Crescent Point Energy Trust completes acquisition of Villanova Energy Corporation


    CALGARY, Jan. 15 /CNW/ - Crescent Point Energy Trust ("Crescent Point" or
the "Trust") (TSX: CPG.UN) today closed the previously announced acquisition
of Villanova Energy Corporation ("Villanova") by way of a Plan of Arrangement
(the "Plan") for total consideration of 4.625 million trust units plus the
assumption of approximately $23.6 million of Villanova debt. Total
consideration is approximately $123.1 million based on a value of $21.51 per
trust unit.
    Villanova is currently producing approximately 1,750 boe/d of high
quality light oil production, 95 percent of which is in the southeast
Saskatchewan Bakken light oil resource play. Crescent Point has identified at
least 47 low risk Bakken development drilling locations on the Villanova
lands. These assets are adjacent to and contiguous with existing Crescent
Point Bakken properties. The Villanova consolidation acquisition extends the
Trust's dominance in the Bakken play in southeast Saskatchewan, adding 26 net
sections of undeveloped Bakken land, increasing Crescent Point's total
undeveloped land holdings in the Bakken play to 416 net sections. The
acquisition also provides the Trust with further economies of scale through
infrastructure utilization and increased netbacks through tie ins to the
Trust's Viewfield gas plant.


    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.

    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.


    Scott Saxberg,
    President and Chief Executive Officer

For further information:

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): 1-888-693-0020, Fax: (403) 693-0070,

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