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Crescent Point Energy Corp. Announces Second Quarter 2011 Results, $200 Million Increase in 2011 Capital Expenditures Budget and Upwardly Revised Exit Guidance

August 11, 2011

CALGARY, August 11, 2011 /PRNewswire/ –

Crescent Point Energy Corp. (“Crescent Point” or the “Company”) (TSX:
CPG) is pleased to announce its operating and financial results for the
second quarter ended June 30, 2011. The unaudited financial statements and
notes, as well as management’s discussion and analysis, are available on the
System for Electronic Document Analysis and Retrieval (“SEDAR”) at
http://www.sedar.com and on Crescent Point’s website at

http://www.crescentpointenergy.com.

FINANCIAL AND OPERATING HIGHLIGHTS

                                Three months ended           Six months ended
        (Cdn$000s except              June 30                     June 30
        shares, per
        share and per
        boe amounts)           2011     2010 % Change       2011    2010 % Change
        Financial
        Funds flow from
        operations (1)      311,492  185,135       68    608,020 389,217      56
        Per share (1)
        (2)                    1.14     0.84       36       2.23    1.80      24
        Net income
        (loss) (3)          184,924   71,626      158     82,707 109,630     (25)
        Per share (2)
        (3)                    0.68     0.33      106       0.30    0.51     (41)
        Dividends paid
        or declared         188,881  150,155       26    376,472 297,079      27
        Per share (2)          0.69     0.69        -       1.38    1.38       -
        Payout ratio (%)
        (1)                      61       81      (20)        62      76     (14)
        Per share (%)
        (1) (2)                  61       82      (21)        62      77     (15)
        Net debt (1) (4)  1,139,088  691,505       65  1,139,088 691,505      65
        Capital
        acquisitions
        (net) (5)            35,790   (3,952)   1,006     35,250 550,113     (94)
        Development
        capital
        expenditures        108,899  189,446      (43)   430,261 363,545      18
        Weighted average
        shares
        outstanding (mm)
        Basic                 271.0    215.2       26      269.7   212.6      27
        Diluted               273.7    219.3       25      272.3   216.4      26
        Operating
        Average daily
        production
        Crude oil and
        NGLs (bbls/d)        59,390   48,928       21     63,701  49,537      29
        Natural gas
        (mcf/d)              40,329   35,919       12     42,694  35,689      20
        Total (boe/d)        66,112   54,915       20     70,817  55,485      28
        Average selling
        prices(6)
        Crude oil and
        NGLs ($/bbl)          94.87    71.14       33      87.78   73.57      19
        Natural gas
        ($/mcf)                4.11     4.13        -       4.09    4.53     (10)
        Total ($/boe)         87.73    66.08       33      81.42   68.60      19
        Netback ($/boe)
        Oil and gas
        sales                 87.73    66.08       33      81.42   68.60      19
        Royalties            (15.02)  (12.93)      16     (13.50) (13.46)      -
        Operating
        expenses             (10.26)  (10.81)      (5)    (11.44) (10.66)      7
        Transportation        (1.83)   (1.67)      10      (1.92)  (1.73)     11
        Netback prior to
        realized
        derivatives           60.62    40.67       49      54.56   42.75      28
        Realized gain
        (loss) on
        derivatives           (4.69)    0.69     (780)     (3.56)   0.31  (1,248)
        Netback (1)           55.93    41.36       35      51.00   43.06      18

(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 six month periods ended June 30, 2011,
includes unrealized derivative gains of $157.5 million and unrealized
derivative losses of $37.4 million, respectively. Net income for the three
and six month periods ended June 30, 2010, includes unrealized derivative
gains of $76.8 million and $89.1 million, respectively.

