Crescent Point Energy Announces $800 Million Capital Budget and Guidance for 2011

CALGARY, Canada, December 15, 2010 - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX:
CPG) is pleased to announce an $800 million capital development expenditures
budget for 2011. Execution of the budget is expected to increase average
daily production to more than 72,500 boe/d, weighted 90 percent to light and
medium crude oil and liquids.

Crescent Point expects to spend approximately 62 percent of its 2011
budget in the Viewfield Bakken area of southeast Saskatchewan, drilling
approximately 200 net wells in the area in 2011. To accommodate continued
growth of the Company's Bakken production, Crescent Point expects to invest
up to $45 million on infrastructure projects. As part of its ongoing water
flood implementation project, the Company expects to convert up to 23 net
horizontal wells into water injection wells, increasing the total number of
Bakken water injection wells to approximately 36 by year-end 2011.

In the Shaunavon area of southwest Saskatchewan, Crescent Point plans to
spend approximately 16 percent of the 2011 budget, drilling approximately 44
net wells, which will target both the Lower Shaunavon resource play and the
Upper Shaunavon emerging resource play. The Company plans to implement its
fourth water flood pilot in the Lower Shaunavon and to invest up to $27
million in infrastructure projects, including the construction of a gas
processing plant, a central oil battery and expansion of the area's crude oil
and natural gas gathering systems.

Approximately 10 percent of the budget is expected to be allocated to the
Company's Flat Lake resource play in southeast Saskatchewan and North Dakota,
as well as the emerging resource plays in southern Alberta. Approximately 23
net wells are planned for these areas.

The remainder of the budget will be allocated to Crescent Point's other
conventional properties in Saskatchewan and Alberta.

In total, approximately 84% of the budget is expected to be allocated to
drilling and completions, with a total of 311 net wells planned. The
remainder of the budget is expected to be allocated to infrastructure
investments, undeveloped land acquisitions and seismic.

"Next year Crescent Point will celebrate its tenth anniversary of
providing strong returns to shareholders," said Scott Saxberg, president and
CEO of the Company. "We have grown year over year since inception and we plan
to continue that success in 2011 by focusing on the development and water
flood expansion of our core Bakken and Lower Shaunavon resource plays."

2011 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
western Canada.

In 2011, the Company plans to drill 311 net wells of its more than 6,000
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.

Execution of the 2011 capital expenditures budget is expected to increase
Crescent Point's average daily production to more than 72,500 boe/d and to
provide for exit 2011 production of greater than 75,000 boe/d. The 2011
capital program is consistent with the Company's five-year plan and Crescent
Point continues to target internal organic growth of greater than five
percent per year.

In setting its 2011 guidance, the Company has not included any upside
relating to production performance associated with its Bakken water flood
program, but has included the anticipated production impact of the shut in
and conversion of producing wells to water injection wells. Also, as a result
of the wet weather conditions experienced during 2010, the 2011 guidance
outlook assumes a longer than usual spring break-up during second quarter.

Funds flow from operations for 2011 is expected to be approximately $1.1
billion, with a payout ratio of 69 percent, based on forecast pricing of
US$85 per barrel WTI, Cdn$3.75 per mcf AECO gas and a US$0.99 exchange rate.
Crescent Point's balance sheet remains strong, with projected net debt to
12-month cash flow of approximately 1.1 times and approximately $725 million
currently unutilized on its bank lines.

The Company continues to implement is balanced 3 1/2-year price risk
management program, using a combination of swaps, collars and purchased put
options with investment grade counterparties. As at December 10, 2010, the
Company had hedged 52 percent, 42 percent, 30 percent and 9 percent of
production, net of royalty interest, for 2011, 2012, 2013 and the first
quarter of 2014, respectively. Average quarterly hedge prices range from
Cdn$83 per boe to Cdn$92 per boe.

The Company's guidance summary for 2011 is as follows:

The Company's guidance summary for 2011 is as follows:

    -------------------------------------------------------------------------
    Production
      Oil and NGL (bbls/d)                                            65,375
      Natural gas (mcf/d)                                             42,750
    -------------------------------------------------------------------------
    Total (boe/d)                                                     72,500
    -------------------------------------------------------------------------
    Funds flow from operations ($000)                              1,100,000
    Funds flow per share - diluted ($)                                  3.97
    Dividends per share ($)                                             2.76
    Payout ratio - per share - diluted (%)                                69
    -------------------------------------------------------------------------
    Capital expenditures ($000)(1)                                   800,000
    Wells drilled, net                                                   311
    -------------------------------------------------------------------------
    Pricing
      Crude oil - WTI (US$/bbl)                                        85.00
      Crude oil - WTI (Cdn$/bbl)                                       85.86
      Natural gas - Corporate (Cdn$/mcf)                                3.75
      Exchange rate (US$/Cdn$)                                          0.99
    -------------------------------------------------------------------------
    (1) The projection of capital expenditures excludes corporate and
        property 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",
"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 report 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 and the timing thereof; the quantity of Crescent
Point's oil and natural gas reserves and anticipated future cash flows from
such reserves; 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 and gas conservation plans and timing
thereof; 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", our Management's Discussion and Analysis for the year ended
December 31, 2009 under the heading "Forward-Looking Information" and in our
Management's Discussion and Analysis for the quarter ended September 30, 2010
under the heading "Forward-Looking Statements." The material assumptions are
disclosed in the Results of Operations section for the quarter ended
September 30, 2010 under the headings "Cash Dividends", "Capital
Expenditures", "Asset Retirement Obligation", "Liquidity and Capital
Resources", "Critical Accounting Estimates", "New Accounting Pronouncements"
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 and 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; changes in income tax laws or changes in tax laws,
crown royalty rates and incentive programs relating to the oil and gas
industry.

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.

Barrels of oil equivalent (boe) may be misleading, particularly if used
in isolation. A boe conversion ratio of six thousand cubic feet (mcf) of
natural gas to one barrel (bbl) of oil is based on an energy conversion
method primarily applicable at the burner tip and is not intended to
represent a value equivalency at the wellhead. All boe conversions in this
press release are derived by converting natural gas to oil in the ratio of
six thousand cubic feet of natural gas to one barrel of oil. Certain
financial amounts are presented on a per boe basis; such measurements may not
be consistent with those used by other companies.

This news release is not for dissemination in the United States or to any
United States news services. The shares 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 producer with assets
strategically focused in properties comprised of high-quality, long-life,
operated light and medium oil and natural gas reserves in western Canada.

Scott Saxberg,

President and Chief Executive Officer

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

For further information: For further information: ON CRESCENT POINT
ENERGY CORP. PLEASE CONTACT: Greg Tisdale, Chief Financial Officer, or Trent
Stangl, Vice President Marketing and Investor Relations. Telephone:
+1(403)693-0020, Toll-free (US & Canada): +1-888-693-0020, Fax:
+1(403)693-0070, Website: www.crescentpointenergy.com

For further information: For further information: ON CRESCENT POINT ENERGY CORP. PLEASE CONTACT: Greg Tisdale, Chief Financial Officer, or Trent Stangl, Vice President Marketing and Investor Relations. Telephone: +1(403)693-0020, Toll-free (US & Canada): +1-888-693-0020, Fax:
+1(403)693-0070, Website: www.crescentpointenergy.com