakken area in the quarter. The additional gathering systems provide for continued Bakken oil and gas development in the area and tie in 17 existing single well batteries and 19 wells recently drilled. The Company has commenced design work to modify existing compression at the Viewfield gas plant to increase inlet capacity to 21 mmcf/d by mid 2010. Plans to expand the plant to 30 mmcf/d by late 2010 continue.

At Tatagwa, Crescent Point drilled 2 (1.4 net) water injection wells to improve water flood sweep efficiency and improve overall recoveries. At Glen Ewen, the Company drilled 4 (4.0 net) Frobisher horizontal wells and added a disposal well to accommodate increased production. In addition, the Company drilled 6 (5.4 net) horizontal wells in the Edenvale, Nottingham, Ingoldsby and Wordsworth areas.

Southwest Saskatchewan

In the quarter, Crescent Point completed the Wild River and Gibraltar arrangements, with assets primarily situated in southwest Saskatchewan. The Company also participated in the drilling and fracture stimulation of 7 (4.1 net) horizontal oil wells in the Lower Shaunavon medium oil resource play, including wells on Wild River and Gibraltar lands. Up to 21 (16.8 net) Lower Shaunavon horizontal wells are planned for 2009, including wells on lands acquired in the Wave acquisition. During the quarter, Crescent Point prepared plans to assume the operations of Wave in early fourth quarter.

Also in the Lower Shaunavon play, Crescent Point began construction of central facilities to accommodate Wild River and Gibraltar production. Commissioning is expected in late 2009 or early 2010. Additional infrastructure investments are planned for 2010 to accommodate production growth in the Lower Shaunavon resource play.

South/Central Alberta

At Sounding Lake, the Company commissioned an amine unit to conserve associated gas and to reduce greenhouse gas emissions. The Company is waiting on regulatory approval for a water flood in the Sparky zone, with injection expected to be approved and implemented by late 2009 or early 2010. Initial expectations for incremental recoveries are greater than 10 percent within the flood area. At John Lake, the Company continued its ongoing program of compressor and production optimization to offset natural declines.

Northeast British Columbia and Peace River Arch, Alberta

At Worsley, injection into the S pool commenced in mid July to improve overall recoveries in the pool. Expansion of the T Pool injection pattern is being reviewed for application and implementation in 2010.

Acquisitions and Arrangements

Wild River and Gibraltar Arrangements:

On July 2, 2009, the Trust and Wild River completed the Wild River Arrangement whereby Trust unitholders exchanged their trust units for common shares of Wild River on a one-to-one basis thereby converting the Trust into a corporation. The Company also completed its arrangement with Gibraltar on July 3, 2009. Consideration payable by Crescent Point pursuant to the arrangements was approximately $324.2 million, before closing cost adjustments, and based on a five day weighted average trading price of $27.16 per trust unit and including $83.5 million of net debt. On a combined basis, the assets of Wild River and Gibraltar include more than 3,900 boe/d of high quality, long life crude oil and natural gas production.

Crescent Point also completed an agreement to sell 25 percent of the combined Wild River and Gibraltar assets to Shelter Bay for cash consideration of approximately $81.9 million, being equal to the consideration paid by the Trust for such assets.

On a net basis, the Wild River and Gibraltar assets retained by the Company include production of more than 2,900 boe/d, 64 percent of which is in southwest Saskatchewan, 110 net sections of undeveloped land, tax pools of approximately $423 million, 85 net low risk drilling locations and proved plus probable reserves of 12.3 million boe, independently evaluated as of December 31, 2008.

Wave Arrangement:

On August 24, 2009, Crescent Point announced that it had entered into an arrangement agreement to acquire Wave, a private oil and gas company with a dominant position in the Lower Shaunavon resource play in southwest Saskatchewan. Wave's assets included 3,000 boe/d of high quality, long life production, more than 695 net sections of undeveloped land, including 195 net sections in Saskatchewan, and 17.6 million boe of proved plus probable reserves, independently evaluated as December 31, 2008. The majority of Wave's producing properties were in the Lower Shaunavon resource play, with additional properties located in the emerging Viking light oil resource play in west central Saskatchewan. The arrangement subsequently closed in early fourth quarter 2009. Consideration was approximately $665.3 million before closing adjustments and based on a five day weighted average trading price of $34.68 per Crescent Point share.

Southeast and Southwest Asset Acquisitions:

On August 24, 2009, the Company also announced that it had entered into two agreements to acquire Assets in southeast and southwest Saskatchewan for combined consideration of approximately $258.5 million of cash. The Assets produce approximately 3,750 boe/d, comprised of approximately 2,750 boe/d of high quality, southeast Saskatchewan production and 1,000 boe/d of high quality, long life southwest Saskatchewan production. The Assets include 178 net sections of undeveloped land and approximately 11.1 million boe of proved plus probable reserves, evaluated utilizing NI 51-101 reserve definitions. These acquisitions were both completed during the quarter.