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

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

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

HIGHLIGHTS

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

        - Crescent Point generated record funds flow from operations
          in second quarter 2011. Funds flow from operations increased by 68
          percent to $311.5 million ($1.14 per share - diluted), compared to
          $185.1 million ($0.84 per share - diluted) in second quarter 2010.
        - Production during the first half of 2011 exceeded the Company's
          expectations and Crescent Point remains on track to achieve annual
          guidance of 72,500 boe/d. During second quarter 2011, the Company
          produced an average of 66,112 boe/d, 90 percent weighted to light and
          medium crude oil. This represents a 20 percent production increase over
          second quarter 2010. Crescent Point budgeted for a more prolonged spring
          break-up period than usual in 2011, as extremely wet weather conditions
          were expected. Flooding during second quarter was severe and caused the
          shut-in of more than 8,000 boe/d for much of the quarter. The majority
          of the shut-in production is now back on stream.
        - The Company's current production is more than 70,500 boe/d and
          July drilling activity is expected to bring another 2,000 to 3,000 boe/d
          of production on stream in August. Approximately 2,500 boe/d of
          production remains shut-in from flooding, of which 1,500 boe/d is not
          expected to be back on stream until 2012. The Company currently has 18
          drilling rigs in operation, including non-operated rigs in the emerging
          Beaverhill Lake light oil resource play.
        - The Company is pleased to announce an increase in its 2011
          capital expenditures budget, from $800 million to $1.0 billion. Of this
          $200 million increase, $120 million is expected to be spent on land and
          facilities and $80 million is expected to be spent on drilling and
          completions. Crescent Point is also upwardly revising its expected
          year-end 2011 exit production rate to 76,500 boe/d from 75,000 boe/d.
        - During second quarter, Crescent Point spent $45.9 million on
          drilling and completions, drilling 25 (9.7 net) wells with a 100 percent
          success rate. Crescent Point also spent $63.0 million on land and
          facilities, for total capital expenditures of $108.9 million. The
          majority of the land purchases were in the Company's emerging Beaverhill
          Lake light oil resource play and in its core resource plays in southern
          Saskatchewan.
        - Crescent Point maintained consistent monthly dividends of $0.23
          per share, totaling $0.69 per share for second quarter 2011. This is
          unchanged from $0.69 per share paid in second quarter 2010. On an
          annualized basis, the second quarter dividend equates to a yield of 6.3
          percent based on a volume weighted average quarterly share price of
          $44.08.
        - On April 14, 2011, Crescent Point closed a private placement of
          long-term debt in the form of senior guaranteed notes to a group of
          institutional investors. In total, US$165 million and Cdn$50 million was
          raised through four separate series of notes under various terms and
          rates. Proceeds from the offering were used to repay a portion of the
          Company's outstanding bank debt.
        - The Company's balance sheet remains strong, with approximately
          $965 million unutilized on its bank lines as at June 30, 2011.
        - Crescent Point continues to implement its disciplined hedging
          strategy to provide increased certainty over cash flow and dividends. As
          of August 2, 2011, the Company had hedged 55 percent, 49 percent, 37
          percent and 19 percent of production, net of royalty interest, for the
          balance of 2011, 2012, 2013 and 2014, respectively. Average quarterly
          hedge prices range from Cdn$83 per boe to Cdn$101 per boe.
        - Subsequent to the quarter, on July 14, 2011, Crescent Point
          announced its land position in Alberta's emerging Beaverhill Lake light
          oil resource play. The Company has accumulated more than 380 (165 net)
          sections of land highly prospective for the Beaverhill Lake zone in the
          Swan Hills area, as well as approximately 19 percent of the issued and
          outstanding common shares of a leading Beaverhill Lake producer, Arcan
          Resources Ltd. ("Arcan").
        - On August 1, 2011, Crescent Point took possession of new office
          space in Denver, Colorado. The new office will enable the Company to
          continue to pursue its business strategy of acquiring, exploiting and
          developing high-quality, long-life light and medium oil and natural gas
          properties in the United States.

OPERATIONS REVIEW

Second Quarter Operations Summary

During second quarter 2011, Crescent Point continued to 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.

Production during the first half of 2011 exceeded the Company’s
expectations and Crescent Point remains on track to achieve annual guidance
of 72,500 boe/d. Crescent Point achieved average production of 66,112 boe/d
in second quarter, as well as record cash flow of $311.5 million. The
Company had budgeted for an extended spring break-up, with lower production
levels in second quarter 2011 than in first quarter 2011. However, flooding
during second quarter was severe, causing a state of emergency in several
rural municipalities where Crescent Point has significant operations. The
flooding caused disruption to producing wells beyond normal break-up
conditions. More than 8,000 boe/d was shut-in for much of the quarter due to
the flooding, road bans and inaccessible leases. The majority of that
production is now back on stream. Approximately 2,500 boe/d of production
remains shut-in from flooding, of which 1,500 boe/d is not expected to be
back on stream until 2012.

