Crescent Point Energy Corp. Announces Fourth Quarter 2009 Results

By Crescent Point Energy Corp, PRNE
Wednesday, March 10, 2010

CALGARY, Canada, March 11, 2010 - Crescent Point Energy Corp., ("Crescent Point"
or the "Company") (TSX: CPG), is pleased to announce its operating and
financial results for the fourth quarter ended December 31, 2009. The
unaudited financial statements and notes, as well as the results of
operations pertaining to the period, are available on Crescent Point's
website at www.crescentpointenergy.com and on SEDAR at
www.sedar.com.

    FINANCIAL AND OPERATING HIGHLIGHTS
    -------------------------------------------------------------------------
                            Three months ended            Year ended
    ($000s except              December 31                December 31
     shares, per share ------------------------------------------------------
     and per boe                           %                             %
     amounts)          2009     2008    Change       2009     2008    Change
    -------------------------------------------------------------------------
    Financial
    Funds flow
     from
     operations(1)  191,292  109,635        74    672,895  592,132        14
      Per
       share(1)(2)     0.98     0.87        13       4.15     4.73       (12)
    Net income
     (loss)(3)       (4,024) 361,411      (101)   (31,075) 464,102      (107)
      Per
       share(2)(3)    (0.02)    2.84      (101)     (0.19)    3.71      (105)
    Cash
     dividends(2)   138,156   86,314        60    453,318  324,821        40
      Per share(2)     0.69     0.69         -       2.76     2.61         6
    Payout ratio
     (%)(1)              72       79        (7)        67       55        12
      Per share
       (%)(1)(2)         70       79        (9)        67       55        12
    Net debt(1)(4)  370,937  730,932       (49)   370,937  730,932       (49)
    Capital
     acquisitions
     (net)(5)     1,090,575     (705) (154,791) 2,078,521  140,851     1,376
    Development
     capital
     expenditures   113,117   92,855        22    339,916  454,533       (25)
    Weighted
     average
     shares
     outstanding
     (mm)
      Basic           192.6    125.1        54      159.8    124.0        29
      Diluted         194.9    127.4        53      162.1    125.9        29
    -------------------------------------------------------------------------
    Operating
    Average daily
     production
      Crude oil
       and NGLs
       (bbls/d)      46,022   34,897        32     39,749   32,583        22
      Natural gas
       (mcf/d)       36,134   27,941        29     30,802   28,883         7
    -------------------------------------------------------------------------
      Total (boe/d)  52,044   39,554        32     44,883   37,397        20
    -------------------------------------------------------------------------
    Average selling
     prices(6)
      Crude oil and
       NGLs ($/bbl)   73.69    60.02        23      64.49    94.36       (32)
      Natural gas
       ($/mcf)         4.66     7.23       (36)      4.11     8.36       (51)
    -------------------------------------------------------------------------
      Total ($/boe)   68.40    58.06        18      59.93    88.67       (32)
    -------------------------------------------------------------------------
    Netback ($/boe)
      Oil and gas
       sales          68.40    58.06        18      59.93    88.67       (32)
      Royalties      (12.59)   (9.53)       32     (10.54)  (16.09)      (34)
      Operating
       expenses       (9.48)   (9.23)        3      (8.92)   (9.01)       (1)
      Transportation  (1.35)   (1.60)      (16)     (1.48)   (1.87)      (21)
    -------------------------------------------------------------------------
      Netback prior
       to realized
       derivatives    44.98    37.70        19      38.99    61.70       (37)
      Realized gain
       (loss) on
       derivatives(7) (0.25)    2.72      (109)      3.21    (8.77)      137
    -------------------------------------------------------------------------
    Operating
     netback(1)       44.73    40.42        11      42.20    52.93       (20)
    -------------------------------------------------------------------------
    Crescent Point's financial and operating results do not reflect the
    production or cash flows of Shelter Bay Energy Inc. ("Shelter Bay") other
    than the production and cash flows associated with Crescent Point's
    interests in the wells farmed out to Shelter Bay by Crescent Point.
    Crescent Point accounts for its investment in Shelter Bay using the
    equity method of accounting. Accordingly, Crescent Point records its
    share of Shelter Bay net income or loss in the "equity and other income"
    caption on the consolidated statements of operations, comprehensive
    income and deficit.

