Crescent Point Announces a $1.1 Billion Capital Expenditures Budget for 2012 and an Upwardly Revised Capital Budget and Guidance for 2011

CALGARY, Alberta, December 5, 2011 -

Crescent Point Energy Corp. (”Crescent Point” or the “Company”) (TSX: CPG) is pleased to announce a $1.1 billion capital development budget for 2012. Execution of the budget is expected to increase average daily production by approximately 10 percent to 80,000 boe/d, with a 2012 exit rate of greater than 85,000 boe/d. In addition, the Company is upwardly revising its 2011 exit rate to more than 80,000 boe/d from 77,500 boe/d and its capital development budget by $150 million to $1.2 billion. The majority of the increase in capital is expected to be spent on drilling and completions in the Viewfield Bakken play, which will result in a strong exit to 2011 and an early start to the Company’s 2012 capital program. Current production exceeds 80,000 boe/d.

“We are excited about our 2012 capital budget, which is balanced between the Bakken and Shaunavon resource plays,” said Scott Saxberg, president and CEO of the Company. “The budget is designed to provide for another low-risk year of organic growth through the drill bit on our major oil resource plays in Saskatchewan while expanding our new emerging resource plays in Alberta and North Dakota.”

UPWARDLY REVISED 2011 GUIDANCE AND CAPITAL EXPENDITURES BUDGET

Crescent Point is upwardly revising its 2011 exit rate to more than 80,000 boe/d from 77,500 boe/d and is increasing its capital expenditures budget by $150 million to $1.2 billion. Approximately $118 million of the increase is expected to be spent on drilling and completions, with the remainder allocated to infrastructure investments, undeveloped land acquisitions and seismic.

The majority of the increased drilling is expected to be in the Viewfield Bakken play and the Shaunavon area, and is expected to position the Company well for a strong start to 2012. Crescent Point now plans to drill 161 net wells in the Viewfield Bakken play and 103 net wells in the Shaunavon area in 2011, an increase of approximately 39 net wells and 17 net wells, respectively, from previous plans.

“We’ve had a strong year in 2011,” said Saxberg. “We exceeded our production guidance, despite record flooding in southeast Saskatchewan that caused a rapid shift in capital spending from the Viewfield Bakken area to the Shaunavon area. We generated organic growth in our key resource plays while acquiring land in and developing our emerging plays in Alberta and in North Dakota.”

2012 CAPITAL DEVELOPMENT BUDGET

“In 2012, we will build on the momentum generated in 2011,” said Saxberg. “The 2012 capital program focuses on several long-term organic growth projects and advances our emerging resource plays. We are also applying new techniques and concepts across several of our resource plays, which will provide us with a competitive advantage in developing new prospects.”

Crescent Point’s 2012 capital expenditures budget has been set at $1.1 billion. Execution of the budget is expected to increase average daily production by approximately 10 percent to 80,000 boe/d, with a 2012 exit rate of greater than 85,000 boe/d.

Crescent Point expects to spend approximately $385 million of its 2012 budget in the Viewfield Bakken and Flat Lake areas of southeast Saskatchewan, including drilling approximately 120 net wells in the Viewfield area and 12 net wells at Flat Lake. To accommodate continued growth of the Company’s Bakken production, Crescent Point expects to invest up to $55 million on infrastructure projects, land and seismic in these two areas. As part of its ongoing water flood implementation project at Viewfield, the Company expects to convert up to 30 net horizontal wells into water injection wells, increasing the total number of Bakken water injection wells to more than 50 by year-end 2012.

In the Shaunavon area of southwest Saskatchewan, Crescent Point plans to spend approximately $220 million of the 2012 budget, including drilling approximately 72 net wells, which will target both the Lower Shaunavon and the Upper Shaunavon resource plays. As part of its ongoing water flood pilot in the Shaunavon area, the Company plans to convert up to 4 horizontal Lower Shaunavon wells into water injection wells, for a total of 10 injection wells in the Lower Shaunavon. Crescent Point plans to invest up to $52 million in infrastructure projects and land in the Shaunavon area to accommodate production growth in this play.

Due to the Company’s positive results to date in the Swan Hills Beaverhill Lake light oil resource play in Alberta, Crescent Point plans to spend approximately $165 million in the area in 2012. The Company expects to drill up to 26 net wells and invest up to $22 million in infrastructure projects, land and seismic in this play in 2012.