During second quarter, the Company drilled 25 (9.7 net) horizontal oil
wells, achieving a 100 percent success rate. Of these wells, 7 (6.8 net)
were operated by the Company. Crescent Point also spent $63.0 million on
land and facilities, for total capital expenditures of $108.9 million during
the quarter.

Drilling Results

The following tables summarize our drilling results for the three and
six months ended June 30, 2011:

        Three months ended June
        30, 2011               Gas Oil D&A Service Standing Total  Net  % Success
        Southeast Saskatchewan
        and Manitoba             -   6   -     -       -       6    2.2     100
        Southwest Saskatchewan   -  12   -     -       -      12    5.5     100
        South/Central Alberta    -   2   -     -       -       2    0.6     100
        Northeast BC and Peace
        River Arch, Alberta      -   1   -     -       -       1    0.8     100
        United States            -   4   -     -       -       4    0.6     100
        Total                    -  25   -     -       -      25    9.7     100
        Six months ended June
        30, 2011               Gas Oil D&A Service Standing Total  Net  % Success
        Southeast Saskatchewan
        and Manitoba             - 104   -     -       -     104   84.1     100
        Southwest Saskatchewan   -  48   -     -       -      48   30.9     100
        South/Central Alberta    -   8   -     -       -       8    3.6     100
        Northeast BC and Peace
        River Arch, Alberta      -   2   -     -       -       2    1.3     100
        United States            -   9   -     -       -       9    1.3     100
        Total                    - 171   -     -       -     171  121.2     100

Southeast Saskatchewan and Manitoba

With higher than normal precipitation levels in southeast Saskatchewan
during most of 2010 and into 2011, Crescent Point planned for a more severe
spring break-up period than in previous years. The Company budgeted for a
three-month break-up, as opposed to the traditional six weeks. Flooding
created difficult conditions for operators in the area throughout much of
the second quarter. Drilling, service and trucking activities were reduced
due to the wet conditions, resulting in lower operating and transportation
costs than in first quarter 2011.

After the extended spring break-up, drilling operations resumed in late
June. During second quarter 2011, Crescent Point participated in the
drilling of 6 (2.2 net) oil wells in southeast Saskatchewan, achieving a 100
percent success rate. Of the wells drilled, 5 (1.9 net) were horizontal
wells in the Bakken light oil resource play.

Production performance from water injection patterns in the Viewfield
Bakken resource play continues to exceed expectations and has demonstrated
the applicability of water flood to the play. To date, 17 wells have been
converted to injection wells in the Bakken play and water is currently being
injected into 14 of them. Of these 14, 11 have been injecting water for more
than 9 months into five different areas of the play and each one has
demonstrated water flood response in offsetting producer wells. Based on
promising results from nearly three years of production in the Company’s
first Bakken water flood pilot, Crescent Point believes that water flood
implementation could increase ultimate recovery factors to greater than 30
percent from an expected 19 percent on primary recovery.

During second quarter, Crescent Point continued construction to expand
compression and processing at the Viewfield gas plant. The expansion,
expected to raise inlet capacity to 30 mmcf/d from 21 mmcf/d, is on track to
be completed by fourth quarter 2011. Construction of an additional 100,000
barrels of field storage capacity to increase operational flexibility was
completed during the quarter and storage is anticipated to be operational in
early fourth quarter 2011.

Crescent Point also participated in the drilling of 1 (0.3 net)
conventional horizontal oil well in southeast Saskatchewan.

Southwest Saskatchewan

With conditions in southwest Saskatchewan drier than in southeast
Saskatchewan during second quarter, the Company was able to resume drilling
operations earlier. During the quarter, the Company participated in the
drilling of 12 (5.5 net) horizontal oil wells, of which 9 (5.3 net) were
Lower Shaunavon wells and 3 (0.2 net) were Upper Shaunavon wells, achieving
a 100 percent success rate.

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

The Company is currently injecting water into three horizontal injection
wells in three pressure maintenance programs in the Lower Shaunavon and
plans to initiate a fourth program in the second half of 2011. Crescent
Point is encouraged by results to date.