     (1) Funds flow from operations, payout ratio, net debt and operating
        netback as presented do not have any standardized meaning prescribed
        by Canadian generally accepted accounting principles and, therefore,
        may not be comparable with the calculation of similar measures
        presented by other entities.
    (2) The per share amounts (with the exception of per share dividends) are
        the per share - diluted amounts. Comparative amounts are Trust
        distributions and per trust unit - diluted.
    (3) The net loss of $31.1 million for the year ended December 31, 2009
        includes unrealized derivative losses of $228.3 million, a $72.5
        million realized derivative gain on crystallization of various oil
        contracts and a $10.1 million bad debt provision for SemCanada. The
        net income of $464.1 million for the year ended December 31, 2008
        includes an unrealized gain on derivatives of $294.3 million.
    (4) Net debt includes bank indebtedness, working capital and long term
        investments, but excludes risk management assets and liabilities.
    (5) Capital acquisitions represent total consideration for the
        transactions including bank debt and working capital assumed.
    (6) The average selling prices reported are before realized derivatives
        and transportation charges.
    (7) The realized derivative gain for the year ended December 31, 2009
        excludes realized derivative gains on crystallization of $72.5
        million. The realized derivative loss for the year ended December 31,
        2008 excludes a $34.5 million loss on derivative crystallization of
        various oil contracts.

HIGHLIGHTS

In fourth quarter 2009, 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 fourth quarter 2009 average daily production by
        12 percent over third quarter 2009 and exceeded guidance. The Company
        produced 52,044 boe/d for the quarter, up from 46,322 boe/d in third
        quarter and up 32 percent from 39,554 boe/d in fourth quarter 2008.
    -   Excluding acquisitions, Crescent Point grew average production in
        2009 by more than 1,600 boe/d, over 4 percent, compared to 2008, due
        to its successful drilling and completions program.
    -   The Company increased proved plus probable reserves by 47 percent to
        281.6 million boe ("mmboe") at year end 2009, weighted more than 91
        percent to light and medium crude oil and liquids. Proved reserves
        increased by 41 percent to 185.7 mmboe.
    -   Including the acquisition of Lower Shaunavon assets from Penn West
        Energy Trust ("Penn West"), which closed January 15, 2010, the
        Company's reserves increased to 301.7 mmboe proved plus probable and
        its reserve life index increased to 14.6 years.
    -   Crescent Point replaced 181 percent of 2009 production on a proved
        plus probable basis, excluding reserves added through acquisitions.
        This is the eighth straight year of strong positive technical and
        development reserve additions.
    -   Crescent Point achieved 2009 finding and development ("F&D") costs of
        $11.46 per proved plus probable boe and $15.67 per proved boe of
        reserves, excluding changes in future development costs. This
        represents recycle ratios of 3.4 and 2.5 for proved plus probable and
        proved, respectively.

                                                      Proved plus
    Per boe, except Recycle Ratios                    Probable        Proved

    F&D
    2009 cost, excluding change in FDC(1)               $11.46        $15.67
    2009 average recycle ratio(2)                          3.4           2.5
    2009 cost, including change in FDC                  $13.06        $17.59
    9-yr weighted avg cost, excluding change in FDC      $9.96        $13.53

    Finding, Development & Acquisition ("FD&A")
    2009 cost, excluding change in FDC                  $21.94        $33.59
    2009 average recycle ratio(2)                          1.8           1.2
    2009 cost, including change in FDC                  $22.38        $34.18
    9-yr weighted avg cost, excluding change in FDC     $16.37        $22.86

    (1) Future Development Capital.
    (2) Based on 2009 netback (prior to realized derivatives) of $38.99 per
         boe.

    -   The Company spent $113.1 million on development capital activities in
        the fourth quarter, including $26.2 million on facilities, land and
        seismic. The Company spent $86.9 million on drilling and completions
        activities, including the drilling of 74 (58.2 net) wells with a 100
        percent success rate.
    -   Crescent Point's funds flow from operations increased by 74 percent
        to $191.3 million ($0.98 per share - diluted) in fourth quarter 2009,
        compared to $109.6 million ($0.87 per unit - diluted) in fourth
        quarter 2008.
    -   The Company's operating netback increased to $44.73 per boe in fourth
        quarter 2009 from $40.42 in fourth quarter 2008.
    -   Crescent Point maintained consistent monthly dividends of $0.23 per
        share, totaling $0.69 per share for fourth quarter 2009. This is
        unchanged from $0.69 per unit paid in fourth quarter 2008 and
        resulted in a payout ratio of 70 percent on a per share - diluted
        basis, down from 79 percent in 2008.
    -   On January 15, 2010, the Company completed the acquisition of Lower
        Shaunavon assets from Penn West, adding approximately 2,900 net boe/d
        of focused, high-netback oil production. The acquisition increased
        Crescent Point's Lower Shaunavon production to more than 7,000 boe/d,
        which represented 83 percent of total Lower Shaunavon production
        based on public data at the end of 2009.
    -   On December 15, 2009, Crescent Point closed an arrangement agreement
        with TriAxon Resources Ltd. ("TriAxon"). Pursuant to the arrangement
        agreement, the Company added approximately 1,400 boe/d of high-
        quality production and more than 148 net sections of undeveloped
        land, 63 net sections of which are in the Viking light oil resource
        play of west central Saskatchewan.
    -   On October 22, 2009, Crescent Point closed an arrangement agreement
        with Wave Energy Ltd. ("Wave"). Wave had a dominant position in the
        Lower Shaunavon resource play, with first mover advantage and more
        than 150 net sections of land in the play. Pursuant to the
        arrangement agreement, the Company added approximately 3,000 boe/d of
        high-quality production and 474 net internally identified low-risk
        drilling locations at four wells per section.
    -   On November 3, 2009, the Company closed a bought deal equity
        financing of 15.4 million shares at $37.25 per share for gross
        proceeds of approximately $575.3 million.
    -   During fourth quarter 2009, Crescent Point's borrowing base was
        increased to $1.6 billion from $1.2 billion, reflecting strong
        reserves growth through acquisitions and the Company's successful
        drilling program. The Company's balance sheet remains strong, with
        projected 2010 net debt to 12-month cash flow of approximately 1.0
        times and more than $600 million unutilized on its bank lines.
    -   Crescent Point continued its disciplined hedging strategy to provide
        increased certainty over cash flow and dividends. As at February 26,
        2010, the Company had hedged 50 percent, 32 percent, 17 percent and 5
        percent of production, net of royalty interest, for the balance of
        2010, 2011, 2012 and the first six months of 2013, respectively.
        Average quarterly hedge prices range from Cdn$78 per boe to Cdn$93
        per boe.
    -   Effective January 1, 2010, Crescent Point promoted Mr. Derek
        Christie, Mr. Ryan Gritzfeldt, Mr. Ken Lamont, and Mr. Steven Toews
        to the positions of Vice President Geosciences, Vice President
        Engineering East, Vice President Finance and Treasurer, and Vice
        President Engineering West, respectively. Mr. Christie, Mr.
        Gritzfeldt, Mr. Lamont and Mr. Toews most recently held the positions
        of Manager Bakken, Engineering Manager Southeast Saskatchewan,
        Controller and Treasurer, and Engineering Manager Southwest
        Saskatchewan, respectively. Additionally, Mr. David Balutis has
        undertaken the new position of Vice President Exploration after most
        recently holding the position of Vice President Geosciences.

OPERATIONS REVIEW

Fourth Quarter Operations Summary

During fourth quarter 2009, 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 a new production record in the fourth quarter,
averaging 52,044 boe/d, a 12 percent increase over third quarter. The Company
participated in the drilling of 74 (58.2 net) wells, achieving a 100 percent
success rate, and fracture stimulated a total of 21 (17.3 net) Bakken
horizontal wells.

    Drilling Results
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Three months ended
     December 31,                                                          %
     2009              Gas     Oil  D&A  Service Standing Total  Net  Success
    -------------------------------------------------------------------------
    Southeast
     Saskatchewan        -      58    -      -        -     58   43.6    100
    Southwest
     Saskatchewan        -      15    -      1        -     16   14.6    100
    South/Central
     Alberta             -       -    -      -        -      -      -      -
    Northeast BC and
     Peace River Arch,
     Alberta             -       -    -      -        -      -      -      -
    -------------------------------------------------------------------------
    Total                -      73    -      1        -     74   58.2    100
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Year ended
     December 31,                                                          %
     2009              Gas     Oil  D&A  Service Standing Total  Net  Success
    -------------------------------------------------------------------------
    Southeast
     Saskatchewan        -     152    -      3        -    155  116.7    100
    Southwest
     Saskatchewan        -      22    -      1        -     23   18.7    100
    South/Central
     Alberta             -       4    -      -        -      4    0.7    100
    Northeast BC and
     Peace River Arch,
     Alberta             -       -    -      -        -      -      -      -
    -------------------------------------------------------------------------
    Total                -     178    -      4        -    182  136.1    100
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

Southeast Saskatchewan

In fourth quarter 2009, Crescent Point participated in the drilling of
58 (43.6 net) oil wells in southeast Saskatchewan, achieving a 100 percent
success rate. Of the wells drilled, 46 (36.0 net) were horizontal wells in
the Bakken light oil resource play. The Company also fracture stimulated a
total of 21 (17.3 net) Bakken horizontal wells.

During the quarter, Shelter Bay Energy Inc. ("Shelter Bay") drilled
five Bakken horizontal wells on lands farmed out by Crescent Point. These
wells are not included in the totals above.

Crescent Point also successfully drilled and completed 2 (2.0 net)
horizontal oil wells in the Mississippian Frobisher zone above the Bakken
horizon. During 2009, Crescent Point drilled a total of 12 (9.8 net) wells in
this zone. In aggregate, since late 2008, Crescent Point has discovered five
new Frobisher light oil pools in the Viewfield area. Exploration efforts
continue on several Frobisher prospects defined by three-dimensional seismic
and newly encountered oil shows.

In fourth quarter 2009, the Company completed the construction of 75
kilometres of pipeline-gathering systems in the Viewfield area. The
additional gathering systems provide for continued Bakken oil and gas
development in the area and tied in 30 existing single well batteries and 10
recently drilled wells. The Company has plans to modify existing compression
at the Viewfield gas plant to increase inlet capacity to 21 mmcf/d from 18
mmcf/d by mid 2010. The Company has begun design work and ordered equipment
to expand the plant to 30 mmcf/d by late 2010 or early 2011.

Crescent Point also participated in the drilling of 10 (5.6 net)
non-Bakken horizontal wells in southeast Saskatchewan, of which 4 (3.9 net)
were operated. Of the four operated wells, 2 (2.0 net) wells were drilled at
Ingoldsby, 1 (0.9 net) was drilled at Edenvale and 1 (1.0 net) was drilled at
Glen Ewen.

Southwest Saskatchewan

Crescent Point completed the integration of Lower Shaunavon assets
acquired in the Wave arrangement and began drilling on the Wave lands. During
the quarter, the Company participated in drilling 15 (13.8 net) Lower
Shaunavon horizontal oil wells, and 1 (0.8 net) service well, with a 100
percent success rate. In 2009, the Company drilled a total of 22 (17.9 net)
Lower Shaunavon horizontal wells.

Also during the quarter, Crescent Point completed construction of an oil
battery to accommodate current and future growth in Lower Shaunavon
production volumes. Crescent Point operates the battery and has a 75 percent
working interest in the facility, while Shelter Bay owns the remaining 25
percent.

Up to 20 percent of the Company's 2010 capital budget is expected to be
dedicated to the Lower Shaunavon play, with up to 38 net wells planned for
the year, as well as the expansion of existing infrastructure to accommodate
increased production. Crescent Point will also consider gas conservation
options through the year which may lead to construction of a gas processing
plant in 2011 or 2012.

South/Central Alberta

At Sounding Lake, the Company received regulatory approval for a water
flood in the Sparky zone and began injecting water late in the quarter.
Initial expectations for incremental recoveries are greater than 10 percent
within the flood area. At John Lake, the Company continued its ongoing
compressor and production optimization program to offset natural declines.

Northeast British Columbia and Peace River Arch, Alberta

At Worsley, offset operators have applied to have all designated Charlie
Lake
zones recognized as one pool in order to improve production and simplify
water flood optimization. Crescent Point supports the application and will
review its own lands for suitability and implementation, including potential
expansion of the Worsley T Pool injection pattern.

Acquisitions

On January 15, 2010, Crescent Point acquired Lower Shaunavon assets from
Penn West, adding approximately 172 net sections of undeveloped Lower
Shaunavon land. The acquisition increased Crescent Point's Lower Shaunavon
production to more than 7,000 boe/d, which represented 83 percent of total
Lower Shaunavon production based on public data at the end of 2009.

On December 15, 2009, Crescent Point completed an arrangement agreement
with TriAxon, which included approximately 1,400 boe/d of high-quality
production. Through the arrangement, the Company acquired more than 148 net
sections of undeveloped land, 63 net sections of which are in the Viking
light oil resource play of west central Saskatchewan. Crescent Point has
identified 199 net drilling locations on the TriAxon lands, primarily in the
Plato Viking play and the Flat Lake Bakken play. Approximately 560 boe/d of
the production acquired was in the Pembina play of Alberta and was divested
as part of the Lower Shaunavon asset acquisition from Penn West that closed
on January 15, 2010.

On October 22, 2009, Crescent Point completed an arrangement with Wave.
Wave had a dominant position in the Lower Shaunavon resource play, with first
mover advantage and more than 150 net sections of land in the play. The
completion of the Wave arrangement added approximately 3,000 boe/d of high
quality production, 87 percent of which is in the Lower Shaunavon resource
play, and 474 net internally identified low-risk drilling locations at four
wells per section, 369 of which are in the Lower Shaunavon play.

RESERVES

In 2009, Crescent Point replaced 181 percent of production on a proved
plus probable basis, not including reserves added through acquisitions.
Including acquisitions, the Company replaced 654 percent of production and
increased its year end proved plus probable reserves by 47 percent to 281.6
mmboe and its proved reserves by 41 percent to 185.7 mmboe. Year end 2008
reserves were 191.0 mmboe proved plus probable and 132.1 mmboe proved.

