2014

Crescent Point Energy Corp. Announces Third Quarter 2011 Results

CALGARY, Alberta, November 10, 2011 /PRNewswire/ --

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, 2011. The unaudited financial statements and notes, as well as management's discussion and analysis, 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       Nine months ended 
                                        September 30            September 30                                   
    (Cdn$000s except shares, 
      per share and per boe  
      amounts)               2011     2010  % Change   2011   2010  % Change
    Financial
    Funds flow from 
    operations (1)         303,315   230,424     32   911,335   619,641   47
      Per share (1)(2)        1.09      0.91     20      3.32      2.70   23
    Net income (loss) (3)  204,624    (7,804) 2,722   287,331   101,826  182
      Per share (2)(3)        0.74     (0.03) 2,567      1.05      0.44  139
    Dividends paid or 
    declared               195,021   175,753     11   571,493   472,832   21
      Per share (2)           0.69      0.69      -      2.07      2.07    -
    Payout ratio (%) (1)(4)     64        76    (12)       63        76  (13)
      Per share (%)(1)(2)(4)    63        76    (13)       62        77  (15)
    Net debt (1)(5)      1,072,615 1,340,196    (20)1,072,615 1,340,196  (20)
    Capital acquisitions 
    (net) (6)              163,298 1,446,164    (89)  198,548 1,996,277  (90)
    Development capital 
    expenditures           349,660   348,513      -   779,921   712,058   10
    Weighted average shares 
    outstanding (mm)
      Basic                  275.3     250.0     10     271.6     225.2   21
      Diluted                277.9     254.0      9     274.2     229.1   20
    Operating
    Average daily production
      Crude oil and NGLs 
      (bbls/d)              65,253    58,390     12    64,224    52,519   22
      Natural gas (mcf/d)   42,029    42,947     (2)   42,470    38,134   11
      Total (boe/d)         72,258    65,548     10    71,302    58,875   21
    Average selling prices (7)
      Crude oil and NGLs 
      ($/bbl)                83.65     70.54     19     86.37     72.44   19
      Natural gas ($/mcf)     3.87      3.69      5      4.01      4.21   (5)
      Total ($/boe)          77.79     65.25     19     80.18     67.35   19
    Netback ($/boe)
      Oil and gas sales      77.79     65.25     19     80.18     67.35   19
      Royalties             (14.27)   (11.65)    22    (13.77)   (12.78)   8
      Operating expenses    (10.64)   (11.27)    (6)   (11.16)   (10.89)   2
      Transportation         (1.78)    (1.49)    19     (1.87)    (1.64)  14
      Netback prior to 
      realized derivatives   51.10     40.84     25     53.38     42.04   27
      Realized gain (loss) 
      on derivatives         (1.40)     1.25   (212)    (2.82)     0.66 (527)
    Netback (1)              49.70     42.09     18     50.56     42.70   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 nine month periods ended September 30,
        2011, includes unrealized derivative gains of $302.6 million and
        $265.1 million, respectively. Net income for the three and nine month
        periods ended September 30, 2010, includes unrealized derivative
        losses of $80.9 million and unrealized derivative gains of $8.2
        
million, respectively.
    (4) Payout ratio is calculated 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.
    (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.
<end_table>


 

HIGHLIGHTS

In third 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 grew third quarter 2011 production by 9 percent over second quarter 2011 and 10 percent over third quarter 2010. The Company produced an average of 72,258 boe/d, weighted 90 percent to light and medium crude oil. Current production exceeds 76,500 boe/d and the Company remains on track to achieve exit production guidance of 77,500 boe/d.
  • During third quarter, Crescent Point spent a record $279.5 million on drilling and completions, drilling a record 164 (116.5 net) oil wells and 2 (2.0 net) service wells with a 100 percent success rate. Crescent Point also spent $70.2 million on land and facilities, for total capital expenditures of $349.7 million.
  • Crescent Point's funds flow from operations increased by 32 percent to $303.3 million ($1.09 per share - diluted) in third quarter 2011, compared to $230.4 million ($0.91 per share - diluted) in third quarter 2010.
  • During the quarter, Crescent Point maintained consistent monthly dividends of $0.23 per share, totaling $0.69 per share for third quarter 2011. This is unchanged from $0.69 per share paid in third quarter 2010. On an annualized basis, the third quarter dividend equates to a yield of 6.6 percent, based on a volume weighted average quarterly share price of $41.55.
  • On July 14, 2011, Crescent Point announced its land position in Alberta's emerging Beaverhill Lake light oil resource play. Drilling results to date in the play have exceeded the Company's expectations, with production hitting more than 2,000 boe/d by the end of third quarter from zero at the beginning of the year. There are currently six non-operated drilling rigs running on working interest lands and operators plan to add two more rigs for the remainder of the year. 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").
  • Crescent Point grew production from the Shaunavon area to more than 9,900 boe/d by the end of third quarter, an increase of more than 2,600 boe/d. The increase was a result of the announced reallocation of a portion of planned capital spending to the Shaunavon area from the Viewfield Bakken play due to the prolonged spring break-up and unusual flooding conditions in southeast Saskatchewan, which demonstrates the depth of the Company's drilling inventory and the flexibility of its operations. Production growth in the Shaunavon area continues to be strong, with current levels at more than 11,000 boe/d.
  • On August 31, 2011, the Company announced the acquisition of approximately 750 boe/d of production and more than 78 net sections of land in North Dakota, U.S., through two strategic acquisitions. Crescent Point believes the land to be prospective for the lower-risk Bakken and Three Forks zones.
  • Also on August 31, 2011, Crescent Point announced a $50 million increase to its 2011 capital expenditures budget, to $1.05 billion from $1.0 billion, as well as an increase in its 2011 exit production rate, to 77,500 boe/d from 76,500 boe/d. The Company also announced a $375 million bought deal financing with an over-allotment option for its underwriters. Including the over-allotment option, a total of 9,025,000 Crescent Point shares were issued pursuant to the financing at a price of $43.50, for total gross proceeds of $392.6 million.
  • The Company's balance sheet remains strong, with projected average net debt to 12-month cash flow of less than 1.0 times and approximately $1.1 billion unutilized on its bank lines as at September 30, 2011.
  • Crescent Point continues to implement its disciplined hedging strategy to provide increased certainty over cash flow and dividends. As of November 8, 2011, the Company had hedged 55 percent, 56 percent, 43 percent and 23 percent of production, net of royalty interest, for the balance of 2011, 2012, 2013 and 2014, respectively. Average quarterly hedge prices range from Cdn$84 per boe to Cdn$97 per boe. The Company also initiated its first quarter 2015 hedge position, with nine percent of production hedged at approximately Cdn$93 per boe.


OPERATIONS REVIEW

Third Quarter Operations Summary

During third 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.

Crescent Point achieved average production of 72,258 boe/d in third quarter, 
weighted 90 percent to light and medium crude oil. The Company remains on track 
to achieve annual guidance of 72,500 boe/d and its upwardly revised 2011 exit 
production rate of 77,500 boe/d. Current production exceeds 76,500 boe/d.

After a prolonged spring break-up due to unusual flooding in western Canada, 
capital development activities resumed in early July. During third quarter, the 
Company spent a record $279.5 million on drilling and completions, drilling 164 
(116.5 net) oil wells and 2 (2.0 net) service wells with a 100 percent success 
rate. Crescent Point also spent $70.2 million on land and facilities, for total 
capital expenditures of $349.7 million during the quarter.

Drilling Results

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

 
    Three months
    ended
    September 30,                                                          %
    2011            Gas  Oil  D&A  Service  Standing  Total   Net    Success
    Southeast
    Saskatchewan
    and Manitoba     -   55    -      2        -       57    43.0      100
    Southwest
    Saskatchewan     -   78    -      -        -       78    58.7      100
    South/Central
    Alberta          -   22    -      -        -       22    13.3      100
    Northeast BC
    and Peace River
    Arch, Alberta    -    2    -      -        -        2     1.4      100
    United States(1) -    7    -      -        -        7     2.1      100
    Total            -  164    -      2        -      166   118.5      100
 
    Nine months
    ended
    September 30,                                                         %
    2011            Gas  Oil  D&A  Service   Standing  Total   Net   Success
    Southeast
    Saskatchewan
    and Manitoba     -   159   -      2        -       161    127.1     100
    Southwest
    Saskatchewan     -   126   -      -        -       126     89.6     100
    South/Central
    Alberta          -    30   -      -        -        30     16.9     100
    Northeast BC
    and Peace River 
    Arch, Alberta    -    4    -      -        -         4      2.7     100
    United States(1) -   16    -      -        -        16      3.4     100
    Total            -  335    -      2        -       337    239.7     100

    (1) The net well count is subject to final working interest determination.

Southeast Saskatchewan and Manitoba

In response to severe flooding in second quarter in southeast Saskatchewan, 
Crescent Point reallocated a portion of planned 2011 capital spending from the 
Viewfield Bakken play to the Shaunavon area in southwest Saskatchewan. The 
Company reduced its 2011 drilling expectations in southeast Saskatchewan by 
approximately 60 net wells, primarily in the Viewfield Bakken resource play. 
Since then, weather conditions have significantly improved, allowing for 
increased access and accelerated drilling. Production in the Viewfield Bakken 
play grew by more than 4,400 boe/d by the end of third quarter. If conditions 
remain favourable, Crescent Point may exceed its current 2011 capital 
expenditures budget for the area. These drilling activities would position the 
Company to exceed its current exit production guidance for 2011 and allow for an 
early start to the 2012 capital program.

During third quarter 2011, Crescent Point participated in the drilling of 55 
(41.0 net) oil wells and 2 (2.0 net) service wells in southeast Saskatchewan and 
southwest Manitoba, achieving a 100 percent success rate. Of the oil wells 
drilled, 37 (31.7 net) were horizontal wells in the Viewfield Bakken light oil 
resource play, 2 (2.0 net) were Flat Lake horizontal wells, 10 (5.5 net) were 
conventional horizontal wells in southeast Saskatchewan and 4 (1.0 net) were in 
Manitoba.

Production performance from water injection patterns in the Viewfield Bakken 
resource play continues to exceed the Company's expectations and has 
demonstrated the applicability of water flood to the play. To date, the Company 
has converted 18 wells to injection wells in the Bakken play. Crescent Point now 
has more than 12 months of history on 11 injection wells across five different 
areas of the play. Each one has demonstrated positive 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. Preliminary meetings with partners to unitize a portion of the centre 
of the play are underway. The Company will continue to develop the water flood 
program and anticipates having more than 50 injection wells in the Viewfield 
Bakken play by year end 2012.

Expansion of the Viewfield gas plant, to 30 mmcf/d from 21 mmcf/d, was 
completed and brought on line during third quarter. In addition, more than 90 
kilometres of pipeline were constructed.

Southwest Saskatchewan

In response to the unusual flooding experienced in southeast Saskatchewan 
during second quarter, Crescent Point reallocated a portion of planned capital 
spending from the Viewfield Bakken play to the Shaunavon area in southwest 
Saskatchewan where surface conditions were more favourable. As a result, 
production grew to more than 9,900 boe/d by the end of third quarter, an 
increase of more than 2,600 boe/d. Production growth in the Shaunavon area 
continues to be strong, with current levels at more than 11,000 boe/d.

During third quarter, the Company participated in the drilling of 78 (58.7 
net) oil wells in southwest Saskatchewan, of which 34 (32.6 net) were Lower 
Shaunavon wells and 8 (6.1 net) were Upper Shaunavon wells, achieving a 100 
percent success rate. To the end of third quarter, the Company has drilled 89 
(69.4 net) wells in the Shaunavon area. In total, Crescent Point has budgeted to 
drill 114 (86 net) wells in the Shaunavon area during 2011, compared to original 
plans to drill 44 net wells.

The Company is currently injecting water into six horizontal injection wells 
in four pressure maintenance programs in the Lower Shaunavon zone. