Crescent Point Energy Announces Strategic Acquisition of Shelter Bay Energy, Upwardly Revised Guidance and a $375 Million Bought Deal Financing

Not for Distribution to the U.S. Newswire Services or for Dissemination in the United States

CALGARY, Canada, May 12, 2010 - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX:
CPG) is pleased to announce that it has entered into an arrangement
agreement (the "Arrangement") to complete the strategic acquisition of
Shelter Bay Energy Inc. ("Shelter Bay"), a private oil and gas producer in
which Crescent Point owns a 21 percent equity interest. Shelter Bay's
production averaged more than 7,400 boe/d in first quarter 2010, 97 percent
of which was from the southeast Saskatchewan Viewfield Bakken oil resource
play and the southwest Saskatchewan Lower Shaunavon oil resource play.
Shelter Bay is currently the third largest landholder in each of the
Viewfield Bakken and the Lower Shaunavon plays. A significant portion of
these lands are either contiguous with Crescent Point's lands or are
jointly owned with Crescent Point.

Under the terms of the Arrangement, Shelter Bay shareholders will
receive 0.037 Crescent Point shares for each Shelter Bay share, or
approximately $1.52 per Shelter Bay share based on a 15-day weighted
average Crescent Point price of $40.99 per share. Shelter Bay shareholders
will also receive the equivalent of the Crescent Point monthly dividend, in
Crescent Point shares, from May 2010 until the expected completion of the
Arrangement in July 2010. Total consideration for the 79 percent of Shelter
Bay not currently owned by Crescent Point is approximately $1.1 billion,
including $121.0 million of Shelter Bay net debt. Including Crescent
Point's original 21 percent equity interest in Shelter Bay, total value is
approximately $1.3 billion.

The independent committees of the Boards of Directors of Crescent
Point and Shelter Bay have each unanimously approved the Arrangement and
have each concluded that the Arrangement is in the best interests of their
respective shareholders.

Crescent Point also announces that it has entered into an agreement,
on a bought deal basis, with a syndicate of underwriters co-led by BMO
Capital Markets, CIBC and Scotia Capital Inc., and including RBC Capital
Markets, FirstEnergy Capital Corp., TD Securities Inc., National Bank
Financial Inc., GMP Securities L.P., Macquarie Capital Markets Canada Ltd.
and Peters & Co. Limited for an offering of 9,150,000 Crescent Point shares
at $41.00 per share to raise gross proceeds of approximately $375 million.
Closing is expected to occur on or about June 2, 2010, and is subject to
customary regulatory approvals. Crescent Point has also granted the
underwriters an over-allotment option to purchase, on the same terms, up to
an additional 1,372,500 Crescent Point shares. This option is exercisable,
in whole or in part, by the underwriters at any time up to 30 days after
closing. The maximum gross proceeds raised under this offering will be
approximately $431 million, should this option be exercised in full.

The net proceeds of the offering will initially be used to reduce
outstanding indebtedness and will subsequently be used for general
corporate purposes including funding the increased development capital
program associated with the Arrangement. Closing of the financing is not
subject to the successful completion of the Arrangement. In the event the
Arrangement is not completed, the net proceeds of the offering will be used
to pay down outstanding bank indebtedness.

SHELTER BAY ARRANGEMENT

Crescent Point created Shelter Bay in early 2008 to facilitate
Crescent Point's Bakken oil resource consolidation strategy during the
years in which Crescent Point was subject to the federal government's Safe
Harbour growth restrictions placed on income trusts. Crescent Point
provides management and operational services to Shelter Bay through a
Management and Technical Services Agreement between the two companies.
Shelter Bay is governed by a board of directors comprised of a majority of
directors independent of Crescent Point.

The Arrangement is expected to close on or before July 2, 2010, and is
subject to Shelter Bay shareholder approval, court approval and other
conditions typical of transactions of this nature. Shelter Bay shareholders
, representing more than 90 percent of the 79 percent of shares not
currently owned by Crescent Point, have agreed to vote their shares in
favour of the Arrangement.

     Key attributes of Shelter Bay:
     -   Production of more than 7,400 boe/d, 93 percent weighted to light
         and medium crude oil and liquids;
     -   More than 315 net sections of Bakken land;
     -   More than 40 net sections of Lower Shaunavon land;
     -   More than 500 net internally identified low-risk drilling locations
         in the Bakken and Lower Shaunavon resource plays, at a drilling
         density of four wells per section;
     -   Tax pools estimated at approximately $900 million;
     -   Operating costs of approximately $9.50/boe; and
     -   Royalties of approximately 14 percent.
     Reserves Summary
     Independent engineers have assigned reserves, utilizing NI 51-101
     reserve definitions and effective December 31, 2009, as follows:
     -   Approximately 38.1 million boe of proved plus probable and 22.4
         million boe of proved reserves; and
     -   Reserve life index of 14.1 years proved plus probable and 8.3 years
         proved.