The Company is also increasing its capital expenditures in North Dakota, where it has amassed more than 165 net sections of land. Crescent Point expects to allocate approximately $130 million of the 2012 budget in the state, including drilling up to 14 net wells.

Crescent Point will continue to pursue its exploration and development projects in southern Alberta in 2012, with plans to spend approximately $50 million drilling up to 19 net wells into both conventional and unconventional zones.

The remaining $150 million will be allocated to Crescent Point’s other properties in Saskatchewan, Manitoba and Alberta, including conventional assets in southeast Saskatchewan, Battrum/Cantuar and the Viking play at Dodsland.

In total, approximately 85 percent of the budget is expected to be allocated to drilling and completions, with a total of 347 net wells planned. The remainder of the budget is expected to be allocated to infrastructure investments, undeveloped land acquisitions and seismic.

Execution of the 2012 capital expenditures budget is expected to increase Crescent Point’s average daily production to 80,000 boe/d, representing approximately 10 percent growth over 2011 guidance. Exit 2012 production is forecast to be greater than 85,000 boe/d, representing more than six percent growth over 2011 exit production. The 2012 capital program is consistent with the Company’s five-year growth models.

As a result of the wet weather conditions experienced during 2010 and 2011, the 2012 guidance assumes a long spring break-up and the shut in of up to 10,000 boe/d during second quarter. The Company’s guidance has also not included any upside related to water flood programs in the Bakken and Shaunavon plays but its 2012 exit guidance of 85,000 boe/d has included the shut in of 1,500 boe/d to account for the anticipated production impact of converting producing wells to water injection wells.

2012 GUIDANCE

Crescent Point continues to execute its business plan of creating sustainable value-added growth in reserves, production and cash flow through management’s integrated strategy of acquiring, exploiting and developing high-quality, long-life light and medium oil and natural gas properties in United States and Canada.

In 2012, the Company plans to drill 347 net wells of its more than 6,500 net internally identified low-risk drilling locations in inventory. This drilling inventory depth positions the Company well for long-term sustainable growth in production, reserves and net asset value, and provides long-term support for dividends.

Funds flow from operations for 2012 is expected to be approximately $1.38 billion, with a payout ratio of 60 percent, based on forecast pricing of US$95.00 per barrel WTI, Cdn$3.25 per mcf AECO gas and a US$/Cdn$0.96 exchange rate.

Crescent Point’s balance sheet remains strong, with projected average net debt to 12-month cash flow of approximately 1.0 times and approximately $1.1 billion available on its bank lines as at September 30, 2011.

The Company continues to implement its balanced 3½-year price risk management program, using a combination of swaps, collars and purchased put options with investment grade counterparties. As at November 29, 2011, the Company had hedged 52 percent, 42 percent, 22 percent and 10 percent of production, net of royalty interest, for 2012, 2013, 2014 and the first quarter of 2015, respectively. Average quarterly hedge prices range from Cdn$90 per boe to Cdn$97 per boe.

The Company’s upwardly revised guidance for 2011 and its guidance summary for 2012 is as follows:

    Production                              2011      2012
    Oil and NGL (bbls/d)                  65,750    72,250
    Natural gas (mcf/d)                   43,500    46,500
    Total (boe/d)                         73,000    80,000
    Exit (boe/d)                          80,000    85,000
    Funds flow from operations ($000)  1,260,000 1,380,000
    Funds flow per share - diluted ($)      4.52      4.63
    Cash dividends per share ($)            2.76      2.76
    Capital expenditures ($000) (1)    1,200,000 1,100,000
    Wells drilled, net                       368       347
    Pricing
    Crude oil - WTI (US$/bbl)              94.75     95.00
    Crude oil - WTI (Cdn$/bbl)             93.81     98.96
    Natural gas - Corporate (Cdn$/mcf)      3.67      3.25
    Exchange rate (US$/Cdn$)                1.01      0.96

(1) The projection of capital expenditures excludes acquisitions, which are separately considered and evaluated.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release constitute forward-looking statements. All forward-looking statements are based on Crescent Point’s beliefs and assumptions based on information available at the time the assumption was made. The use of any of the words “could”, “should”, “can”, “anticipate”, “expect”, “believe”, “will”, “may”, “plan”, “projected”, “sustain”, “continues”, “strategy”, “potential”, “projects”, “grow”, “take advantage”, “estimate”, “well-positioned” and similar expressions are intended to identify forward-looking statements. By their nature, such forward-looking statements 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. Crescent Point believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this report should not be unduly relied upon. These statements speak only as of the date of this press release or, if applicable, as of the date specified in those documents specifically referenced herein.