SHELTER BAY THIRD QUARTER UPDATE

During third quarter 2009, Shelter Bay continued to aggressively pursue its business strategy of growth in core Crescent Point areas. Shelter Bay drilled 24 Bakken horizontal wells, including four wells on lands farmed out by Crescent Point. Shelter Bay also drilled 10 Lower Shaunavon horizontal wells in southwest Saskatchewan and one Frobisher well above the Bakken zone in southeast Saskatchewan. Shelter Bay's production averaged more than 7,200 boe/d for the quarter.

In early July, Shelter Bay completed its acquisition from Crescent Point of 25 percent of the Wild River and Gibraltar assets. Shelter Bay paid approximately $81.9 million of cash for these assets. Shelter Bay acquired production of nearly 1,000 boe/d, approximately 36 net sections of undeveloped land and reserves of 4.1 million boe proved plus probable, independently evaluated as of December 31, 2008.

Shelter Bay is well positioned for growth in production, reserves and cash flow with a development drilling inventory of more than 450 locations in the Bakken and Lower Shaunavon oil resource plays. The total cost of Crescent Point's investment in Shelter Bay is approximately $200 million, which equates to a 21 percent interest.

Crescent Point's financial and operating results do not reflect the production or cash flows of Shelter Bay other than the production and cash flows associated with Crescent Point's interests in the wells farmed out to Shelter Bay by Crescent Point. Crescent Point accounts for its investment in Shelter Bay using the equity method of accounting. Accordingly, Crescent Point records its share of Shelter Bay net income or loss in the "equity and other income (losses)" caption on the consolidated statements of operations, comprehensive income and deficit.

SUBSEQUENT EVENTS

In early fourth quarter, Crescent Point completed an agreement to acquire certain assets in the core of the southeast Saskatchewan Bakken light oil resource play. Crescent Point also acquired additional Bakken and Lower Shaunavon lands at the October Crown land sale. Combined, the Company acquired 38.5 net sections of Bakken and Lower Shaunavon undeveloped land and approximately 300 boe/d of Bakken production for combined cash consideration of approximately $107.6 million.

OUTLOOK AND UPWARDLY REVISED GUIDANCE

Crescent Point continues to execute its business plan of creating sustainable value added growth in reserves, production and cash flow through management's integrated strategy of acquiring, exploiting and developing high quality, long life, light oil and natural gas properties in western Canada.

During the first three quarters of 2009, the Company has captured and consolidated the dominant position in the southwest Saskatchewan Lower Shaunavon resource play, which is estimated by Crescent Point to contain upwards of 4.3 billion barrels of Discovered Petroleum Initially-In-Place ("DPIIP") as defined in the Canadian Oil and Gas Evaluations Handbook. With the acquisitions of the Wild River and Gibraltar assets, followed up by the acquisition of Wave, Crescent Point now has more than 248 net sections of land in the Lower Shaunavon play with more than 990 net internally identified Lower Shaunavon drilling locations.

Including Bakken and other properties, Crescent Point has more than 4,400 net low risk drilling locations in inventory, representing more than 320,000 boe/d of risked production additions. This depth of drilling inventory positions the Company well for long term sustainable growth in production, reserves and net asset value and provides support for long term dividends.

With continuing better than expected production results year to date, the Company is upwardly revising its 2009 average daily production guidance by 1,000 boe/d to 44,500 boe/d.

Funds flow from operations for 2009 is expected to increase to $659 million ($4.04 per share - diluted), based on forecast pricing of US$62.00 per barrel WTI, Cdn$4.00 per mcf AECO gas and US$0.88 exchange rate.

Including the proceeds of the recently closed bought deal financing of $575.3 million, Crescent Point continues to have a strong balance sheet with projected average net debt to cash flow of less than 0.5 times and a projected unutilized credit capacity of more than $600 million.

Crescent Point continues to implement its balanced 3 1/2 year price risk management program, using a combination of swaps, collars and purchased put options with investment grade counterparties all within Crescent Point's banking syndicate. As at October 26, 2009, Crescent Point has hedged 48 percent, 46 percent, 32 percent and 16 percent of production, net of royalty interest, for the balance of 2009, 2010, 2011 and 2012, respectively. Average quarterly hedge prices range from Cdn$78 per boe to Cdn$87 per boe, with upside potential if prices strengthen above current levels. The Company has also initiated its first quarter 2013 hedge position, with four percent hedged at approximately Cdn$89 per boe.

Crescent Point's management believes that with the Company's high quality reserve base and development inventory, excellent balance sheet and solid risk management program, the Company is well positioned to continue generating strong operating and financial results through 2010 and beyond.

    
    2009 Upwardly Revised Guidance

    Crescent Point's upwardly revised projections for 2009 are as follows:

    -------------------------------------------------------------------------
    Production                         August Guidance      Revised Guidance
      Oil and NGL (bbls/d)                      38,500                39,334
      Natural gas (mcf/d)                       30,000                31,000
    -------------------------------------------------------------------------
    Total (boe/d)                               43,500                44,500
    -------------------------------------------------------------------------
    Funds flow from operations ($000)          645,000               659,000
    Combined funds flow per share
     (unit) - diluted ($)                         4.06                  4.04
    Combined cash distributions per
     unit and dividends per share ($)             2.76                  2.76
    Payout ratio - per share (unit) -
     diluted (%)                                    68                    68
    -------------------------------------------------------------------------
    Capital expenditures ($000)(1)             325,000               325,000
    Wells drilled, net                             125                   125
    -------------------------------------------------------------------------
    Pricing
      Crude oil - WTI (US$/bbl)                  62.00                 62.00
      Crude oil - WTI (Cdn$/bbl)                 71.26                 70.45
      Natural gas - Corporate (Cdn$/mcf)          4.00                  4.00
      Exchange rate (US$/Cdn$)                    0.87                  0.88
    -------------------------------------------------------------------------
    (1) The projection of capital expenditures excludes acquisitions, which
        are separately considered and evaluated.

    ON BEHALF OF THE BOARD OF DIRECTORS

    (signed)


    Scott Saxberg,
    President and Chief Executive Officer
    

Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking statements. 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 "could", "should", "can", "anticipate", "expect", "believe", "will", "may", "projected", "sustain", "continues", "strategy", "potential", "projects", "grow", "take advantage", "estimate", "well positioned" and similar expressions are intended to identify forward-looking statements. By their nature, such forward-looking statements involve 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. Crescent Point believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this report should not be unduly relied upon. These statements speak only as of the date of this report or, if applicable, as of the date specified in those documents specifically referenced herein.

In particular, this press release contains forward-looking statements pertaining to the following: the performance characteristics of Crescent Point's oil and natural gas properties; oil and natural gas production levels; capital expenditure programs; drilling programs; well conversion and water injection programs; the quantity of Crescent Point's oil and natural gas reserves and anticipated future cash flows from such reserves; the quantity of drilling locations in inventory; projections of commodity prices and costs; supply and demand for oil and natural gas; expectations regarding the ability to raise capital and to continually add to reserves through acquisitions and development; expected debt levels and credit facilities; expected pipeline capacity additions; facility construction plans; and treatment under governmental regulatory regimes.

By their nature, such forward-looking statements are subject to a number of risks, uncertainties and assumptions, which could cause actual results or other expectations to differ materially from those anticipated, including those material risks discussed in our annual information form under "Risk Factors" our Management's Discussion and Analysis for the year ended December 31, 2008 under the heading "Forward-Looking Information" and in our Management's Discussion and Analysis for the quarter ended September 30, 2009 under the heading "Forward-Looking Information". The material assumptions are disclosed in the Results of Operations section of our Management's Discussion and Analysis for the quarter ended September 30, 2009 under the headings "Cash Dividends", "Capital Expenditures", "Asset Retirement Obligation", "Liquidity and Capital Resources", "Critical Accounting Estimates", "New Accounting Pronouncements" and "Outlook". The actual results could differ materially from those anticipated in these forward-looking statements as a result of the material risks set forth under the noted headings, which include, but are not limited to: financial risk of marketing reserves at an acceptable price given market conditions; volatility in market prices for oil and natural gas; delays in business operations, pipeline restrictions, blowouts; the risk of carrying out operations with minimal environmental impact; industry conditions including changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; uncertainties associated with estimating oil and natural gas reserves; economic risk of finding and producing reserves at a reasonable cost; uncertainties associated with partner plans and approvals; operational matters related to non-operated properties; increased competition for, among other things, capital, acquisitions of reserves and undeveloped lands; competition for and availability of qualified personnel or management; incorrect assessments of the value of acquisitions and exploration and development programs; unexpected geological, technical, drilling, construction and processing problems and availability of insurance; fluctuations in foreign exchange and interest rates; stock market volatility; failure to realize the anticipated benefits of acquisitions; general economic, market and business conditions; uncertainties associated with regulatory approvals; uncertainty of government policy changes; uncertainties associated with credit facilities and counterparty credit risk; changes in income tax laws or changes in tax laws, crown royalty rates and incentive programs relating to the oil and gas industry.

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. 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 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, unless required to do so pursuant to applicable law.

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

Shares of Crescent Point are traded on the Toronto Stock Exchange under the symbol CPG.

SOURCE Crescent Point Energy Corp.

For further information: For further information: ON CRESCENT POINT ENERGY CORP. PLEASE CONTACT: 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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