Acquisition Metrics

Based on total consideration of $1.3 billion, which includes Crescent
Point's original 21 percent equity interest, and after adjusting for
estimated undeveloped land value of $197 million, the expected acquisition
metrics are as follows:

     1.  Cash Flow Multiple:
         -  7.6 times based on production of 7,400 boe/d (US$81.00/bbl WTI,
            Cdn$4.50/mcf AECO and $0.98 US$/CDN$ exchange rate)
     2.  Production:
         -  $151,900 per producing boe based on 7,400 boe/d
     3.  Reserves:
     -   $29.52 per proved plus probable boe
     -   $50.18 per proved boe

The Arrangement is expected to be accretive to Crescent Point on a
debt-adjusted per share basis to cash flow, reserves and production.

STRATEGIC RATIONALE

The successful completion of the Arrangement is expected to further
solidify Crescent Point's position as the dominant player in each of the
Bakken and Lower Shaunavon oil resource plays in Saskatchewan. Upon
completion, Crescent Point's Viewfield Bakken production is expected to
grow to more than 28,500 boe/d and its land holdings to more than 890 net
sections. The Company's Lower Shaunavon production is expected to grow to
more than 8,200 boe/d and its land holdings to more than 545 net sections.

Under the terms of the Unanimous Shareholders' Agreement among the
Shelter Bay shareholders, Crescent Point holds a two-year option to acquire
the assets of Shelter Bay beginning in April 2011. The decision to acquire
Shelter Bay prior to April 2011 is a result of Crescent Point's early
conversion last year from an income trust to a corporation and the desire
to capitalize on the capital and operating efficiencies of a single entity.

"From our perspective, Shelter Bay was a great success for both
Crescent Point and Shelter Bay shareholders," said Scott Saxberg, President
and CEO of Crescent Point. "Under the constraints of the Safe Harbour
growth rules, without Shelter Bay we could not have captured and
consolidated the Bakken and Lower Shaunavon plays as completely as we did.
At the same time, Shelter Bay shareholders received strong returns, despite
the financial downturn in late 2008 and early 2009."

In first quarter 2010, Shelter Bay executed a 100 percent successful
drilling program. Shelter Bay drilled 23 Bakken horizontal wells and
participated in one non-operated well. Shelter Bay also participated in six
horizontal wells in the Lower Shaunavon resource play. Shelter Bay
production averaged more than 7,400 boe/d during first quarter 2010, a five
percent increase over fourth quarter 2009, with an operating netback
greater than $58 per boe.

With the completion of the Arrangement, Crescent Point plans to direct
a portion of Shelter Bay's short-term drilling and completions budget
towards low-risk Bakken drilling projects and facilities infrastructure
investments.

"Shelter Bay's existing capital program is geared more towards growing
net asset value and step out drilling to prove up undeveloped lands," said
Saxberg. "With the acquisition of Shelter Bay, we expect to redirect those
funds towards projects in the heart of the Bakken and Lower Shaunavon plays
, including the likely initiation of a water flood pilot on Shelter Bay
Bakken lands."

With the successful completion of the Arrangement, Shelter Bay
shareholders will have exposure to Crescent Point's upside in the Lower
Shaunavon and Bakken resource plays and will collect Crescent Point's
anticipated monthly dividend.

"Riverstone looks forward to continuing its partnership with Crescent
Point," commented David Leuschen and Pierre Lapeyre, co-founders of
Riverstone. "This combination offers our investors an opportunity to
participate in the strength of the combined platform of these two companies
." George Matelich, managing director of Kelso & Company, added the
following: "We look forward to becoming Crescent Point shareholders,
offering us exposure to a large and diversified position in the Bakken and
Lower Shaunavon resource plays."

FAIRNESS OPINIONS AND ADVISORS

BMO Capital Markets has advised Crescent Point's independent committee
and Board of Directors that it is of the opinion, as of the date of the
Arrangement, that the consideration offered pursuant to the Arrangement is
fair, from a financial point of view, to Crescent Point shareholders.

FirstEnergy Capital Corp. has advised Shelter Bay's independent
committee and Board of Directors that it is of the opinion, as of the date
of the Arrangement, that the consideration to be received by Shelter Bay
shareholders pursuant to the Arrangement is fair, from a financial point of
view.

In 2008, FirstEnergy Capital Corp., BMO Capital Markets, Scotia
Capital Inc. and GMP Securities L.P. acted as Crescent Point's advisors in
the creation of Shelter Bay.

UPWARDLY REVISED 2010 GUIDANCE

Assuming the successful completion of the Arrangement, Crescent Point
expects to exit 2010 with production greater than 69,500 boe/d, a 13
percent increase over the Company's prior guidance. Average production in
2010 is forecast to grow to 61,000 boe/d, with cash flow estimated at
approximately $915 million and a payout ratio of approximately 71 percent.