Alberta

Subsequent to the quarter, on July 14, 2011, Crescent Point announced
its land position in Alberta’s emerging Beaverhill Lake light oil resource
play. The Company has accumulated more than 380 (165 net) sections of land
highly prospective for the Beaverhill Lake zone in the Swan Hills area, as
well as approximately 19 percent of the issued and outstanding common shares
of Arcan, a leading Beaverhill Lake producer.

During the quarter, 3 (1.4 net) oil wells were drilled, including 2 (0.6
net) wells in the Beaverhill Lake light oil resource play. To date and
including drilling thus far in third quarter 2011, the Company has
participated in a total of 12 (4.5 net) successful wells in the play, and
currently has five non-operated drilling rigs running.

North Dakota, United States

During second quarter 2011, Crescent Point participated in the drilling
of 4 (0.6 net) successful non-operated Bakken wells in North Dakota. The
Company also spud its first operated well in July, with results anticipated
in early fourth quarter 2011.

On August 1, 2011, Crescent Point took possession of new office space in
Denver, Colorado. The new office will enable the Company to continue to
pursue its business strategy of acquiring, exploiting and developing
high-quality, long-life light and medium oil and natural gas properties in
the United States.

INCREASED 2011 CAPITAL EXPENDITURES BUDGET AND UPWARDLY REVISED EXIT
GUIDANCE

With the Company’s strong hedge position, balance sheet and extensive
drilling inventory, Crescent Point is increasing its 2011 capital
expenditure plans and upwardly revising its expected year-end 2011 exit rate
to 76,500 boe/d. Capital expenditures are expected to increase by $200
million to $1.0 billion, which is expected to position the Company well for
growth in 2012. The Company expects to spend nearly $80 million of the
increase on drilling, focusing on Crescent Point’s emerging Beaverhill Lake
light oil resource play in Alberta, Flat Lake Bakken in southeast
Saskatchewan and conventional southeast Saskatchewan fields. In total, the
Company expects to drill 312 net wells by year end. The remainder of the
increased capital will be split between facilities and land investments in
the Company’s core resource plays, including the emerging Beaverhill Lake
light oil resource play.

Approximately $134 million of the increased capital is expected to be
allocated to the development of the emerging Beaverhill Lake light oil
resource play. Approximately $22 million of this increase has already been
spent in 2011, including some expenditures on land. In total, approximately
15 percent of the Company’s revised 2011 capital expenditures budget is
expected to be allocated to the Beaverhill Lake play. Crescent Point expects
to drill 19 net wells in the play in 2011, an increase of 15 net wells from
the Company’s previous budget. With the majority of the incremental drilling
in this area planned for the second half of 2011, and with longer lead times
to bring on new production, Beaverhill Lake drilling is not expected to
contribute significantly to 2011 average production growth, but should
positively impact 2011 exit rates and 2012 average production expectations.

Due to the unusually wet conditions in southeast Saskatchewan, Crescent
Point is shifting capital spending from Viewfield to the Shaunavon area in
southwest Saskatchewan. Shaunavon drilling plans are expected to increase to
86 net wells from 44 net wells. In total, the Company now expects to spend
approximately $244 million in the area, which is a $117 million increase
from previous plans. Approximately 24 percent of the Company’s revised 2011
capital expenditures budget is expected to be allocated to the Shaunavon
area.

The accelerated drilling plans for Shaunavon will lead to increased
infrastructure spending in the area. Crescent Point plans to spend
approximately $45 million on facilities in the Shaunavon area during 2011,
which is an $18 million increase from previous plans. The increased
facilities capital accelerates infrastructure projects in the Shaunavon area
that were originally planned for 2012.

To date in 2011, Crescent Point has drilled 78 net wells in the
Viewfield Bakken play, out of 200 net wells originally budgeted. The Company
now expects to drill 44 net wells from July to December 2011, compared to
122 net wells originally planned for the second half of the year. Drilling
in Flat Lake and conventional southeast Saskatchewan areas is expected to
increase by 30 net wells, as the Company focuses on the driest areas of
southeast Saskatchewan.

