/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO
ANY UNITED STATES NEWS SERVICES./
CALGARY, Sept. 25 /CNW/ - Crescent Point Energy Trust ("Crescent Point"
or the "Trust") has closed its recently announced equity offering (the
"Offering") of 8,900,000 trust units at $18.55 per trust unit for aggregate
gross proceeds of $165,095,000. The syndicate of underwriters for the Offering
was co-led by BMO Capital Markets and Scotia Capital Inc., and included CIBC
World Markets Inc., RBC Capital Markets, FirstEnergy Capital Corp.,
TD Securities Inc., GMP Securities L.P., and Tristone Capital Inc.
The first cash distribution in which these trust units will be entitled
to participate will be for the month of September 2007, which will be paid on
October 15, 2007.
Crescent Point will use all of the net proceeds of the Offering to reduce
the Trust's current outstanding indebtedness which arose prior to October 31,
2006. This debt repayment is permitted under the guidelines announced by the
federal government regarding the expansion of existing income trusts prior to
the year 2011.
FORWARD LOOKING STATEMENTS
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.
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.
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 Inc., Trent Stangl, Manager, Marketing and Investor Relations, Greg
Tisdale, Chief Financial Officer, Telephone: (403) 693-0020, Telecopier: (403)
693-0070, Toll-free (Canada & United States) 1-888-693-0020