    -   Crescent Point achieved 2009 F&D costs of $11.46 per proved plus
        probable boe and $15.67 per proved boe, excluding changes in future
        development costs, generating proved plus probable and proved recycle
        ratios of 3.4 times and 2.5 times, respectively.
    -   Excluding capital expenditures on facilities, land and seismic, F&D
        costs were $8.30 per proved plus probable boe and $11.35 per proved
        boe of reserves, excluding changes in future development costs. The
        Company spent $93.7 million in 2009 on facilities, land and seismic,
        approximately 28 percent of capital spending, positioning the Company
        for long-term growth of its Bakken and Lower Shaunavon resource
        plays.
    -   Crescent Point's three-year weighted average F&D cost, including
        expenditures on facilities, land and seismic, is $9.95 per proved
        plus probable boe and $13.58 per proved boe. This highlights the
        Company's technical ability to efficiently add value to its large
        resource-in-place asset base and accurately reflects the full cycle
        nature of investments in facilities, land and seismic.
    -   The Company's cumulative proved plus probable technical and
        development reserves additions increased to 124.3 mmboe, which
        represents 44 percent of year end 2009 proved plus probable reserves.
    -   Including changes in future development costs, 2009 F&D costs were
        $13.06 per proved plus probable boe and $17.59 per proved boe.
    -   Crescent Point achieved FD&A costs of $21.94 per proved plus probable
        boe and $33.59 per proved boe, excluding changes in future
        development costs. Recycle ratios were 1.8 and 1.2 times for proved
        plus probable and proved, respectively.
    -   Including the acquisition of assets from Penn West, the Company's
        reserves increased to 301.7 mmboe proved plus probable and its
        reserve life index increased to 14.6 years.

The Company's year end reserves were independently evaluated by GLJ
Petroleum Consultants Ltd. ("GLJ") and Sproule Associates Ltd. ("Sproule") as
at December 31, 2009.

    Summary of Reserves
    (Escalated Pricing)
    As at December 31, 2009(1)

                               ----------------------------------------------
                                                  RESERVES(2)
                               ----------------------------------------------
                                        Oil (mbbls)           Gas (mmscf)
                               ----------------------------------------------
    Description                       Gross        Net      Gross        Net
    -------------------------------------------------------------------------
    Proved producing                 94,359     82,404     59,584     53,158
    Proved non-producing             68,145     62,712     38,304     33,619
    -------------------------------------------------------------------------
    Total proved                    162,504    145,116     97,888     86,777

    Probable                         85,688     76,626     41,520     36,855
    -------------------------------------------------------------------------
    Total proved plus probable(3)   248,192    221,742    139,408    123,632
    -------------------------------------------------------------------------

                               ----------------------------------------------
                                                  RESERVES(2)
                               ----------------------------------------------
                                        NGL (mbbls)          Total (mboe)
                               ----------------------------------------------
    Description                       Gross        Net      Gross        Net
    -------------------------------------------------------------------------
    Proved producing                  2,986      2,518    107,275     93,782

    Proved non-producing              3,884      3,648     78,414     71,963
    -------------------------------------------------------------------------
    Total proved                      6,870      6,166    185,689    165,745

    Probable                          3,342      3,014     95,949     85,782
    -------------------------------------------------------------------------
    Total proved plus probable(3)    10,212      9,180    281,638    251,527
    -------------------------------------------------------------------------
    (1) Based on GLJ's January 1, 2010 escalated price forecast.
    (2) "Gross Reserves" are the total Company's interest share before the
        deduction of any royalties and without including any royalty interest
        of the Company. "Net Reserves" are the total Company's interest share
        after deducting royalties and including any royalty interest.
    (3) Numbers may not add due to rounding.

    Summary of Before and After Tax Net Present Values
    (Escalated Pricing)
    As at December 31, 2009(1)

                   ----------------------------------------------------------
                               BEFORE TAX NET PRESENT VALUE ($million)
                   ----------------------------------------------------------
                                        Discount Rate
                   ----------------------------------------------------------
    Description     Undiscounted         5%        10%        15%        20%
    -------------------------------------------------------------------------
    Proved producing       5,143      3,695      2,945      2,483      2,167
    Proved
     non-producing           336        262        215        183        160
    Undeveloped            3,382      2,356      1,749      1,357      1,086
    -------------------------------------------------------------------------
    Total proved(2)        8,860      6,312      4,910      4,024      3,413
    Probable               5,681      2,930      1,834      1,280        955
    -------------------------------------------------------------------------
    Total proved
     plus probable(2)     14,541      9,242      6,744      5,304      4,368
    -------------------------------------------------------------------------

                   ----------------------------------------------------------
                               AFTER TAX NET PRESENT VALUE ($million)
                   ----------------------------------------------------------
                                          Discount Rate
                   ----------------------------------------------------------
    Description     Undiscounted         5%        10%        15%        20%
    -------------------------------------------------------------------------
    Proved producing       4,525      3,314      2,677      2,278      2,003
    Proved
     non-producing           244        191        158        135        119
    Undeveloped            2,462      1,684      1,224        928        724
    -------------------------------------------------------------------------
    Total proved(2)        7,231      5,190      4,059      3,341      2,845
    Probable               4,151      2,123      1,315        906        666
    -------------------------------------------------------------------------
    Total proved
     plus probable(2)     11,382      7,313      5,374      4,247      3,511
    -------------------------------------------------------------------------
    (1) Based on GLJ's January 1, 2010 escalated price forecast.
    (2) Numbers may not add due to rounding.