With successful completion of the Arrangement, Crescent Point's
capital budget is expected to grow by $125 million to $750 million.
Approximately $99 million of the incremental capital will be directed
towards drilling and completions activities and approximately $26 million
towards additional land and facilities infrastructure investments to
accommodate further growth in the Bakken and Lower Shaunavon oil resource
plays.

Pro forma the Arrangement, and including hedges expected to be
assigned from Shelter Bay, Crescent Point expects to be hedged 48 percent,
36 percent, 22 percent and 10 percent of production, net of royalty
interest, for the balance of 2010, 2011, 2012 and the first nine months of
2013, respectively. Average quarterly hedge prices range from Cdn$82 to Cdn
$94 per boe, with upside potential through the Company's portfolio of
collars and purchased put options.

Crescent Point's balance sheet will remain strong following the
completion of the Arrangement, with projected average net debt to cash flow
of approximately 1.0 times and a projected unutilized credit capacity of
more than $850 million.

The Company's upwardly revised guidance for 2010, including six months
of production and cash flow related to the Arrangement, is as follows:

    -------------------------------------------------------------------------
     Production                                               Prior   Revised
       Oil and NGL (bbls/d)                                  51,250    54,750
       Natural gas (mcf/d)                                   36,000    37,500
    -------------------------------------------------------------------------
       Total (boe/d)                                         57,250    61,000
    -------------------------------------------------------------------------
     Funds Flow from Operations ($000)                      839,000   915,000
     Funds Flow from Operations per share - diluted ($)        3.86      3.88
     Cash dividends per share ($)                              2.76      2.76
     Payout ratio - per share - diluted (%)                      72        71
    -------------------------------------------------------------------------
     Capital expenditures ($000)(1)                         625,000   750,000
     Wells drilled, net                                         285       331
    -------------------------------------------------------------------------
     Pricing
       Crude oil - WTI (US$/bbl)                              81.00     81.00
       Crude oil - WTI (Cdn$/bbl)                             82.65     82.65
       Natural gas - Corporate (Cdn$/mcf)                      4.50      4.50
       Exchange rate (US$/Cdn$)                                0.98      0.98
    -------------------------------------------------------------------------
     (1) The projection of capital expenditures excludes corporate and
         property acquisitions, which are separately considered and
         evaluated.

BOUGHT DEAL FINANCING

Crescent Point also announces that it has entered into an agreement,
on a bought deal basis, with a syndicate of underwriters co-led by BMO
Capital Markets, CIBC and Scotia Capital Inc., and including RBC Capital
Markets, FirstEnergy Capital Corp., TD Securities Inc., National Bank
Financial Inc., GMP Securities L.P., Macquarie Capital Markets Canada Ltd.
and Peters & Co. Limited for an offering of 9,150,000 Crescent Point shares
at $41.00 per share to raise gross proceeds of approximately $375 million.
Closing is expected to occur on or about June 2, 2010, and is subject to
customary regulatory approvals. Crescent Point has also granted the
underwriters an over-allotment option to purchase, on the same terms, up to
an additional 1,372,500 Crescent Point shares. This option is exercisable,
in whole or in part, by the underwriters at any time up to 30 days after
closing. The maximum gross proceeds raised under this offering will be
approximately $431 million, should this option be exercised in full.

The net proceeds of the offering will initially be used to reduce
outstanding indebtedness and will subsequently be used for general
corporate purposes including funding the increased development capital
program associated with the Arrangement. Closing of the financing is not
subject to the successful completion of the Arrangement. In the event the
Arrangement is not completed, the net proceeds of the offering will be used
to pay down outstanding bank indebtedness.

The offering will be a bought underwritten public issue in all
provinces of Canada by way of a short form prospectus. The offering will be
offered for sale to Qualified Institutional Buyers in the United States,
pursuant to the registration exemptions provided by Rule 144A of the
Securities Act of 1933 and internationally, as permitted.

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 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 and Shelter Bay's oil and natural gas properties; oil and natural
gas production levels; capital expenditure programs and the timing thereof;
drilling programs and drilling efficiencies; estimates of the original oil
in place contained in lands held by Crescent Point and Shelter Bay; the
quantity of Crescent Point's and Shelter Bay's oil and natural gas reserves
and anticipated future cash flows from such reserves; expectations of
reserves growth; the quantity of undeveloped land and of drilling locations
in inventory; projections of commodity prices and costs, including
operating costs and capital 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; expectations
regarding the financial and operational impact of the Arrangement on
Crescent Point; expectations of debt levels and credit facilities;
expectations of dividend payments; expected tax pools; 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", 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 March 31,
2010 under the heading "Forward-Looking Statements." The material
assumptions are disclosed in the Results of Operations section of our
Management's Discussion and Analysis for the quarter ended March 31, 2010
under the headings "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;
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.

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

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, Fax: +1-(403)-693-0070, Toll free (US & Canada): 1-888-693-0020, Website: www.crescentpointenergy.com/ (CPG.) CO: Crescent Point Energy Corp.