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Crescent Point Energy Corp. Announces Third Quarter 2012 Results

CALGARY, Alberta, November 8, 2012 /PRNewswire/ --

Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) is pleased to announce its operating and financial results for the quarter ended September 30, 2012. The Company also announces that its unaudited financial statements and management's discussion and analysis for the quarter ended September 30, 2012, will be available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at http://www.sedar.com and on Crescent Point's website at http://www.crescentpointenergy.com.

FINANCIAL AND OPERATING HIGHLIGHTS

                                                                         Three months ended
                                                                               September 30
    (Cdn$000s except shares, per share and per boe amounts)          2012     2011 % Change
    Financial
    Funds flow from operations (1)                               384,237   303,315       27
                                           Per share (1) (2)        1.13      1.09        4
    Net income (3)                                                 2,352   204,624     (99)
                                           Per share (2) (3)        0.01      0.74     (99)
    Dividends paid or declared                                   240,010   195,021       23
                                           Per share (2)            0.69      0.69        -
    Payout ratio (%) (1) (4)                                          62        64      (2)
                                           Per share (%) (1)
                                           (2) (4)                    61        63      (2)
    Net debt (1) (5)                                           1,453,647 1,072,615       36
    Capital acquisitions (net) (6)                                14,976   163,298     (91)
    Development capital expenditures                             313,910   349,660     (10)
    Weighted average shares 
    outstanding (mm)
                                           Basic                   338.1     275.3       23
                                           Diluted                 340.5     277.9       23
    Operating
    Average daily production
                                           Crude oil and NGLs
                                           (bbls/d)               89,648    65,253       37
                                           Natural gas (mcf/d)    59,896    42,029       43
                                           Total (boe/d)          99,631    72,258       38
    Average selling prices(7)
                                           Crude oil and NGLs
                                           ($/bbl)                 78.20     83.65      (7)
                                           Natural gas ($/mcf)      2.40      3.87     (38)
                        Total ($/boe)                              71.81     77.79      (8)
    Netback ($/boe)
                                           Oil and gas sales       71.81     77.79      (8)
                                           Royalties             (12.47)   (14.27)     (13)
                                           Operating expenses    (12.64)   (10.64)       19
                                           Transportation         (1.61)    (1.78)     (10)
                                           Netback prior to
                                           realized
                                           derivatives             45.09     51.10     (12)
                                           Realized gain
                                           (loss) on
                                           derivatives              0.31    (1.40)      122
                        Netback (1)                                45.40     49.70      (9)
<end_table

                                                             Nine months ended September 30
    (Cdn$000s except shares, per share 
    and per boe amounts)                                         2012       2011   % Change
    Financial
    Funds flow from operations (1)                          1,171,464    911,335         29
                                        Per share (1) (2)        3.65       3.32         10
    Net income (3)                                            285,894    287,331        (1)
                                        Per share (2) (3)        0.89       1.05       (15)
    Dividends paid or declared                                675,779    571,493         18
                                        Per share (2)            2.07       2.07          -
    Payout ratio (%) (1) (4)                                       58         63        (5)
                                        Per share (%) (1)
                                        (2) (4)                    57         62        (5)
    Net debt (1) (5)                                        1,453,647  1,072,615         36
    Capital acquisitions (net) (6)                          2,094,245    198,548        955
    Development capital expenditures                        1,025,509    779,921         31
    Weighted average shares 
    outstanding (mm)
                                         Basic                  318.7      271.6         17
                                         Diluted                321.1      274.2         17
    Operating
    Average daily production
                                         Crude oil and NGLs
                                         (bbls/d)              87,009     64,224         35
                                         Natural gas (mcf/d)   51,809     42,470         22
                                         Total (boe/d)         95,644     71,302         34
    Average selling prices(7)
                                         Crude oil and NGLs
                                         ($/bbl)                81.16      86.37        (6)
                                         Natural gas ($/mcf)     2.31       4.01       (42)
                        Total ($/boe)                           75.08      80.18        (6)
    Netback ($/boe)
                                         Oil and gas sales      75.08      80.18        (6)
                                         Royalties            (12.57)    (13.77)        (9)
                                         Operating expenses   (11.46)    (11.16)          3
                                         Transportation        (1.86)     (1.87)        (1)
                                         Netback prior to
                                         realized
                                         derivatives            49.19      53.38        (8)
                                         Realized gain
                                         (loss) on
                                         derivatives           (1.11)     (2.82)       (61)
                        Netback (1)                             48.08      50.56        (5)

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 and nine month periods ended September 30, 
2012, includes unrealized derivative losses of $74.1 million and unrealized 
derivative gains of $205.9 million, respectively. Net income for the three and 
nine month periods ended September 30, 2011, includes unrealized derivative 
gains of $302.6 million and $265.1 million, respectively. 