    Before Tax Net Asset Value Per Share, Fully Diluted, Utilizing
    Independent Engineering Escalated Pricing

    -------------------------------------------------------------------------
                        2009    2008    2007    2006    2005    2004    2003
    -------------------------------------------------------------------------
    PV 0%             $72.01  $80.66  $61.03  $34.08  $21.99  $16.19  $12.72
    PV 5%             $46.91  $49.30  $40.21  $21.61  $15.12  $11.22   $9.15
    PV 10%            $35.08  $34.97  $30.05  $15.70  $11.45   $8.56   $7.14
    PV 15%            $28.27  $26.85  $24.04  $12.27   $9.10   $6.85   $5.83
    -------------------------------------------------------------------------

    Reserves Reconciliation
    (Escalated Pricing)
    Gross Reserves (1)
    For the year ended December 31, 2009

                                             --------------------------------
                                                 CRUDE OIL AND NGL (mbbl)
                                             --------------------------------
                                                Proved   Probable      Total
    -------------------------------------------------------------------------
    Opening Balance January 1, 2009            120,706     54,157    174,863
    Acquired                                    47,633     29,955     77,589
    Disposed                                    (3,763)    (2,667)    (6,430)
    Production                                 (14,526)         -    (14,526)
    Development                                 15,793     11,404     27,197
    Technical revisions                          3,531     (3,819)      (288)
    -------------------------------------------------------------------------
    Closing Balance December 31, 2009(2)       169,374     89,030    258,404
    -------------------------------------------------------------------------

                                             --------------------------------
                                                     NATURAL GAS (mmscf)
                                             --------------------------------
                                                Proved   Probable      Total
    -------------------------------------------------------------------------
    Opening Balance January 1, 2009             68,661     27,881     96,542
    Acquired                                    26,200     11,260     37,460
    Disposed                                         -          -          -
    Production                                 (11,137)         -    (11,137)
    Development                                  8,555      2,337     10,892
    Technical revisions                          5,610         42      5,651
    -------------------------------------------------------------------------
    Closing Balance December 31, 2009(2)        97,888     41,520    139,408
    -------------------------------------------------------------------------

                                             --------------------------------
                                                         BOE (mboe)
                                             --------------------------------
                                                Proved   Probable      Total
    -------------------------------------------------------------------------
    Opening Balance January 1, 2009            132,149     58,805    190,954
    Acquired                                    51,999     31,832     83,831
    Disposed                                    (3,763)    (2,667)    (6,430)
    Production                                 (16,382)         -    (16,382)
    Development                                 17,220     11,791     29,011
    Technical revisions                          4,466     (3,812)       654
    -------------------------------------------------------------------------
    Closing Balance December 31, 2009(2)       185,689     95,949    281,638
    -------------------------------------------------------------------------
    (1) Based on GLJ's January 1, 2010 escalated price forecast. "Gross
        reserves" are the Company's working-interest share before deduction
        of any royalties and without including any royalty interests of the
        Company.
    (2) Numbers may not add due to rounding.

     Finding, Development and Acquisition Costs
    (excluding future development costs)
    For the year ended December 31, 2009
                  ------------------------------------------------------------
                                                                FINDING,
                   CAPITAL                                    DEVELOPMENT
                 EXPENDITURES                               AND ACQUISITION
                    (1)(4)             RESERVES(3)            COSTS(1)(2)
                 ------------------------------------------------------------
                                                  Proved              Proved
                                                   Plus                Plus
                                 Total Proved    Probable    Proved  Probable
    -------------------------------------------------------------------------
                     $000    %     mboe    %     mboe    %    $/boe    $/boe
    -------------------------------------------------------------------------
    Exploration
     development
     and
     revisions    339,916  14%   21,686  31%   29,665  28%    15.67    11.46
    -------------------------------------------------------------------------
    Acquisitions,
     net of
     dispo-
     sitions    2,008,752  86%   48,236  69%   77,401  72%    41.64    25.95
    -------------------------------------------------------------------------
    Total       2,348,668 100%   69,922 100%  107,066 100%    33.59    21.94
    -------------------------------------------------------------------------
    (1) Exploration, Development and Revisions exclude the change during the
        most recent financial year in estimated future development costs
        relating to proved and proved plus probable reserves, respectively.
        These costs would add $41.5 million and $47.5 million, respectively,
        to the proved and proved plus probable reserves categories. Including
        these changes, the proved and proved plus probable finding and
        development costs are $17.59 and $13.06 per boe, respectively.
    (2) Including change in future development costs, finding, development
        and acquisition costs are $34.18 per proved boe and $22.38 per proved
        plus probable boe.
    (3) Gross Company interest reserves are used in this calculation
        (interest reserves, before deduction of any royalties and without
        including any royalty interests of the Company).
    (4) The capital expenditures include the announced purchase price of
        corporate acquisitions rather than the amounts allocated to property,
        plant and equipment for accounting purposes. The capital expenditures
        also exclude capitalized administration costs and acquisition costs.

