Crescent Point Energy Trust announces 2006 Canadian income tax information and date for year-end results


    CALGARY, March 7 /CNW/ - Crescent Point Energy Trust ("Crescent Point" or
the "Trust") announces the distributions declared to unitholders in the 2006
taxation year are 100% taxable for Canadian income tax purposes.
    The information contained herein is based on the Trust's understanding of
the Income Tax Act (Canada) and is provided for general information only.
Unitholders are advised to consult their personal tax advisors with respect to
their particular circumstances.


    The following table outlines the breakdown of the cash distributions per
unit paid or payable by Crescent Point Energy Trust with respect to the record
dates from January 31, 2006 to December 31, 2006 for Canadian income tax

                                            Taxable   Deferred
                                             Amount     Amount
                                            (Box 26    (Box 42
                                              Other  Return of    Total Cash
    Record Date         Payment Date         Income)   Capital) Distribution
    January 31, 2006    February 15, 2006    $ 0.20          -        $ 0.20
    February 28, 2006   March 15, 2006       $ 0.20          -        $ 0.20
    March 31, 2006      April 17, 2006       $ 0.20          -        $ 0.20
    April 30, 2006      May 15, 2006         $ 0.20          -        $ 0.20
    May 31, 2006        June 15, 2006        $ 0.20          -        $ 0.20
    June 30, 2006       July 17, 2006        $ 0.20          -        $ 0.20
    July 31, 2006       August 15, 2006      $ 0.20          -        $ 0.20
    August 31, 2006     September 15, 2006   $ 0.20          -        $ 0.20
    September 30, 2006  October 16, 2006     $ 0.20          -        $ 0.20
    October 31, 2006    November 15, 2006    $ 0.20          -        $ 0.20
    November 30, 2006   December 15, 2006    $ 0.20          -        $ 0.20
    December 31, 2006   January 15, 2007     $ 0.20          -        $ 0.20
    TOTAL PER UNIT                           $ 2.40          -        $ 2.40

    Units held within an RRSP, RRIF, or DPSP
    No amount should be reported on the 2006 individual Income Tax Return
("T1") in respect of trust units held in a Registered Retirement Savings Plan
(RRSP), Registered Retirement Income Fund (RRIF), or Deferred Profit Sharing
Plan (DPSP).

    Units held outside an RRSP, RRIF, or DPSP
    Registered unitholders who held trust units outside an RRSP, RRIF, or
DPSP will receive a T3 Supplementary Slip for 2006 ("T3") from our transfer
agent, Olympia Trust Company, on or before March 31, 2007. Individual
unitholders must report the taxable portion of such distributions in their
2006 T1. Unitholders who held units through intermediaries such as investment
advisers will be issued T3s from those intermediaries on or before March 31,

    Adjusted Cost Base Reduction
    The Adjusted Cost Base ("ACB") is used in calculating capital gains or
losses on the disposition of trust units held as capital property by a
unitholder. The ACB of each trust unit is reduced by the portion of
distributions considered a return of capital.


    The following information is provided for general information only. 
Investors are encouraged to seek advice from a qualified tax advisor in their
country of residence to obtain guidance with respect to the appropriate tax
treatment of their distributions.
    We believe that we are a corporation for United States federal income tax
purposes, and as a result, a distribution that we make on a unit is treated as
a dividend for United States federal income tax purposes. This treatment of
our distributions is based on the fact that we have not determined, and do not
intend to determine, our current or accumulated earnings and profits. In the
absence of such information, we believe that a United States person should
report our distributions as fully subject to United States federal income tax.
We believe such distributions should be considered "qualified dividends" for
purposes of United States income taxation. Such a dividend would be taxed by
the United States at a maximum rate of 15 percent if such dividend meets
certain holding period and other requirements of the United States Internal
Revenue Code.
    Any United States income tax that is payable in respect of a distribution
on our units will be reduced by a credit for the 15 percent Canadian
withholding tax. Any credit is subject to certain generally applicable
limitations imposed by the Internal Revenue Code. Such Canadian withholding
taxes cannot be used as a credit against such federal income taxes if such
taxes can be recovered from Canada as an overpayment.
    The information in this release is not intended to be an exhaustive
discussion of all possible income tax consequences but a general guideline. It
is not intended to be legal or tax advice to any particular holder or
potential holder of Trust units. The holders or potential holders of Trust
units should consult their own tax advisors as to their particular tax
consequences and reporting obligations.


    The Trust anticipates releasing the 2006 year-end and fourth quarter
operating and financial results on or about Monday, March 12, 2007.
    Crescent Point Energy Trust 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.
Trust units of Crescent Point are traded on the Toronto Stock Exchange under
the symbol "CPG.UN".


    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 the 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.

    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.


    Scott Saxberg,
    President and Chief Executive Officer

For further information:

Greg Tisdale, Chief Financial Officer or Trent Stangl, Manager Marketing and
Investor Relations, Telephone: (403) 693-0020, Fax: (403) 693-0070, Toll-free:

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Crescent Point Energy Corp.

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