In particular, this press release contains forward-looking statements pertaining to the following: the performance characteristics of Crescent Point’s oil and natural gas properties; oil and natural gas production levels; capital expenditure programs; drilling programs; well conversion and water injection programs; the quantity of Crescent Point’s oil and natural gas reserves and anticipated future cash flows from such reserves; the quantity of drilling locations in inventory; projections of commodity prices and costs; supply and demand for oil and natural gas; expectations regarding the ability to raise capital and to continually add to reserves through acquisitions and development; expected debt levels and credit facilities; expected pipeline capacity additions; facility construction plans; and treatment under governmental regulatory regimes.

By their nature, such forward-looking statements are subject to a number of risks, uncertainties and assumptions, which could cause actual results or other expectations to differ materially from those anticipated, including those material risks discussed in our annual information form under “Risk Factors” and our Management’s Discussion and Analysis for the year ended December 31, 2010, under the headings “Risk Factors” and “Forward-Looking Information.” The material assumptions are disclosed in the Management’s Discussion and Analysis for the year ended December 31, 2010, under the headings “Dividends”, “Capital Expenditures”, “Asset Retirement Obligation”, “Liquidity and Capital Resources”, “Critical Accounting Estimates”, “New Accounting Pronouncements” and “Outlook”, and in Management’s Discussion and Analysis for the period ended September 30, 2011, under the headings “Dividends”, “Capital Expenditures”, “Decommissioning Liability”, “Liquidity and Capital Resources”, “Critical Accounting Estimates” and “Outlook”. The actual results could differ materially from those anticipated in these forward-looking statements as a result of the material risks set forth under the noted headings, which include, but are not limited to: financial risk of marketing reserves at an acceptable price given market conditions; volatility in market prices for oil and natural gas; delays in business operations, pipeline restrictions, blowouts; the risk of carrying out operations with minimal environmental impact; industry conditions including changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; uncertainties associated with estimating oil and natural gas reserves and Discovered Petroleum Initially in Place; economic risk of finding and producing reserves at a reasonable cost; uncertainties associated with partner plans and approvals; operational matters related to non-operated properties; increased competition for, among other things, capital, acquisitions of reserves and undeveloped lands; competition for and availability of qualified personnel or management; incorrect assessments of the value of acquisitions and exploration and development programs; unexpected geological, technical, drilling, construction and processing problems; availability of insurance; fluctuations in foreign exchange and interest rates; stock market volatility; failure to realize the anticipated benefits of acquisitions; general economic, market and business conditions; uncertainties associated with regulatory approvals; uncertainty of government policy changes; uncertainties associated with credit facilities and counterparty credit risk; and changes in income tax laws, tax laws, crown royalty rates and incentive programs relating to the oil and gas industry.

A barrel of oil equivalent (”boe”) is based on a conversion rate of six thousand cubic feet of natural gas to one barrel of oil.

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. 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 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, unless required to do so pursuant to applicable law.

Crescent Point is a conventional oil and gas producer with assets strategically focused in properties comprised of high-quality, long-life, operated light and medium oil and natural gas reserves in United States and Canada.

CRESCENT POINT ENERGY CORP.

Scott Saxberg,
President and Chief Executive Officer

For further information:

FOR MORE INFORMATION ON CRESCENT POINT ENERGY, PLEASE CONTACT:

Greg Tisdale, Chief Financial Officer, or Trent Stangl, Vice President Marketing and Investor Relations.

Telephone: +1-403-693-0020  
Fax:    +1-403-693-0070        
Toll-free (U.S. & Canada): 888-693-0020 
Website: www.crescentpointenergy.com

Crescent Point shares are traded on the Toronto Stock Exchange under the symbol CPG.

Crescent Point Energy Corp.
Suite 2800, 111-5^th Avenue S.W.
Calgary, Alberta, T2P 3Y6

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