    Summary of Reserves, Including First Quarter 2010 Acquisitions and
    Dispositions (Penn West)
    (Escalated Pricing)
    As at January 15, 2010(1)(2)

                               ----------------------------------------------
                                                 RESERVES(3)
                               ----------------------------------------------
                                        Oil (mbbls)           Gas (mmscf)
    -------------------------------------------------------------------------
    Description                       Gross        Net      Gross        Net
    -------------------------------------------------------------------------
    Proved producing                 98,550     86,716     55,994     49,938
     Proved non-producing             79,588     73,953     38,033     33,395
    -------------------------------------------------------------------------
    Total proved                    178,138    160,668     94,027     83,333
    Probable                         92,048     83,092     39,533     35,126
    -------------------------------------------------------------------------
    Total proved plus probable(4)   270,185    243,760    133,560    118,459
    -------------------------------------------------------------------------

                               ----------------------------------------------
                                                 RESERVES(3)
                               ----------------------------------------------
                                        NGL (mbbls)          Total (mboe)
    -------------------------------------------------------------------------
    Description                       Gross        Net      Gross        Net
    -------------------------------------------------------------------------
    Proved producing                  2,416      2,108    110,297     97,147
     Proved non-producing              3,839      3,616     89,767     83,134
    -------------------------------------------------------------------------
    Total proved                      6,255      5,724    200,064    180,281
    Probable                          3,024      2,786    101,659     91,733
    -------------------------------------------------------------------------
    Total proved plus probable(4)     9,279      8,511    301,724    272,014
    -------------------------------------------------------------------------
    (1) Includes independent engineers' evaluations of Crescent Point 2009
        year end, of the assets acquired from Penn West and of the assets
        divested to Penn West.
    (2) Based on GLJ's January 1, 2010 escalated price forecast.
    (3) "Gross Reserves" are the total Company's interest share before the
        deduction of any royalties and without including any royalty
        interests of the Company "Net Reserves" are the total Company
        interest share after deducting royalties and including any royalty
        interests.
    (4) Numbers may not add due to rounding.

     Summary of Before Tax Net Present Values, Including First Quarter 2010
    Acquisitions and Dispositions (Penn West)
    (Escalated Pricing)
    As at January 15, 2010(1)(2)
                     ---------------------------------------------------------
                               BEFORE TAX NET PRESENT VALUE ($million)
                    ---------------------------------------------------------
                                        Discount Rate
    -------------------------------------------------------------------------
    Description     Undiscounted         5%        10%        15%        20%
    -------------------------------------------------------------------------
    Proved producing       5,291      3,806      3,039      2,566      2,242
    Proved
     non-producing         3,984      2,789      2,082      1,623      1,305
    -------------------------------------------------------------------------
    Total proved           9,275      6,595      5,121      4,189      3,547
    Probable               5,938      3,058      1,908      1,327        987
    -------------------------------------------------------------------------
    Total proved
     plus probable        15,213      9,654      7,029     5,516       4,534
    -------------------------------------------------------------------------
    (1) Includes independent engineers' evaluations of Crescent Point 2009
        year end, of the assets acquired from Penn West and of the assets
        divested to Penn West.
    (2) Based on GLJ's January 1, 2010 escalated price forecast.

SHELTER BAY FOURTH QUARTER UPDATE

During fourth quarter 2009, Shelter Bay continued to aggressively pursue
its business strategy of growth in core Crescent Point areas. Shelter Bay
drilled 24 Bakken horizontal wells, including five wells on lands farmed out
by Crescent Point. Shelter Bay also participated in the drilling of eight
horizontal wells in the Lower Shaunavon resource play in southwest
Saskatchewan. Shelter Bay's production averaged more than 7,000 boe/d for the
quarter.

During the quarter, Shelter Bay acquired freehold leases on more than 30
net sections of land in the Viewfield Bakken resource play for total
consideration of $125 million. More than 66 net low-risk Bakken locations
have been identified. At year end 2009, Shelter Bay realized independently
evaluated proved plus probable reserve additions of more than 5.5 million boe
on these lands.

During first quarter 2010, Shelter Bay's credit facilities were increased
to $225 million from $145 million as a result of Shelter Bay's successful
drilling program and acquisitions during the year.

Shelter Bay is well positioned for growth in production, reserves and
cash flow, with a development drilling inventory of more than 450 locations
in the Bakken and Lower Shaunavon oil resource plays.

The Board of Directors of Shelter Bay has approved a 2010 capital budget
of $194 million, of which over 95 percent is expected to be targeted towards
drilling and completion activities. Approximately 85 percent of the budget is
expected to be directed towards the Bakken play with the remaining 15 percent
going towards the Lower Shaunavon play. Shelter Bay expects to drill upwards
of 136 gross wells in 2010.

