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Crescent Point Energy Announces Strategic U.S. Acquisitions, Increase in 2011 Exit Guidance and a $375 Million Bought Deal Financing

August 31, 2011

CALGARY, Alberta, August 31, 2011 /PRNewswire/ –

             NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION
                                IN THE UNITED STATES

Crescent Point Energy Corp. (“Crescent Point” or the “Company”) is
pleased to announce that it has acquired approximately 750 boe/d of
production and more than 78 net sections of lower-risk land in North Dakota,
U.S., through two strategic acquisitions (the “Acquisitions”).

As a result of the Acquisitions, Crescent Point is upwardly revising its
2011 capital expenditure plans and production guidance. Capital expenditures
are expected to increase by $50 million to $1.05 billion, with 100 percent
of the increase allocated to development capital on the acquired assets. In
conjunction with the Acquisitions, the Company has entered into a two-year
agreement with a leading U.S. fracture stimulation company with operations
in North Dakota to secure access to equipment and services for the Company’s
expanded development plans in 2012. Crescent Point is also upwardly revising
its 2011 exit production rate to more than 77,500 boe/d from 76,500 boe/d.

The Company also announces that it has entered into an agreement, on a
bought deal basis, with a syndicate of underwriters co-led by BMO Capital
Markets and CIBC, and including Scotia Capital Inc., RBC Capital Markets,
FirstEnergy Capital Corp., TD Securities Inc., National Bank Financial Inc.,
GMP Securities L.P., Macquarie Capital Markets Canada Ltd. and Peters & Co.
Limited for an offering of 8,625,000 Crescent Point shares at $43.50 per
share to raise gross proceeds of approximately $375 million. Closing is
expected to occur on or about September 21, 2011, and is subject to
customary regulatory approvals. Crescent Point has also granted the
underwriters an over-allotment option to purchase, on the same terms, up to
an additional 1,293,750 Crescent Point shares. This option is exercisable,
in whole or in part, by the underwriters at any time up to 30 days after
closing. The maximum gross proceeds raised under this offering will be
approximately $431 million, should this option be exercised in full.

NORTH DAKOTA ACQUISITIONS AND INCREASED 2011 EXIT GUIDANCE

In third quarter 2011, Crescent Point closed two agreements to acquire
approximately 750 boe/d of Bakken light oil production and more than 78 net
sections of land in North Dakota. Crescent Point believes the land to be
prospective for the lower-risk Bakken and Three Forks zones. The majority of
the lands are in a highly prospective area of the Bakken and are adjacent to
existing Crescent Point properties, further consolidating the Company’s land
position in North Dakota. Combined consideration for the Acquisitions was
approximately CDN$164 million of cash.

Key attributes of the Acquisitions:

        - Bakken light oil production of approximately 750 boe/d;
        - More than 78 net sections of land, of which the majority are
          operated;
        - Average land acquisition cost of approximately $2,500 per acre,
          net of value for production; and
        - More than 140 net internally identified low-risk drilling
          locations in the Bakken and Three Forks zones.

The Acquisitions are expected to be accretive to Crescent Point on a
debt-adjusted per share basis to cash flow, reserves and production and to
the Company’s long-term drilling inventory.

Pro forma the Acquisitions, Crescent Point now has more than 165 net
sections of lower-risk land within the main productive areas of the North
Dakota Bakken. The Company has internally identified approximately 260 net
low-risk drilling locations on these lands. Currently, Crescent Point’s
production in the U.S. is approximately 1,000 boe/d.

To date in 2011, the Company has participated in the drilling of 16 (2.2
net) non-operated North Dakota Bakken/Three Forks horizontal oil wells and
has drilled its first operated North Dakota Bakken horizontal oil well,
which the Company expects to complete in September. In addition, the Company
has entered into a two-year agreement with a leading U.S. fracture
stimulation company with operations in North Dakota to secure access to
equipment and services for the Company’s expanded development plans in 2012.
The agreement is effective in 2012 and will provide the Company with full
access to fracture stimulation equipment to complete wells and put
production on in a timely manner.

In total, the Company now expects to drill 10 net wells in North Dakota
in 2011, up from previous plans of 3 net wells. As a result of the
Acquisitions, the Company is upwardly revising its expected year-end 2011
exit production rate to more than 77,500 boe/d.

As previously announced, on August 1, 2011, Crescent Point took
possession of new office space in Denver, Colorado, which 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.

BOUGHT DEAL FINANCING

Crescent Point has entered into an agreement, on a bought deal basis,
with a syndicate of underwriters co-led by BMO Capital Markets and CIBC, and
including Scotia Capital Inc., RBC Capital Markets, FirstEnergy Capital
Corp., TD Securities Inc., National Bank Financial Inc., GMP Securities
L.P., Macquarie Capital Markets Canada Ltd. and Peters & Co. Limited for an
offering of 8,625,000 Crescent Point shares at $43.50 per share to raise
gross proceeds of approximately $375 million. Closing is expected to occur
on or about September 21, 2011, and is subject to customary regulatory
approvals. Crescent Point has also granted the underwriters an
over-allotment option to purchase, on the same terms, up to an additional
1,293,750 Crescent Point shares. This option is exercisable, in whole or in
part, by the underwriters at any time up to 30 days after closing. The
maximum gross proceeds raised under this offering will be approximately $431
million, should this option be exercised in full.

The offering will be a bought underwritten public issue in all provinces
of Canada by way of a short form prospectus. The offering will be offered
for sale to Qualified Institutional Buyers in the United States, pursuant to
the registration exemptions provided by Rule 144A of the Securities Act of
1933 and internationally, as permitted.

The net proceeds of the offering will be used to fund the increased
capital expenditures, to fund the Acquisitions and to reduce corporate debt.

Consistent with the Company’s strategy of maintaining significant
financial flexibility to execute its business strategy, Crescent Point’s
balance sheet remains strong, with projected net debt to cash flow of less
than 1.0 times and substantial unutilized credit capacity. With a strong
balance sheet, robust hedging position and secured access to services,
Crescent Point is well positioned to continue generating strong operating
and financial results in both Canada and the U.S. in 2012 and beyond.

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; the quantity of
drilling locations in inventory; expectations regarding the ability to raise
capital and to continually add to reserves through acquisitions and
development; expected debt levels and credit facilities; and availability of
fracture stimulation services and equipment availability.

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 Energy Corp. 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 ENERGY CORP.
        Scott Saxberg,
        President and Chief Executive Officer

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 MORE INFORMATION ON CRESCENT POINT ENERGY, 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 (U.S. & Canada): +1-888-693-0020
        Website:  http://www.crescentpointenergy.com

SOURCE Crescent Point Energy Corp.


Source: PR Newswire