/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO
ANY UNITED STATES NEWS SERVICES/
CALGARY, Sept. 21 /CNW/ - Crescent Point Energy Trust ("Crescent Point"
or the "Trust") (TSX: CPG.UN) announces, as required under applicable
securities legislation, its purchase today of 2.2 million common shares of
Innova Exploration Ltd. ("Innova") through the facilities of the Toronto Stock
Exchange ("TSX"). Crescent Point commenced its offer (the "Offer") to acquire
all the issued Innova shares on September 14, 2007.
The highest price that Crescent Point paid for the Innova shares
purchased today was $7.51 per share. The total number of Innova shares
acquired by Crescent Point through the facilities of the TSX since September
14, 2007 is 2.2 million, with an average price of $7.51 per share. As at the
close of business of the TSX today, Crescent Point owns 2.2 million common
shares of Innova, representing approximately 5 percent of the total issued
Officers, directors and shareholders of Innova holding approximately 27
percent of the outstanding shares of Innova (on a fully diluted basis) have
entered into hard lock-up agreements pursuant to which they have agreed to
tender their Innova shares to the Offer. Including the common shares of Innova
held by Crescent Point and the shares subject to hard lock-up agreements with
Crescent Point, a minimum of 32 percent of outstanding shares of Innova are
now confirmed to be either held by Crescent Point or subject to a hard
The deadline for tendering Innova shares to the Offer is 5:00 p.m.
(Calgary time) on October 22, 2007. If all conditions related to the Offer are
satisfied or waived by Crescent Point, the Trust will take up validly
deposited Innova shares not later than 10 days after the expiry date and will
be paid for not later than three business days after they are taken up.
Innova shareholders with questions regarding the Offer should contact the
Information Agent for the Offer, Georgeson, at 1-888-605-8368.
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.
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.
CRESCENT POINT ENERGY TRUST
President and Chief Executive Officer
Trust units of Crescent Point are traded on the Toronto Stock Exchange
under the symbol CPG.UN.
For further information:
For further information: Crescent Point Energy Trust, c/o Crescent Point
Resources Ltd., Trent Stangl, Manager Marketing and Investor Relations, Greg
Tisdale, Chief Financial Officer, Telephone: (403) 693-0020, Telecopier: (403)
693-0070, Toll-free (Canada) 1-888-693-0020