4. Payout ratio is calculated as dividends paid or declared (including 
the value of dividends paid pursuant to the Company's dividend reinvestment 
plans) divided by funds flow from operations. 

5. Net debt includes long-term debt, working capital and long-term 
investments, but excludes derivative asset, derivative liability and unrealized 
foreign exchange 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 exclude 
transaction costs. 

7. The average selling prices reported are before realized derivatives 
and transportation charges.


THIRD QUARTER 2012 HIGHLIGHTS

In third quarter 2012, 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 2012 and averaged 99,631 boe/d, weighted 90 percent to light and medium crude oil and liquids. This represents a growth rate of three percent over second quarter 2012 and 38 percent over third quarter 2011.
  • During third quarter, the Company spent $259.4 million on drilling and development activities, drilling 149 (84.7 net) wells with a 100 percent success rate. Crescent Point also spent $54.5 million on land, seismic and facilities, for total capital expenditures of $313.9 million.
  • Crescent Point generated funds flow from operations of $384.2 million ($1.13 per share - diluted) in third quarter 2012, representing a 27 percent increase over third quarter 2011 funds flow from operations of $303.3 million ($1.09 per share - diluted).
  • Crescent Point maintained consistent monthly dividends of $0.23 per share, totaling $0.69 per share for third quarter 2012. This is unchanged from $0.69 per share paid in third quarter 2011. On an annualized basis, the third quarter dividend equates to a yield of 6.5 percent, based on a volume weighted average quarterly share price of $42.54.
  • During the quarter, the Company closed a bought deal financing and the associated over-allotment option granted to the underwriters. A total of 15,433,000 Crescent Point shares were issued at a price of $41.00 per share for aggregate gross proceeds of approximately $632.8 million.
  • Subsequent to the quarter, on November 1, 2012, the Company announced the acquisition (the "Ute Acquisition") of Ute Energy Upstream Holdings LLC ("Ute"), a privately held oil and gas producer with assets in the Uinta Basin light oil resource play in northeast Utah. The assets expected to be acquired include production of approximately 7,800 boe/d and approximately 270 net sections of land in the centre of the resource play. Closing is expected to occur on or about November 30, 2012.
  • Also on November 1, 2012, Crescent Point announced a bought deal financing with a syndicate of underwriters to raise gross proceeds of approximately $750 million. The bought deal financing includes an over-allotment option for underwriters. Closing is expected to occur on or about November 21, 2012.
  • The Company's balance sheet remains strong, with projected average net debt to 12-month cash flow of approximately 1.0 times and significant unutilized credit capacity.
  • The Company continued to increase oil deliveries through its Stoughton rail terminal, providing access to diversified refining markets and more stable price differentials to WTI. Third quarter average throughput was more than 15,500 bbl/d, with an additional 1,000 bbl/d also being delivered to third-party sites. Expansion of the Stoughton rail facility, which is expected to be completed in fourth quarter 2012, will increase shipping capacity to 40,000 bbl/d. In late third quarter, the Company completed preparation of its rail-loading facility in the Dollard area of southwest Saskatchewan and delivered its first loads in October. Current capacity is approximately 4,000 bbl/d.
  • Crescent Point continued to implement its disciplined hedging strategy to provide increased certainty over cash flow and dividends. As at October 31, 2012, the Company had hedged 56 percent, 54 percent, 35 percent, 17 percent and 3 percent of its oil production, net of royalty interest, for the balance of 2012, 2013, 2014, 2015 and the first quarter of 2016, respectively. Average quarterly hedge prices range from Cdn$88 per bbl to Cdn$94 per bbl.

OPERATIONS REVIEW

Third Quarter Operations Summary

During third quarter 2012, 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 third quarter and 
averaged 99,631 boe/d, which represents a 38 percent increase over third quarter 
2011.

During third quarter, the Company spent $259.4 million on drilling and 
development activities, drilling 148 (84.3 net) oil wells, achieving a 100 
percent success rate. Crescent Point also spent $54.5 million on land, seismic 
and facilities, for total capital expenditures of $313.9 million during the 
quarter.

DrillingResults

The following tables summarize our drilling results for the three and nine 
months ended September 30, 2012:

 
     Three months ended
     September 30, 2012     Gas Oil D&A Service Standing Total  Net  % Success
         Southeast
      Saskatchewan and
          Manitoba           -  66   -     -       -      66   43.8     100
         Southwest
        Saskatchewan         -  20   -     -       -      20   14.5     100
       South/Central
      Alberta and West
         Central SK          -  32   -     -       -      32   20.6     100
      Northeast BC and
     Peace River Arch,
          Alberta            -   -   -     -       -       -     -       -
     United States (1)       -  30   -     1       -      31    5.8     100
           Total             -  148  -     1       -      149  84.7     100

     Nine months ended
     September 30, 2012     Gas Oil D&A Service Standing Total  Net  % Success
         Southeast
      Saskatchewan and
          Manitoba           -  182  -     -       1      183  131.6    100
         Southwest
        Saskatchewan         -  57   -     -       -      57   43.7     100
       South/Central
      Alberta and West
         Central SK          1  83   -     -       -      84   48.3     100
      Northeast BC and
     Peace River Arch,
          Alberta            -   7   -     -       -       7    4.7     100
     United States (1)       -  61   -     1       -      62   13.6     100
           Total             1  390  -     1       1      393  241.9    100
    (1) The net well count is subject to final working interest determination.


Southeast Saskatchewan and Manitoba

In third quarter 2012, Crescent Point participated in the drilling of 66 
(43.8 net) wells in southeast Saskatchewan and Manitoba, achieving a 100 percent 
success rate. Of the wells drilled, 44 (35.6 net) were horizontal wells in the 
Bakken light oil resource play. The Company also participated in the drilling of 
22 (8.2 net) horizontal oil wells in conventional zones.

During the quarter, the Company converted six additional Viewfield Bakken 
producing wells to water injection wells. By end of third quarter 2012, the 
Company had converted a total of 41 producing wells to water injection wells in 
the play. Production performance from water injection patterns in the Viewfield 
Bakken resource play continues to exceed Crescent Point's expectations and has 
demonstrated the field wide applicability of waterflood to the play. Discussions 
with potential unit partners and the Saskatchewan government to implement a 
unit-wide waterflood are advancing.

Across Crescent Point's asset base, the Company continues to pursue multiple 
applications of new technologies to maximize recoveries and improve 
efficiencies. In the Saskatchewan Bakken, this has included re-entering existing 
wells that were originally completed with 8-stage and 16-stage cemented liners 
and increasing them to 25-stage and 30-stage cemented liner completions. The 
Company has identified 90 wells in the play as candidates for this process. 
Crescent Point has also drilled three 2-mile horizontal wells to date in the 
Flat Lake Bakken play, achieving a 100 percent success rate. Based on this 
success, the Company plans to drill a fourth 2-mile horizontal well in fourth 
quarter 2012.

Crescent Point continues to increase deliveries of crude oil through its new 
Stoughton rail facility, allowing the Company to diversify its markets for 
Bakken crude oil, to more effectively manage pipeline disruptions and to 
increase netbacks. On average, more than 15,500 bbl/d of Bakken production was 
delivered through the facility during third quarter. Expansion of the Stoughton 
rail facility, which is expected to be completed in fourth quarter 2012, will 
increase shipping capacity to 40,000 bbl/d.

Southwest Saskatchewan

During third quarter, the Company participated in the drilling of 20 (14.5 
net) oil wells in southwest Saskatchewan, achieving a 100 percent success rate. 
Of these wells, 11 (9.8 net) were drilled in the Shaunavon area.

