Crescent Point Energy Corp. Announces First Quarter 2011 Results

By Crescent Point Energy Corp., PRNE
Wednesday, May 11, 2011

CALGARY, Alberta, May 12, 2011 - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX:
CPG) is pleased to announce its operating and financial results for the first
quarter ended March 31, 2011. The unaudited financial statements and notes,
as well as management's discussion and analysis, are available on the System
for Electronic Document Analysis and Retrieval ("SEDAR") at
www.sedar.com and on Crescent Point's website at
www.crescentpointenergy.com.

    FINANCIAL AND OPERATING HIGHLIGHTS

    -------------------------------------------------------------------------
                                              Three months ended March 31
    (Cdn$000s except shares, per          -----------------------------------
     share and per boe amounts)                 2011        2010    % Change
    -------------------------------------------------------------------------
    Financial
    Funds flow from operations (1)           296,528     204,082          45
      Per share (1)(2)                          1.10        0.96          15
    Net income (loss) (3)                   (102,217)     38,004        (369)
      Per share (2)(3)                         (0.38)       0.18        (311)
    Dividends paid or declared               187,591     146,924          28
      Per share(2)                              0.69        0.69           -
    Payout ratio (%)(1)                           63          72          (9)
      Per share (%) (1)(2)                        63          72          (9)
    Net debt(1)(4)                         1,228,508     974,862          26
    Capital acquisitions (net)(5)               (540)    554,065        (100)
    Development capital expenditures         321,362     174,099          85
    Weighted average shares
     outstanding (mm)
      Basic                                    268.3       210.0          28
      Diluted                                  270.8       213.5          27
    -------------------------------------------------------------------------
    Operating
    Average daily production
      Crude oil and NGLs (bbls/d)             68,060      50,152          36
      Natural gas (mcf/d)                     45,085      35,456          27
    -------------------------------------------------------------------------
      Total (boe/d)                           75,574      56,061          35
    -------------------------------------------------------------------------
    Average selling prices(6)
      Crude oil and NGLs ($/bbl)               81.52       75.98           7
      Natural gas ($/mcf)                       4.07        4.95         (18)
    -------------------------------------------------------------------------
      Total ($/boe)                            75.84       71.10           7
    -------------------------------------------------------------------------
    Netback ($/boe)
      Oil and gas sales                        75.84       71.10           7
      Royalties                               (12.16)     (13.99)        (13)
      Operating expenses                      (12.48)     (10.52)         19
      Transportation                           (2.01)      (1.79)         12
    -------------------------------------------------------------------------
      Netback prior to realized
       derivatives                             49.19       44.80          10
      Realized gain (loss) on
       derivatives                             (2.56)      (0.08)      3,100
    -------------------------------------------------------------------------
    Netback(1)                                 46.63       44.72           4
    -------------------------------------------------------------------------

(1) Funds flow from operations, payout ratio, net debt and netback as
presented do not have any standardized meaning prescribed by International
Financial Reporting Standards ("IFRS") and, therefore, may not be comparable
with the calculation of similar measures presented by other entities. Please
refer to the Non-GAAP Financial Measures section of this press release.

(2) The per share amounts (with the exception of per share dividends) are
the per share - diluted amounts.

(3) Net income for the three months ended March 31, 2011, includes
unrealized derivative losses of $194.9 million. Net income for the three
months ended March 31, 2010, includes unrealized derivative gains of $12.3
million
.

(4) Net debt includes long-term debt, working capital, long-term
investments and investment in associate, excluding derivative assets,
derivative liabilities and unrealized foreign exchange on translation of US
dollar senior guaranteed notes.

(5) Capital acquisitions represent total consideration for the
transactions, including long-term debt and working capital assumed, and
exclude transaction costs.

(6) The average selling prices reported are before realized derivatives
and transportation charges.

HIGHLIGHTS

In first quarter 2011, Crescent Point continued to execute its integrated
business strategy of acquiring, exploiting and developing high-quality,
long-life light and medium oil and natural gas properties.

- Crescent Point grew first quarter 2011 production by eight percent over
fourth quarter 2010. The Company produced an average of 75,574 boe/d, 90
percent weighted to light and medium crude oil, which represents a 35 percent
production increase over first quarter 2010.