In the revised budget, the Company has included the allocation of
approximately $23 million for increased capital costs associated with
drilling in wet conditions. Crescent Point also plans to spend approximately
$23 million of the increased capital on facilities in the Viewfield area to
ensure that infrastructure is in place to further mitigate future wet
weather impacts.

Crescent Point will continue to monitor ground conditions in southeast
Saskatchewan. If conditions improve beyond current expectations, the Company
expects to adjust its plans accordingly and increase drilling in the
Viewfield Bakken play.

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.

The Company exceeded its production targets for the first half of the
year while maintaining a strong balance sheet, improving its hedge position
and expanding its light oil resource inventory.

For the remainder of 2011, Crescent Point will focus incremental capital
on developing its two new emerging light oil resource plays – Beaverhill
Lake in Alberta and Flat Lake Bakken in southeast Saskatchewan. In addition,
due to unusual flood conditions in Viewfield Bakken in southeast
Saskatchewan, the Company is shifting capital from Viewfield to accelerate
the development of the Shaunavon medium oil resource play in southwest
Saskatchewan.

Currently, Crescent Point has 18 drilling rigs in operation and
production of more than 70,500 boe/d, with another 2,000 to 3,000 boe/d of
production expected to be brought on stream in August. The Company remains
on track to achieve annual guidance of 72,500 boe/d.

With an upwardly revised capital expenditures budget and increased
drilling activities in the second half of the year, year-end 2011 exit
production is expected to increase to 76,500 boe/d from 75,000 boe/d,
excluding expected shut-in volumes of approximately 1,500 boe/d. This
represents an annual organic growth rate of approximately 9 percent and is
expected to position the Company well for growth in 2012. Crescent Point
forecasts annual funds flow from operations of $1.18 billion ($4.26 per
share – diluted), based on US$95.00/bbl WTI, Cdn$3.85/mcf AECO and a
US$/Cdn$1.02 exchange rate.

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

The Company’s balance sheet remains strong, with approximately $965
million unutilized on its bank lines as at June 30, 2011.

Crescent Point continues to implement its balanced 31/2-year price risk
management program, using a combination of swaps, collars and purchased put
options with investment-grade counterparties. As of August 2, 2011, the
Company had hedged 55 percent, 49 percent, 37 percent and 19 percent of
production, net of royalty interest, for the balance of 2011, 2012, 2013 and
2014, respectively. Average quarterly hedge prices range from Cdn$83 per boe
to Cdn$101 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.

2011 Guidance

Crescent Point’s upwardly revised 2011 guidance is as follows:

        Production                                 Prior   Revised

          Oil and NGL (bbls/d)                    65,375    65,375
          Natural gas (mcf/d)                     42,750    42,750
        Total (boe/d)                             72,500    72,500
        Exit (boe/d)                              75,000    76,500
        Funds flow from operations ($000)      1,190,000 1,180,000
        Funds flow per share - diluted ($)          4.30      4.26
        Cash dividends per share ($)                2.76      2.76
        Capital expenditures ($000) (1)          800,000 1,000,000
        Wells drilled, net                           311       312
        Pricing
          Crude oil - WTI (US$/bbl)                96.00     95.00
          Crude oil - WTI (Cdn$/bbl)               95.05     93.14
          Natural gas - Corporate (Cdn$/mcf)        3.60      3.85
          Exchange rate (US$/Cdn$)                  1.01      1.02

(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
August 11, 2011

Non-GAAP Financial Measures

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

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

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

                            Three months ended     Six months ended
                                  June 30              June 30
        (Cdn$000s)           2011      2010 % Change      2011     2010 % Change
        Cash flow from
        operating
        activities        323,532   207,070       56   627,073  376,407      67
        Changes in
        non-cash working
        capital           (13,818)  (24,394)     (43)  (22,569)   4,595    (591)
        Transaction
        costs               1,360     2,036      (33)    1,767    7,111     (75)
        Decommissioning
        expenditures          418       423       (1)    1,749    1,104      58
        Funds flow from
        operations        311,492   185,135       68   608,020  389,217      56

Net debt is calculated as current liabilities plus long-term debt less
current assets, long-term investments and investment in associate, 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:

        (Cdn$000s)                          June 30, 2011 June 30, 2010 % Change

        Long-term debt                          1,128,183       852,835       32
        Current liabilities                       372,342       253,909       47
        Current assets                           (204,096)     (180,070)      13
        Long-term investments                    (101,914)      (20,242)     403
        Investment in associate                         -      (206,987)    (100)
        Excludes:
                  Derivative asset                  7,247        19,008      (62)
                  Derivative liability            (77,133)      (16,255)     375
                  Unrealized foreign exchange
                  on translation of US dollar
                  senior guaranteed notes          14,459       (10,693)    (235)
        Net debt                                1,139,088       691,505       65

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

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

Forward-Looking Statements

Certain statements contained in this press release constitute
forward-looking statements. All forward-looking statements are based on
Crescent Point’s beliefs and assumptions based on information available at
the time the assumption was made. The use of any of the words “could”,
“should”, “can”, “anticipate”, “expect”, “believe”, “will”, “may”,
“projected”, “sustain”, “continues”, “strategy”, “potential”, “projects”,
“grow”, “take advantage”, “estimate”, “well-positioned” and similar
expressions are intended to identify forward-looking statements. By their
nature, such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or events to
differ materially from those anticipated in such forward-looking statements.
Crescent Point believes that the expectations reflected in those
forward-looking statements are reasonable but no assurance can be given that
these expectations will prove to be correct and such forward-looking
statements included in this report should not be unduly relied upon. These
statements speak only as of the date of this 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
quantity of drilling locations in inventory; projections of commodity prices
and costs; supply and demand for oil and natural gas; expectations regarding
the ability to raise capital and to continually add to reserves through
acquisitions and development; expected debt levels and credit facilities;
expected pipeline capacity additions; facility construction plans; and
treatment under governmental regulatory regimes.

By their nature, such forward-looking statements are subject to a number
of risks, uncertainties and assumptions, which could cause actual results or
other expectations to differ materially from those anticipated, including
those material risks discussed in our annual information form under “Risk
Factors” and our Management’s Discussion and Analysis for the year ended
December 31, 2010 under the headings “Risk Factors” and “Forward-Looking
Information.” The material assumptions are disclosed in the Management’s
Discussion and Analysis for the year ended December 31, 2010 under the
headings “Dividends”, “Capital Expenditures”,”Asset Retirement Obligation”,
“Liquidity and Capital Resources”, “Critical Accounting Estimates”, “New
Accounting Pronouncements” and “Outlook”, and in Management’s Discussion and
Analysis for the period ended June 30, 2011 under the headings “Dividends”,
“Capital Expenditures”, “Decommissioning Liability”, “Liquidity and Capital
Resources”, “Critical Accounting Estimates” and “Outlook”. The actual
results could differ materially from those anticipated in these
forward-looking statements as a result of the material risks set forth under
the noted headings, which include, but are not limited to: financial risk of
marketing reserves at an acceptable price given market conditions;
volatility in market prices for oil and natural gas; delays in business
operations, pipeline restrictions, blowouts; the risk of carrying out
operations with minimal environmental impact; industry conditions including
changes in laws and regulations including the adoption of new environmental
laws and regulations and changes in how they are interpreted and enforced;
uncertainties associated with estimating oil and natural gas reserves and
Discovered Petroleum Initially in Place; economic risk of finding and
producing reserves at a reasonable cost; uncertainties associated with
partner plans and approvals; operational matters related to non-operated
properties; increased competition for, among other things, capital,
acquisitions of reserves and undeveloped lands; competition for and
availability of qualified personnel or management; incorrect assessments of
the value of acquisitions and exploration and development programs;
unexpected geological, technical, drilling, construction and processing
problems; availability of insurance; fluctuations in foreign exchange and
interest rates; stock market volatility; failure to realize the anticipated
benefits of acquisitions; general economic, market and business conditions;
uncertainties associated with regulatory approvals; uncertainty of
government policy changes; uncertainties associated with credit facilities
and counterparty credit risk; and changes in income tax laws, tax laws,
crown royalty rates and incentive programs relating to the oil and gas
industry.

A barrel of oil equivalent (“boe”) is based on a conversion rate of six
thousand cubic feet of natural gas to one barrel of oil.

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

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

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

        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

SOURCE Crescent Point Energy Corp.


Source: newswire



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