The Company is currently injecting water into seven horizontal injection 
wells in five pressure maintenance programs in the Lower Shaunavon zone. 
Crescent Point continues to be encouraged by results to date in all programs. 
Through acquisitions completed in 2012, Crescent Point has acquired 17 injection 
wells that are injecting water into an additional five patterns in the Upper 
Shaunavon formation. Based on success to date, the Company plans to begin 
injecting water into an additional five wells in the Upper Shaunavon by year 
end. In total, Crescent Point expects to have up to 30 water injection wells 
into the play by year-end 2012.

To date, 30 wells have been drilled at eight wells per section spacing in 
both the Lower and Upper Shaunavon zones with no signs of interference. By the 
end of third quarter, the Company had drilled two wells in the Lower Shaunavon 
at 16 wells per section, with plans to drill another two by year end.

In late third quarter, the Company completed preparation of its rail-loading 
facility in the Dollard area and delivered its first loads in October. Current 
capacity is approximately 4,000 bbl/d, with plans for further expansion in 
2013.

Crescent Point also completed construction and commissioned the second of 
three new batteries planned for 2012. Construction on the remaining battery is 
underway, with commissioning anticipated by the end of fourth quarter 2012.

South/Central Alberta and West Central 
Saskatchewan

During third quarter, 32 (20.6 net) oil wells were drilled, achieving a 100 
percent success rate. The Company's plans for its first waterflood pilot in the 
Beaverhill Lake light oil resource play are well underway. Crescent Point 
expects the pilot to be operational in early 2013.

To date, the Company has drilled 17 (17.0 net) wells with a 100 percent 
success rate in the Viking area on lands acquired in the Cutpick Energy Inc. 
acquisition, which closed on June 20, 2012. The successful drilling results from 
this initial program have expanded the pool boundary by eight sections, beyond 
the 83 net sections expected at the time of the acquisition.

Late in third quarter, Crescent Point converted a producing well to a water 
injection well on the Cutpick lands, bringing the total number of water 
injection wells to three. The waterflood program began in the area in 1998 and, 
in August 2011, a second pilot was established. With encouraging production 
performance to date, the Company plans to convert an additional three producing 
wells to water injection wells on these lands in 2013.

Crescent Point has access to a significant land base in southern Alberta and 
has been pursuing several exploration projects in the area. In fourth quarter 
2012, the Company plans to drill up to an additional seven wells to follow up on 
previously drilled unconventional exploration wells in the Alberta Bakken 
play.

United States

During third quarter, the Company participated in the drilling of 30 (5.4 
net) oil wells, of which 14 (2.2 net) targeted the Three Forks formation, 
achieving a 100 percent success rate. Crescent Point also drilled 1 (0.4 net) 
service well.

In total in 2012, the Company expects to drill up to 16 net wells targeting 
the Bakken and Three Forks zones. Crescent Point is currently working with its 
service providers to reduce capital costs that have seen upward pressure due to 
high industry activity levels in North Dakota.

ACQUISITIONS

Subsequent to the quarter, on November 1, 2012, the Company announced the 
acquisition of Ute, a privately held oil and gas producer with assets in the 
Uinta Basin light oil resource play in northeast Utah. The assets expected to be 
acquired include production of approximately 7,800 boe/d and approximately 270 
net sections of land in the centre of the resource play. Closing is expected to 
occur on or about November 30, 2012.

Also, as announced on November 1, a number of consolidation acquisitions in 
Crescent Point's core Beaverhill Lake and Shaunavon areas closed in third 
quarter 2012 or are expected to close in fourth quarter 2012. Total 
consideration paid or expected to be paid for the consolidation acquisitions is 
approximately $65 million, of which approximately $20 million closed in third 
quarter. The production expected to be acquired is approximately 450 boe/d.

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 United States and 
Canada.

Crescent Point executed a strong third quarter, achieving a new production 
record and increasing crude oil shipments through its Stoughton rail facility. 
Subsequent to the quarter, the Company announced the acquisition of a new core 
area in northeast Utah through the Ute Acquisition. The Ute Acquisition is 
consistent with the Company's strategy of acquiring large oil-in-place assets 
with high-netback production that has long-term upside and the ability to 
increase recovery factors through horizontal drilling and multi-stage fracture 
stimulation.