- The Company converted six Bakken oil wells to water injection wells as
part of its ongoing water flood expansion in the Viewfield Bakken play.
Approximately 400 boe/d of production was shut in to facilitate the
conversions. Crescent Point expects to convert another 19 wells during the
remainder of 2011.

- The Company spent a record $247.6 million on drilling and completions,
drilling 146 (111.5 net) wells with a 100 percent success rate. Crescent
Point also spent $73.8 million on land and facilities, for total capital
expenditures of $321.4 million.

- Crescent Point's funds flow from operations increased by 45 percent to
a record $296.5 million ($1.10 per share - diluted) in first quarter 2011,
compared to $204.1 million ($0.96 per share - diluted) in first quarter 2010.

- Crescent Point maintained consistent monthly dividends of $0.23 per
share, totaling $0.69 per share for first quarter 2011, resulting in a payout
ratio of 63 percent on a per share - diluted basis. This is unchanged from
$0.69 per share paid in first quarter 2010.

- The Company's balance sheet remains strong, with projected average net
debt to 12-month cash flow of approximately 1.0 times and more than $900
million
currently unutilized on its bank lines.

- Crescent Point continues to implement its disciplined hedging strategy
to provide increased certainty over cash flow and dividends. As at May 3,
2011
, the Company had hedged 55 percent, 49 percent, 35 percent and 17
percent of production, net of royalty interest, for the balance of 2011,
2012, 2013 and the first three quarters of 2014, respectively. Average
quarterly hedge prices range from Cdn$88 per boe to Cdn$104 per boe.
Approximately 51 percent of the Company's oil hedges for the balance of 2011
and 2012 are in the form of purchased put options and costless collars. These
puts and collars provide Crescent Point with the opportunity to participate
in rising oil prices, while providing downside protection in the event of
falling oil prices.

OPERATIONS REVIEW

During first quarter 2011, Crescent Point continued to aggressively
implement management's business strategy of creating sustainable, value-added
growth in reserves, production and cash flow through acquiring, exploiting
and developing high-quality, long-life light and medium oil and natural gas
properties.

Crescent Point achieved record average production of 75,574 boe/d in the
quarter, which exceeded first quarter production budget expectations and
represents an eight percent increase over fourth quarter 2010 average
production. Production gains are the result of successfully executing a
record $247.6 million drilling and completions program. The Company drilled
146 (111.5 net) horizontal oil wells in the quarter and achieved a 100
percent success rate. Crescent Point also spent $73.8 million on land and
facilities, for total capital expenditures of $321.4 million.

Crescent Point's capital budget has forecasted spring break-up to be
wetter than normal, lasting three months as opposed to the Company's
traditional budget of six weeks. The Company has budgeted for lower
production levels in second quarter 2011 than in first quarter 2011 and
remains on track to achieve annual guidance of more than 72,500 boe/d and
exit production of more than 75,000 boe/d.

Drilling Results

The following table summarizes our drilling results for the three months
ended March 31, 2011:

    -------------------------------------------------------------------------
                                                                          %
    Three months ended                             Stand-               Succ-
     March 31, 2011     Gas    Oil    D&A  Service  ing   Total   Net    ess
    -------------------------------------------------------------------------
    Southeast
     Saskatchewan and
     Manitoba            -      98     -      -      -      98    81.9   100
    Southwest
     Saskatchewan        -      36     -      -      -      36    25.4   100
    South/Central
     Alberta             -       6     -      -      -       6     3.0   100
    Northeast BC and
     Peace River Arch,
     Alberta             -       1     -      -      -       1     0.5   100
    United States        -       5     -      -      -       5     0.7   100
    -------------------------------------------------------------------------
    Total                -     146     -      -      -     146   111.5   100
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

Southeast Saskatchewan and Manitoba

In first quarter 2011, Crescent Point participated in the drilling of 98
(81.9 net) oil wells in southeast Saskatchewan and Manitoba, achieving a 100
percent success rate. Of the wells drilled, 84 (75.7 net) were horizontal
wells in the Bakken light oil resource play. The majority of the Bakken wells
drilled in the quarter were completed using cemented liner fracture
stimulations, while the remainder were completed using mechanical packer
fracture stimulations.

Production performance from water injection patterns in the Viewfield
Bakken resource play continues to exceed expectations and has demonstrated
the applicability of water flood to the play. During the quarter, Crescent
Point converted an additional six horizontal Bakken wells to water injection
wells. Approximately 400 boe/d of Bakken production was shut in to facilitate
the conversions. Water injection into three of the injection wells began
during the quarter, with the remaining three expected to start in second
quarter following spring break-up. An additional 19 wells are expected to be
converted during the remainder of 2011, bringing the total number of Bakken
water injection wells to 36 by year end.

Crescent Point continued construction to expand compression and
processing at the Viewfield gas plant. This expansion project is expected to
raise inlet capacity to 30 mmcf/d from 21 mmcf/d. The expansion is on track
to be completed by fourth quarter 2011. In addition, the Company began
construction of an additional 100,000 barrels of field storage capacity to
increase operational flexibility. Storage is anticipated to be operational in
third quarter 2011.

Crescent Point also participated in the drilling of 14 (6.2 net)
conventional horizontal oil wells in southeast Saskatchewan, of which 4 (4.0
net) were operated. Of the wells drilled, 3 (0.6 net) were in Manitoba, along
the Saskatchewan border, and 1 (1.0 net) was in the Viewfield Frobisher zone.

With higher than normal precipitation levels in southeast Saskatchewan
during most of 2010 and into 2011, Crescent Point budgeted for a more severe
spring break-up period than in previous years. Crescent Point planned for,
and executed, a number of projects in first quarter to mitigate the impacts
of spring break-up. Several pipeline crews were added to tie in additional
wells and reduce the impact of road bans. In all, the Company completed the
construction of 122 kilometres of pipeline-gathering systems in the Viewfield
Bakken area, tying in approximately 75 oil wells. In preparation for the
severe weather conditions, the Company installed rig matting on particularly
soft access roads to enable continued trucking of oil emulsion fluid and
added several roadside pipeline tie-in points to provide additional access to
single-well batteries. The Company added oil storage tanks and contracted
additional service rigs to ensure the maximum number of tied-in wells were
online prior to break-up. These additional projects added approximately $8.1
million
($1.19 per boe) to operating costs during the quarter.

The Company plans to spend approximately 62 percent of its 2011 capital
program, which represents an investment of nearly $500 million, in the
Viewfield Bakken resource play, drilling approximately 200 net wells and
expanding its existing gas- and fluid-handling capabilities.

Southwest Saskatchewan

During the quarter, the Company participated in the drilling of 25 (22.6
net) Lower Shaunavon horizontal oil wells, 10 (2.6 net) Upper Shaunavon
horizontal oil wells and 1 (0.2 net) non-operated oil well, achieving a 100
percent success rate.

Of significant note, recent Company and competitor drilling has proven up
a connection between the north and south pods of the Lower Shaunavon field.
In addition, continued drilling of the Upper Shaunavon has increased the
Company's internal estimate of Discovered Petroleum Initially in Place, from
an estimated 350 mmbbls in place to more than 700 mmbbls in place on Company
interest lands. Crescent Point plans to drill up to 36 (9.0 net) Upper
Shaunavon wells in 2011, of which 7 (7.0 net) are operated by the Company.

In 2011, Crescent Point's focus is to add infrastructure in the Shaunavon
area. To this end, during first quarter, the Company completed the
construction of 39 kilometres of pipeline-gathering systems and tied in
approximately 65 oil wells.

Crescent Point has ordered equipment and commenced preliminary site
preparation to build a 6 mmcf/d gas plant in the Shaunavon area. The plant,
which is designed to be expandable to 12 mmcf/d, is expected to be
operational before the end of this year.

The Company is currently injecting water into three horizontal injection
wells in three pressure maintenance programs in the Lower Shaunavon. The
Company plans to convert up to three more wells in a fourth program during
2011. Oil and fluid production in offset wells has reacted favourably to
water injection in the first program; injection in the second and third
programs began in late 2010, therefore, the Company does not anticipate
seeing response until later in 2011. These programs are expected to provide
pressure support in the field and may provide insight into the long-term
applicability of water flood to the field.

The Company expects to drill 44 net wells in the Shaunavon area in 2011.
In total, approximately 16 percent of the Company's 2011 capital budget is
allocated to be spent in the area. The Company expects to significantly
increase drilling and production in 2012, once this year's infrastructure
projects are complete.

Alberta

In Alberta, 7 (3.5 net) oil wells were drilled, including 1 (1.0 net) in
an unconventional zone. Crescent Point expects to spend $31 million in
southern Alberta in 2011, drilling 14 net wells.

North Dakota, United States

Crescent Point participated in the drilling of 5 (0.7 net) successful
non-operated Bakken wells in North Dakota. The Company plans to drill up to
five net wells in 2011. Crescent Point has also initiated negotiations to
open an office in Denver, Colorado, to coordinate expansion of the Company's
presence in North Dakota and Montana.

Subsequent Event

On April 14, 2011, Crescent Point closed a private placement of long-term
debt in the form of senior guaranteed notes to a group of institutional
investors. In total, US$165 million and Cdn$50 million was raised through
four separate series of notes under various terms and rates. Proceeds from
the offering were used to repay a portion of the Company's outstanding bank
debt.

OUTLOOK

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.

Operational and financial results year-to-date have been strong. First
quarter production exceeded expectations and the Company remains on track to
achieve annual guidance of more than 72,500 boe/d and exit production of more
than 75,000 boe/d. Crescent Point's annual guidance factored in a wetter than
normal spring break-up, which has proven accurate so far in the second
quarter.

Crescent Point's drilling program for 2011 is well underway, with plans
to drill 311 net wells by year end. Approximately 200 net wells are expected
to be drilled in the Viewfield Bakken area and approximately 44 net wells are
expected to be drilled in the Shaunavon area. Approximately 18 net wells are
planned for the Company's Flat Lake resource play and the southern Alberta
plays, including unconventional zones. The remainder of the wells will be
drilled in Crescent Point's other conventional properties.

The Company will also continue to expand and develop its Viewfield Bakken
water flood program. During first quarter 2011, Crescent Point converted six
producing wells into water injection wells. By year-end 2011, the Company
expects to have up to 36 injection wells in the Bakken play. Based on
promising results from more than two and a half years of production in the
Company's first Bakken water flood pilot, Crescent Point believes that water
flood implementation could increase ultimate recovery factors to greater than
30 percent from an expected 19 percent on primary recovery. Also in first
quarter 2011, Crescent Point submitted an application to implement its fourth
pressure maintenance program in the Lower Shaunavon play later this year.

Year-to-date benchmark oil prices have surpassed guidance expectations.
Differentials for Canadian crude streams were wider than expected in first
quarter, partially offsetting higher benchmark oil prices. However,
differentials in second quarter have tightened considerably, with southeast
Saskatchewan light crude oil trading at a premium to WTI. If prices continue
above guidance, Crescent Point will consider increasing its 2011 capital
expenditures budget, which is currently set at $800 million, to accelerate
projects including drilling, land and facilities in its core areas.

Crescent Point has more than 6,500 net low-risk drilling locations in
inventory, representing more than 450,000 boe/d of risked potential
production additions. This depth of drilling inventory positions the Company
well for long-term sustainable growth in production, reserves and net asset
value, and also provides support for long-term dividends.

The Company's balance sheet remains strong, with projected average net
debt to 12-month cash flow of approximately 1.0 times and more than $900
million
currently unutilized on its bank lines.

Crescent Point continues to implement its 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 May 3, 2011, the Company
had hedged 55 percent, 49 percent, 35 percent and 17 percent of production,
net of royalty interest, for the balance of 2011, 2012, 2013 and the first
three quarters of 2014, respectively. Average quarterly hedge prices range
from Cdn$88 per boe to Cdn$104 per boe. Approximately 51 percent of the
Company's oil hedges for the balance of 2011 and 2012 are in the form of
purchased put options and costless collars. These puts and collars provide
Crescent Point with the opportunity to participate in rising oil prices,
while providing downside protection in the event of falling oil prices.

Crescent Point's management believes that with the Company's high-quality
reserve base and development drilling inventory, excellent balance sheet and
solid risk management program, the Company is well-positioned to continue
generating strong operating and financial results through 2011 and beyond.

2011 Guidance

Crescent Point's 2011 guidance 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 ($000)                              1,190,000
    Funds flow per share - diluted ($)                                  4.30
    Cash dividends per share ($)                                        2.76
    Payout ratio - per share - diluted (%)                                64
    -------------------------------------------------------------------------
    Capital expenditures ($000) (1)                                  800,000
    Wells drilled, net                                                   311
    -------------------------------------------------------------------------
    Pricing
      Crude oil - WTI (US$/bbl)                                        96.00
      Crude oil - WTI (Cdn$/bbl)                                       95.05
      Natural gas - Corporate (Cdn$/mcf)                                3.60
      Exchange rate (US$/Cdn$)                                          1.01
    -------------------------------------------------------------------------

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

ON BEHALF OF THE BOARD OF DIRECTORS

(signed)

Scott Saxberg

President and Chief Executive Officer

May 12, 2011

Non-GAAP Financial Measures

Throughout this press release, the Company uses the terms "funds flow
from operations", "funds flow from operations per share", "funds flow from
operations per share - diluted", "net debt", "netback", "payout ratio" and
"payout ratio per share - diluted." These terms do not have any standardized
meaning as prescribed by IFRS and, therefore, may not be comparable with the
calculation of similar measures presented by other issuers.

Funds flow from operations is calculated based on cash flow from
operating activities before changes in non-cash working capital, transaction
costs and decommissioning expenditures. Funds flow from operations per share
and funds flow from operations per share - diluted are calculated based on
cash flow from operating activities before changes in non-cash working
capital, transaction costs and decommissioning expenditures. Management
utilizes funds flow from operations as a key measure to assess the ability of
the Company to finance dividends, operating activities, capital expenditures
and debt repayments. Funds flow from operations as presented is not intended
to represent cash flow from operating activities, net earnings or other
measures of financial performance calculated in accordance with IFRS.

The following table reconciles the cash flow from operating activities to
funds flow from operations:

    -------------------------------------------------------------------------
                                     Three months ended March 31
    (Cdn$000s)                                  2011        2010    % Change
    -------------------------------------------------------------------------
    Cash flow from operating activities      303,541     169,337          79
    Changes in non-cash working capital       (8,751)     28,989        (130)
    Transaction costs                            407       5,075         (92)
    Decommissioning expenditures               1,331         681          95
    -------------------------------------------------------------------------
    Funds flow from operations               296,528     204,082          45
    -------------------------------------------------------------------------

Net debt is calculated as current liabilities plus long-term debt less
current assets, long-term investments and investment in associate, but
excludes derivative assets, derivative liabilities and unrealized foreign
exchange on translation of US dollar senior guaranteed notes. Management
utilizes net debt as a key measure to assess the liquidity of the Company.

The following table reconciles long-term debt to net debt:

    -------------------------------------------------------------------------
                                            March 31,   March 31,
    (Cdn$000s)                                  2011        2010    % Change
    -------------------------------------------------------------------------
    Long-term debt                         1,091,815   1,118,975          (2)
    Current liabilities                      576,586     288,023         100
    Current assets                          (240,007)   (185,324)         30
    Long-term investments                    (54,030)    (18,293)        195
    Investment in associate                        -    (207,943)       (100)
    Excludes:
      Derivative asset                         7,065       6,849           3
      Derivative liability                  (165,264)    (27,425)        503
      Unrealized foreign exchange on
       translation of US dollar senior
       guaranteed notes                       12,343           -           -
    -------------------------------------------------------------------------
    Net debt                               1,228,508     974,862          26
    -------------------------------------------------------------------------

Netback is calculated on a per boe basis as oil and gas sales, less
royalties, operating and transportation expenses and realized derivative
gains and losses. Netback is used by management to measure operating results
on a per boe basis to better analyze performance against prior periods on a
comparable basis.

Payout ratio and payout ratio per share - diluted are calculated on a
percentage basis as dividends declared divided by funds flow from operations.
Payout ratio is used by management to monitor the dividend policy and the
amount of funds flow from operations retained by the Company for capital
reinvestment.

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; 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 "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; 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 western Canada.

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

Crescent Point Energy Corp.

Suite 2800, 111-5th Avenue S.W.

Calgary, Alberta T2P 3Y6

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): 888-693-0020, Fax: +1(403)693-0070,
Website: www.crescentpointenergy.com

.

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