Crescent Point Energy Corp. Announces Third Quarter 2010 Results

By Crescent Point Energy Corp., PRNE
Wednesday, November 3, 2010

CALGARY, Alberta, November 4, 2010 - Crescent Point Energy Corp. ("Crescent Point" or the "Company")
(TSX: CPG) is pleased to announce its operating and financial results for
the third quarter ended September 30, 2010. The related unaudited financial
statements and notes, as well as management's discussion and analysis, 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         Nine months ended
    (CDN$000s except           September 30               September 30
     shares, per        -----------------------------------------------------
     share and per                             %                           %
     boe amounts)        2010       2009  Change      2010      2009  Change
    -------------------------------------------------------------------------
    Financial
    Funds flow from
     operations(1)(3) 230,424    155,415     48    619,641    481,603     29
      Per
       share(1)(2)(3)    0.91       0.96     (5)      2.70       3.19    (15)
    Net income
     (loss)(4)        (16,636)    45,357   (137)    74,372    (27,051)   375
      Per share(2)(4)   (0.07)      0.28   (125)      0.32      (0.18)   278
    Dividends paid or
     declared         175,753    113,158     55    472,832    315,162     50
      Per share(2)       0.69       0.69      -       2.07       2.07      -
    Payout
     ratio (%)(1)          76         73      3         76         65     11
      Per
       share
       (%)(1)(2)           76         72      4         77         65     12
    Net debt(1)(5)  1,340,196    741,287     81  1,340,196    741,287     81
    Capital
     acquisitions
     (net)(6)       1,446,164    523,566    176  1,996,277    987,946    102
    Development
     capital
     expenditures     348,513    110,362    216    712,058    226,799    214
    Weighted average
     shares
     outstanding (mm)
      Basic             250.0      160.3     56      225.2      148.7     51
      Diluted           254.0      162.6     56      229.1      151.1     52
    -------------------------------------------------------------------------
    Operating
    Average daily
     production
      Crude oil and
       NGLs (bbls/d)   58,390     40,854     43     52,519     37,635     40
      Natural gas
       (mcf/d)         42,947     32,806     31     38,134     29,004     31
    -------------------------------------------------------------------------
      Total (boe/d)    65,548     46,322     42     58,875     42,469     39
    -------------------------------------------------------------------------
    Average selling
     prices (7)
      Crude oil and
      NGLs ($/bbl)      70.54      67.97      4      72.44      60.70     19
      Natural gas
       ($/mcf)           3.69       3.14     18       4.21       3.88      9
    -------------------------------------------------------------------------
      Total ($/boe)     65.25      62.17      5      67.35      56.44     19
    -------------------------------------------------------------------------
    Netback ($/boe)
      Oil and gas
       sales            65.25      62.17      5      67.35      56.44     19
      Royalties        (10.49)    (11.17)    (6)    (11.58)     (9.69)    20
      Operating
       expenses        (11.27)     (9.05)    25     (10.89)     (8.69)    25
      Transportation    (1.49)     (1.51)    (1)     (1.64)     (1.54)     6
    -------------------------------------------------------------------------
      Netback prior to
       realized
       derivatives      42.00      40.44      4      43.24      36.52     18
      Realized gain on
       derivatives(8)    1.25       1.27     (2)      0.66       4.64    (86)
    -------------------------------------------------------------------------
     Operating
      netback(1)        43.25      41.71      4      43.90      41.16      7
    -------------------------------------------------------------------------

    Crescent Point's financial and operating results for the three months
    ending September 30, 2010 reflect the acquisition of Shelter Bay Energy
    Inc. ("Shelter Bay") which closed July 2, 2010. Comparative financial and
    operating results do not reflect the production and 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. Prior to July 2, 2010, Crescent Point accounted for its investment
    in Shelter Bay using the equity method of accounting. Accordingly,
    Crescent Point recorded its share of Shelter Bay net income or loss in
    the "equity and other income (loss)" 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.
    (3) Funds flow from operations for the nine month period ended
        September 30, 2009 includes a realized derivative gain on
        crystallization of various oil contracts of $72.5 million.
    (4) Net income of $74.4 million for the nine months ended September 30,
        2010 includes unrealized derivative gains of $8.2 million. The net
        loss of $27.1 million for the nine months ended September 30, 2009
        includes unrealized derivative losses of $147.4 million, a
        $72.5 million realized derivative gain on crystallization of various
        oil contracts and a $11.4 million bad debt provision for SemCanada.
    (5) Net debt includes long-term debt, working capital and long-term
        investments, but excludes risk management assets, risk management
        liabilities and unrealized foreign exchange loss on translation of
        US dollar senior guaranteed notes.
    (6) Capital acquisitions represent total consideration for the
        transactions including long-term debt and working capital assumed
        and, commencing January 1, 2010, excluding transaction costs.
    (7) The average selling prices reported are before realized derivatives
        and transportation charges.
    (8) The realized derivative gain for the nine month period ended
        September 30, 2009 excludes a realized derivative gain on
        crystallization of $72.5 million.

    HIGHLIGHTS

    In third quarter 2010, 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 achieved a new production record in third quarter
        2010, averaging 65,548 boe/d, a 19 percent increase over second
        quarter 2010. Production was up 42 percent from 46,322 boe/d in third
        quarter 2009 and was weighted 89 percent to light and medium crude
        oil and liquids. Crescent Point is on track to achieve annual
        production growth of more than 10 percent, excluding acquisitions.

    -   The Company spent $348.5 million on development capital activities in
        third quarter 2010, including $144.7 million on facilities, land and
        seismic. Crescent Point spent a record $203.8 million on drilling and
        completions activities, including the drilling of 148 (113.5 net) oil
        wells with a 99 percent success rate.

    -   Crescent Point's funds flow from operations increased by 48 percent
        to $230.4 million ($0.91 per share - diluted) in third quarter 2010,
        compared to $155.4 million ($0.96 per share - diluted) in third
        quarter 2009.

    -   Crescent Point maintained consistent monthly dividends of $0.23 per
        share, totaling $0.69 per share for third quarter 2010 and resulting
        in a payout ratio of 76 percent on a per share - diluted basis. This
        is unchanged from $0.69 per share paid in third quarter 2009.

    -   On July 2, 2010, Crescent Point completed a plan of arrangement with
        Shelter Bay Energy Inc. ("Shelter Bay"), a private oil and gas
        producer in which Crescent Point owned a 21 percent equity interest.
        The Company acquired more than 7,400 boe/d of high-quality
        production, as well as more than 315 net sections of Bakken land and
        more than 40 net sections of Lower Shaunavon land.

    -   On August 20, 2010, Crescent Point completed a plan of arrangement
        with Ryland Oil Corporation ("Ryland"), an oil producer with assets
        primarily located in the Flat Lake areas of southeastern Saskatchewan
        and in North Dakota, United States. Crescent Point acquired more than
        475 net sections of land, the majority of which is in southeast
        Saskatchewan, further solidifying its position in the Flat Lake
        Bakken play and increasing its strategic undeveloped land position in
        North Dakota.

    -   On September 20, 2010, Crescent Point announced that it had acquired
        more than one million net acres of exploratory land in southern
        Alberta. The land was acquired through Crown land sales, freehold
        leasing programs and the acquisition of a private company (the
        "Private Co. Acquisition"). The assets acquired in the Private Co.
        Acquisition include approximately 900 boe/d of low-decline
        conventional production and more than 995,000 net acres of
        exploratory land in Alberta.

    -   On September 20, 2010, Crescent Point announced the acquisition of
        more than 100 net sections of undeveloped land in Saskatchewan,
        including 60 net sections in the Company's core Viewfield Bakken and
        Lower Shaunavon resource plays, through Crown land sales in the
        preceding several months.

    -   During third quarter, Crescent Point also entered into an agreement
        to acquire certain assets in southeast Saskatchewan (the "Southeast
        Saskatchewan Acquisition"). The assets are adjacent to and contiguous
        with existing Crescent Point properties, further consolidating the
        Company's core southeast Saskatchewan area, and include approximately
        950 boe/d of high-quality, low-decline conventional production. The
        agreement, which has not been previously announced, is expected to
        close in early November 2010. Total consideration expected to be paid
        at closing is approximately $90 million of cash.

    -   On September 20, 2010, Crescent Point announced a bought deal
        financing in which a total of 10,250,000 Crescent Point shares were
        issued for gross proceeds of approximately $375 million. The
        financing subsequently closed on October 13, 2010.

    -   The Company's balance sheet remains strong, with projected average
        net debt to 12-month cash flow of approximately 1.0 times and
        approximately $750 million currently unutilized on its bank lines.

    -   Crescent Point continued to implement its disciplined hedging
        strategy to provide increased certainty over cash flow and dividends.
        As at October 26, 2010, the Company had hedged 51 percent,
        51 percent, 39 percent and 28 percent of production, net of royalty
        interest, for the balance of 2010, 2011, 2012 and 2013, respectively.
        Average quarterly hedge prices range from Cdn$80 per boe to
        Cdn$93 per boe.

OPERATIONS REVIEW

Third Quarter Operations Summary

During third quarter 2010, 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 third quarter, averaging
65,548 boe/d, a 19 percent increase over second quarter 2010. The Company
is on track to meet or exceed average daily production of 61,000 boe/d for
2010.

During the quarter, the Company participated in the drilling of 148
(113.5 net) oil wells and 4 (4.0 net) service wells, achieving a 99 percent
success rate.

    Drilling Results

    The following tables summarize our drilling results for the three and
    nine months ended September 30, 2010:
    -------------------------------------------------------------------------
    Three months ended
     September 30,                                                        %
     2010              Gas    Oil   D&A  Service Standing Total  Net Success
    -------------------------------------------------------------------------
    Southeast
     Saskatchewan        -     95     2       4        -    101  82.9     99
    Southwest
     Saskatchewan        -     49     -       -        -     49  33.5    100
    South/Central
     Alberta             -      1     -       -        -      1   1.0    100
    Northeast BC and
     Peace River Arch,
     Alberta             -      -     -       -        -      -     -      -
    United States        -      1     -       -        -      1   0.1    100
    -------------------------------------------------------------------------
    Total                -    146     2       4        -    152 117.5     99
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Nine months ended
     September 30,                                                        %
     2010              Gas    Oil   D&A  Service Standing Total  Net Success
    -------------------------------------------------------------------------
    Southeast
     Saskatchewan        -    204     3       5        -    212 165.8     99
    Southwest
     Saskatchewan        -     87     -       -        -     87  64.2    100
    South/Central
     Alberta             -      1     -       -        -      1   1.0    100
    Northeast BC and
     Peace River Arch,
     Alberta             -      -     -       -        -      -     -      -
    United States        -      1     -       -        -      1   0.1    100
    -------------------------------------------------------------------------
    Total                -    293     3       5        -    301 231.1     99
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

Southeast Saskatchewan

In third quarter 2010, Crescent Point participated in the drilling of
97 (78.9 net) oil wells and 4 (4.0 net) service wells in southeast
Saskatchewan, achieving a 99 percent success rate. Of the wells drilled,
72 (64.4 net) were horizontal wells in the Viewfield Bakken light oil
resource play.

The Company completed the construction of 85 kilometres of pipeline
gathering systems in the Viewfield area, which will provide for continued
Bakken oil and gas development and reduce greenhouse gas emissions from
the play. Crescent Point tied in 12 existing single-well batteries and 21
recently drilled wells. During the quarter, Crescent Point also upgraded
and expanded fluid handling capacity at several existing facilities and
built a new battery to accommodate near- and long-term development needs.
During the quarter, Crescent Point began water injection in the third and
fourth Viewfield Bakken water flood pilots. More than 500 boe/d of
production was shut in to facilitate the conversion of seven producing
wells to water injection wells. The Company expects to have its fifth
water flood pilot on line during fourth quarter and its sixth in early
2011. Upwards of 13 additional producing wells are expected to be
converted to water injection wells in first half 2011.
The first and second water flood pilot projects continue to demonstrate
positive production response in wells offsetting horizontal water
injection wells. In the first pilot, the two producing wells directly
offsetting the injection well have realized cumulative production of more
than 250,000 bbls in less than four years.
Crescent Point also participated in the drilling of 5 (2.3 net) Bakken
horizontal wells in the Flat Lake area and 5 (4.5 net) Viewfield Frobisher
horizontal wells, achieving a 100 percent success rate. An additional
15 (7.7 net) horizontal oil wells and 4 (4.0 net) service wells were
drilled in other southeast Saskatchewan areas.

Early in the quarter, Shelter Bay's operations were integrated into
Crescent Point's operations.

Southwest Saskatchewan

In third quarter 2010, the Company participated in the drilling of 23
(18.4 net) Lower Shaunavon horizontal oil wells and 3 (1.1 net) Upper
Shaunavon horizontal oil wells, achieving a 100 percent success rate.
Shelter Bay completed the drilling of one Lower Shaunavon horizontal well
before completing its arrangement with Crescent Point on July 2, 2010.
This well is not included in the totals above.
Crescent Point continued its active investment in facilities in the Lower
Shaunavon resource play to improve efficiencies and reduce operating
costs. Facilities investments included the expansion and upgrade of two
oil batteries, as well as the construction of six satellites and 110
kilometres of pipeline gathering systems. Gas conservation in the area
commenced late in the second quarter with non-operated, interruptible
capacity of up to 500 mcf/d available. With the continued successful
expansion of the play, the Company continues to measure gas production
rates and has commenced preliminary gas plant design work for potential
long-term gas and natural gas liquids conservation.
At Cantuar, the Company participated in the drilling of 6 (3.3 net) wells,
achieving a 100 percent success rate. An additional 2 (1.2 net) wells are
planned for fourth quarter.
At Battrum, the Company participated in the drilling of 5 (2.2 net) wells,
achieving a 100 percent success rate. An additional 2 (0.8 net) wells are
planned for fourth quarter.

Crescent Point also drilled 12 (8.5 net) Viking formation wells in the
Dodsland/Plato area. These wells are expected to be completed in fourth
quarter 2010.

Alberta

On September 20, 2010, the Company announced that it had acquired more
than one million net acres of exploratory land in southern Alberta that the
Company believes is prospective for multi-zone light oil opportunities,
including the unconventional Bakken and Three Forks zones. During third
quarter, the first one of 3 (3.0 net) exploration wells planned for 2010
was drilled on these lands and a second has been spud in fourth quarter.
The Company expects to drill more than 19 net development and exploration
wells on these lands by the end of 2011.

In addition, the Company is preparing to drill 1 (1.0 net) horizontal
well in the Worsley field in 2011, based on offset drilling success. Based
on this initial test, at least three offset drilling locations could be
drilled.

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.

For the remainder of 2010, Crescent Point will continue to execute its
capital development program of $925 million, focused on increased drilling
in the Alberta and Saskatchewan Bakken and Lower Shaunavon resource plays.
This capital development program is expected to provide an annual growth
rate of more than 10 percent, excluding acquisitions. Crescent Point
continues to budget 2010 average production of more than 61,000 boe/d,
weighted 90 percent towards crude oil and natural gas liquids.
Exploitation activities during fourth quarter 2010 are expected to include
the implementation of one more water flood pilot project in the Bakken
resource play, with another one slated for early 2011. Including the pilots
that have already been initiated, Crescent Point will have six water flood
pilots on line by early first quarter 2011, each testing different patterns
and completion techniques to optimize economics and recoveries. The Company
believes results from the water flood are positive and has plans to convert
another 13 producing wells to water injection wells in the first half of 2011.
Crescent Point continues to actively exploit the Lower Shaunavon resource
play, with 10 net wells budgeted for fourth quarter 2010. The Company is
monitoring and optimizing results from the area's initial water flood
pilot project, which are positive. Crescent Point has begun injecting water
into a second pilot project and has submitted applications for another two,
which are expected to commence in early 2011.

The Company's balance sheet remains strong, with projected average net
debt to 12-month cash flow of approximately 1.0 times and approximately
$750 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 all within Crescent Point's
banking syndicate. As at October 26, 2010, the Company had hedged 51 percent,
51 percent, 39 percent and 28 percent of production, net of royalty interest,
for the balance of 2010, 2011, 2012 and 2013, respectively. Average quarterly
hedge prices range from Cdn$80 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 into 2011 and
beyond.

    ON BEHALF OF THE BOARD OF DIRECTORS

    (signed)

    Scott Saxberg
    President and Chief Executive Officer
    November 4, 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 and the timing thereof; 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 and gas conservation plans and timing thereof; and
treatment under governmental regulatory regimes.
By their nature, such forward-looking statements are subject to a number
of risks, uncertainties and assumptions, which could cause actual results
or other expectations to differ materially from those anticipated,
including those material risks discussed in our annual information form
under "Risk Factors", our Management's Discussion and Analysis for the year
ended December 31, 2009 under the heading "Forward-Looking Information." The
material assumptions are disclosed in the Results of Operations section for
the year 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 Discovered Petroleum Initially
in Place; economic risk of finding and producing reserves at a reasonable
cost; uncertainties associated with partner plans and approvals; operational
matters related to non-operated properties; increased competition for, among
other things, capital, acquisitions of reserves and undeveloped lands;
competition for and availability of qualified personnel or management;
incorrect assessments of the value of acquisitions and exploration and
development programs; unexpected geological, technical, drilling,
construction and processing problems and availability of insurance;
fluctuations in foreign exchange and interest rates; stock market volatility;
failure to realize the anticipated benefits of acquisitions; general
economic, market and business conditions; uncertainties associated with
regulatory approvals; uncertainty of government policy changes; uncertainties
associated with credit facilities and counterparty credit risk; changes in
income tax laws or changes in tax laws, crown royalty rates and incentive
programs relating to the oil and gas industry.

Additional information on these and other factors that could affect
Crescent Point's operations or financial results are included in Crescent
Point's reports on file with Canadian securities regulatory authorities.
Readers are cautioned not to place undue reliance on this forward-looking
information, which is given as of the date it is expressed herein or
otherwise and Crescent Point undertakes no obligation to update publicly
or revise any forward-looking information, whether as a result of new
information, future events or otherwise, unless required to do so pursuant
to applicable law.

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

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

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

YOUR VIEW POINT
NAME : (REQUIRED)
MAIL : (REQUIRED)
will not be displayed
WEBSITE : (OPTIONAL)
YOUR
COMMENT :