In the near term, the Company expects to focus on the successful integration 
of Ute's assets. Crescent Point plans to implement a development strategy of 
moderate growth for the Uinta Basin, similar to other new areas the Company has 
developed in Canada.

"We are excited to expand our presence in the United States with the 
acquisition of such a significant resource play," said Scott Saxberg, president 
and CEO of Crescent Point. "We believe the potential upside in the Uinta Basin 
will create value for our shareholders over the long term."

The Company continues to focus on executing organic growth projects across 
Crescent Point's asset base and on the application of new techniques and 
concepts across many of its resource plays.

For the remainder of 2012, the Company expects to continue to develop its 
emerging plays in Beaverhill Lake, North Dakota Bakken/Three Forks and southern 
Alberta. The Company also plans to continue to expand the waterflood programs in 
the Viewfield Bakken, Shaunavon and Viking resource plays, which continue to 
show positive results.

Crescent Point expects to release its 2013 capital expenditure plans in early 
December.

Funds flow from operations for 2012 is expected to be approximately $1.59 
billion ($4.81 per share - diluted), based on forecast pricing of US$94.25 per 
barrel WTI, Cdn$2.30 per mcf AECO gas and a US$/Cdn$1.00 exchange rate.

The Company's guidance for funds flow from operations continues to include 
wider corporate oil price differentials for the remainder of 2012. To provide a 
hedge against price differential volatility, Crescent Point plans to continue to 
increase crude oil deliveries through its new Stoughton and southwest 
Saskatchewan rail facilities, which are providing access to new markets. By year 
end, capacity at the facilities is expected to be 40,000 bbl/d and 4,000 bbl/d, 
respectively.

The Company's balance sheet remains strong, with projected average net debt 
to 12-month cash flow of approximately 1.0 times and significant unutilized 
credit capacity.

Crescent Point continues to implement its disciplined hedging strategy to 
provide increased certainty over cash flow and dividends. As at October 31, 
2012, the Company had hedged 56 percent, 54 percent, 35 percent, 17 percent and 
3 percent of its expected oil production, net of royalty interest, for the 
balance of 2012, 2013, 2014, 2015 and the first quarter of 2016, respectively. 
Average quarterly hedge prices range from Cdn$88 per bbl to Cdn$94 per bbl.

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 2012 and beyond.

2012 GUIDANCE

Crescent Point's 2012 guidance is as follows:

 
    Production
           Oil and NGL (bbls/d)                                               88,167
           Natural gas (mcf/d)                                                53,000
    Total (boe/d)                                                             97,000
    Exit (boe/d)                                                             109,000

    Funds flow from operations
    ($000)                                                                 1,590,000
    Funds flow per share - diluted
    ($)                                                                         4.81
    Cash dividends per share ($)                                                2.76
    Capital expenditures (1)
           Drilling and completions
           ($000)                                                          1,177,000
           Facilities, land and
           seismic ($000)                                                    223,000
    Total ($000)                                                           1,400,000
    Pricing
           Crude oil - WTI (US$/bbl)                                           94.25
           Crude oil - WTI (Cdn$/bbl)                                          94.25
           Corporate oil differential
           (%)                                                                    14
           Natural gas - Corporate
           (Cdn$/mcf)                                                           2.30
           Exchange rate (US$/Cdn$)                                             1.00
      (1)  The projection of capital expenditures excludes acquisitions, which are
                           separately considered and evaluated.

ON BEHALF OF THE BOARD OF DIRECTORS



Scott Saxberg
President and Chief Executive Officer
November 8, 
2012

Non-GAAP Financial Measures

Any "financial outlook" or "future oriented financial information" in the 
press release, as defined by applicable securities legislation, has been 
approved by management of Crescent Point. Such financial outlook or future 
oriented financial information is provided for the purpose of providing 
information about management's current expectations and plans relating to the 
future. Readers are cautioned that reliance on such information may not be 
appropriate for other purposes.

Throughout this press release, the Company uses the terms "funds flow from 
operations", "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 - diluted are 
calculated as funds flow from operations divided by the number of weighted 
average diluted shares outstanding, respectively. 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 September 30   Nine months ended September 30
    ($000s)                2012        2011    % Change       2012       2011   % Change
    Cash flow from
    operating
    activities          403,980     309,622          30  1,122,345    936,695         20
    Changes in
    non-cash
    working capital    (24,212)     (7,679)         215     30,238   (30,248)        200
    Transaction
    costs                 2,465         721         242      9,897      2,488        298
    Decommissioning
    expenditures          2,004         651         208      8,984      2,400        274
    Funds flow from
    operations          384,237     303,315          27  1,171,464    911,335         29

Net debt is calculated as current liabilities plus long-term debt less 
current assets and long-term investments, but excludes derivative asset, 
derivative liability 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:

 
    ($000s)                               September 30, 2012 September 30, 2011 % Change
    Long-term debt                                 1,294,682            996,881       30
    Current liabilities                              550,738            482,999       14
    Current assets                                 (317,928)          (310,701)        2
    Long-term investments                           (92,546)          (122,967)     (25)
    Excludes:
        Derivative asset                              22,150             51,139     (57)
        Derivative liability                         (9,066)            (7,230)       25
        Unrealized foreign exchange on 
        translation of US dollar senior 
        guaranteed notes
                                                       5,617           (17,506)      132
    Net debt                                       1,453,647          1,072,615       36

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 paid or declared (including the value of dividends 
issued pursuant to the Company's dividend reinvestment plan) 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 press release or, if 
applicable, as of the date specified in those documents specifically referenced 
herein.

In particular, this press release contains forward-looking statements 
pertaining to the following: the performance characteristics of Crescent Point's 
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 expected closing of the 
Ute Acquisition, the integration of Ute's assets and the expected nature of the 
production and lands to be acquired; the expected closing of certain 
consolidation acquisitions and the production associated with such acquisitions; 
the expected closing of the Company's recently announced bought deal financing; 
the expected completion of the expansion of the Stoughton rail facility and its 
impact on shipping capacity; rail loading expansion plans at Dollard; the 
quantity of drilling locations in inventory and drilling plans; 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; facility construction plans at the Viewfield gas plant; expected 
additional water injection well conversions; expected new battery construction; 
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, 2011, 
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, 2011, under the headings "Dividends", "Capital 
Expenditures", "Decommissioning Liability", "Liquidity and Capital Resources", 
"Critical Accounting Estimates", "Future Changes in Accounting Policies" and 
"Outlook," and in Management's Discussion and Analysis for the period ended 
September 30, 2012, under the headings "Dividends", "Capital Expenditures", 
"Decommissioning Liability", "Liquidity and Capital Resources" and "Outlook." 
The actual results could differ materially from those anticipated in these 
forward-looking statements as a result of the material risks set forth under the 
noted headings, which include, but are not limited to: financial risk of 
marketing reserves at an acceptable price given market conditions; volatility in 
market prices for oil and natural gas; delays in business operations, pipeline 
restrictions, blowouts; the risk of carrying out operations with minimal 
environmental impact; industry conditions including changes in laws and 
regulations including the adoption of new environmental laws and regulations and 
changes in how they are interpreted and enforced; uncertainties associated with 
estimating oil and natural gas reserves; economic risk of finding and producing 
reserves at a reasonable cost; uncertainties associated with partner plans and 
approvals; operational matters related to non-operated properties; increased 
competition for, among other things, capital, acquisitions of reserves and 
undeveloped lands; competition for and availability of qualified personnel or 
management; incorrect assessments of the value of acquisitions and exploration 
and development programs; unexpected geological, technical, drilling, 
construction and processing problems; 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.

Barrels of oil equivalent ("boes") may be misleading, particularly if used in 
isolation. A boe conversion ratio of 6 Mcf : 1 Bbl is based on an energy 
equivalency conversion method primarily applicable at the burner tip and does 
not represent a value equivalency at the wellhead.

The aggregate of the exploration and development costs incurred in the most 
recent financial year and the change during the year in estimated future 
development costs generally will not reflect total finding and development costs 
related to reserves additions for the year.

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 United States and 
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 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: http://www.crescentpointenergy.com

(CPG.)

SOURCE Crescent Point Energy Corp.

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