CALGARY, May 15 /CNW/ - Crescent Point Energy Trust ("Crescent Point" or
the "Trust") confirms that the cash distribution to be paid on June 15, 2009,
in respect of May 2009 production, for unitholders of record on May 31, 2009
will be $0.23 per trust unit. The ex-distribution date is May 27, 2009.
Crescent Point confirms also that the Annual General and Special Meeting
of unitholders has been rescheduled to 10:00 am on June 29, 2009 in the
Ballroom of the Metropolitan Convention Centre in Calgary, Alberta. The
revised date will allow the previously announced conversion of Crescent Point
to a dividend paying corporation (the "Conversion") to be completed in
association with the previously announced arrangement agreement with Wild
River Resources Ltd.
The Board of Directors of Crescent Point and management have determined
that the Conversion will allow Crescent Point to continue to implement its
proven business plan of growing value through its integrated strategy of
acquiring, exploiting and developing high quality, long life reserves. The
Conversion should allow Crescent Point improved access to capital markets
without the constraints of the Safe Harbour growth limitations placed on
Crescent Point's business model will remain unchanged, with Crescent
Point paying a monthly dividend instead of the current monthly distribution.
The first dividend to be paid is on July 15, 2009, and is expected to be set
at $0.23 per share, which is equal to the current monthly distribution rate.
Canadians holding shares outside of a RRSP, RRIF or DPSP will receive an
increase on an after tax basis when they receive the dividend instead of the
current distribution, as the dividend is eligible for the Canadian Dividend
With the successful completion of the Conversion, Crescent Point expects
to continue with its DRIP, Premium DRIP and Optional Share Purchase programs.
Unitholders interested in, but not already enrolled in, these programs should
contact their financial advisor or review the Crescent Point website.
FORWARD LOOKING STATEMENTS
Certain statements contained in this press release constitute forward
looking statements, including statements in respect of expectations regarding
the ability to raise capital; treatment under governmental regulatory regimes;
the completion of the conversion of the Trust to a corporation; and the
dividends expected to be paid by the Trust once it converts to a corporation.
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 their
nature, such forward-looking information involve 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", those described in our MD&A under "Business Risks and
Prospects" and the following material risk factors: volatility in market
prices for oil and natural gas; uncertainties associated with estimating oil
and natural gas reserves; competition for, among other things, capital,
acquisitions of reserves, undeveloped lands and skilled personnel; incorrect
assessments of the value of acquisitions; geological, technical, drilling and
processing problems; fluctuations in foreign exchange or interest rates and
stock market volatility; failure to realize the anticipated benefits of
acquisitions or the conversion of the Trust to a corporation; general business
and market condition; operational risks in development, exploration and
production of oil and natural gas; delays or changes in plans with respect to
exploration or development projects or capital expenditures; the uncertainty
of estimates and projections relating to production, costs and expenses;
health, safety and environmental risks, 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 0.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 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 Inc., Trent Stangl, Vice President 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