Crescent Point Energy Trust completes Plan of Arrangement with Pilot Energy Ltd.


    CALGARY, Jan. 16 /CNW/ - Crescent Point Energy Trust ("Crescent Point" or
the "Trust") (TSX: CPG.UN) today closed the previously announced acquisition
of Pilot Energy Ltd. ("Pilot") by way of a Plan of Arrangement (the "Plan")
for total consideration of $76 million. Under the Plan, each issued and
outstanding Pilot common share was exchanged for 0.1284 of a trust unit of
Crescent Point Energy Trust.
    Pilot is currently producing approximately 1,000 boe/d of focused high
netback oil, 50 percent of which is in Crescent Point's core Viewfield Bakken
light oil resource play in southeast Saskatchewan. The Pilot consolidation
acquisition extends the Trust's dominance in the Bakken play in southeast
Saskatchewan, increasing Crescent Point's Bakken production to more than
12,500 boe/d. In addition, the Pilot acquisition adds 6.5 net sections of
undeveloped Bakken land on which Crescent Point has identified 22 (19.0 net)
low risk development drilling locations.
    The remainder of Pilot's production includes approximately 320 boe/d of
non-Bakken production in southeast Saskatchewan, overlapping and contiguous
with Crescent Point production in the area, and approximately 180 boe/d from
the Chauvin region of central Alberta.


    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 Energy Trust 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.


    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, Toll free (Canada and the
U.S.): 1-888-693-0020, Fax: (403) 693-0070 website:

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