2010 production is forecast to average more than 7,500 boe/d with an exit
rate greater than 9,000 boe/d.

The total cost of Crescent Point's investment in Shelter Bay is
approximately $200 million, which equates to a 21 percent interest.

Crescent Point's financial and operating results do not reflect the
production or cash flows of Shelter Bay other than the production and cash
flows associated with Crescent Point's interests in the wells farmed out to
Shelter Bay by Crescent Point. Crescent Point accounts for its investment in
Shelter Bay using the equity method of accounting. Accordingly, Crescent
Point records its share of Shelter Bay net income or loss in the "equity and
other income" caption on the consolidated statements of operations,
comprehensive income and deficit.

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.

In 2009 and early 2010, the Company captured and consolidated the
dominant position in the southwest Saskatchewan Lower Shaunavon resource
play, which is one of the largest pools ever discovered in western Canada.
With the assets acquired in agreements with Wave, Penn West, Wild River
Resources Ltd. and Gibraltar Exploration Ltd., Crescent Point now has more
than 450 net sections of land in the Lower Shaunavon play with more than
1,250 net internally identified Lower Shaunavon drilling locations.

Including Bakken and other properties, Crescent Point has more than 5,000
net low-risk drilling locations in inventory, representing more than 340,000
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 provides support for long-term
dividends.

Crescent Point's 2010 development capital budget has been set at $450
million
. Execution of the 2010 budget is anticipated to provide for 2010
average daily production of 56,500 boe/d, which represents year-over-year
exit production growth of more than five percent. Approximately 60 percent of
the budget is expected to be allocated towards drilling and facilities work
in the Bakken play, 20 percent allocated towards the Lower Shaunavon play
and 20 percent towards projects in other core areas. In total, the Company
expects to drill 224 net wells in 2010 and spend $100 million on facilities
infrastructure, primarily in the Bakken and Lower Shaunavon resource plays.

If benchmark WTI oil prices continue to trade in the US$70 to $80 range
through mid-year, the Company is well positioned to increase the development
capital budget by $100 million or more. The increase in capital would likely
be targeted towards additional Bakken and Lower Shaunavon drilling, projects
in other core areas and additional facilities projects. The increase in
capital would be weighted towards the final quarter of the year, leading to
an increase in expected production and reserves growth for 2011.

Funds flow from operations for 2010 is expected to increase to $811.0
million
($3.73 per share - diluted), based on forecast pricing of US$75.00
per barrel WTI, Cdn$5.00 per mcf AECO gas and US$0.95 exchange rate.

Crescent Point continues to have a strong balance sheet with projected
average net debt to cash flow of approximately 1.0 times and a projected
unutilized credit capacity of more than $600 million.

The Company 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 all within Crescent Point's
banking syndicate. As at February 26, 2010, the Company had hedged 50
percent, 32 percent, 17 percent and 5 percent of production, net of royalty
interest, for the balance of 2010, 2011, 2012 and the first six months of
2013, respectively. Average quarterly hedge prices range from Cdn$78 per boe
to Cdn$93 per boe.

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 2010 and beyond.

    2010 Guidance

    Crescent Point's 2010 guidance is as follows:

    -------------------------------------------------------------------------
    Production
      Oil and NGL (bbls/d)                                            50,500
      Natural gas (mcf/d)                                             36,000
   -------------------------------------------------------------------------
    Total (boe/d)                                                     56,500
    -------------------------------------------------------------------------
    Funds flow from operations ($000)                                811,000
    Funds flow per share - diluted ($)                                  3.73
    Cash dividends per share ($)                                        2.76
    Payout ratio - per share - diluted (%)                                74
    -------------------------------------------------------------------------
    Capital expenditures ($000)(1)                                   450,000
    Wells drilled, net                                                   224
    -------------------------------------------------------------------------
    Pricing
      Crude oil - WTI (US$/bbl)                                        75.00
      Crude oil - WTI (Cdn$/bbl)                                       78.95
      Natural gas - Corporate (Cdn$/mcf)                                5.00
      Exchange rate (US$/Cdn$)                                          0.95
    -------------------------------------------------------------------------
    (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
    March 11, 2010

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. This press release also contains forward
looking statements pertaining to Shelter Bay as follows: the quantity of
drilling locations, capital expenditure expectations, its drilling program,
and production levels.

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, 2008
under the heading "Forward-Looking Information" and in our Results of
Operations for the quarter ended December 31, 2009 under the heading
"Forward-Looking Information". The material assumptions are disclosed in the
Results of Operations section for the quarter ended December 31, 2009 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 DPIIP; 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.

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

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, Toll free
(US & Canada): +1-888-693-0020, Fax: +1-403-693-0070, 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, Toll free (US & Canada): +1-888-693-0020, Fax: +1-403-693-0070

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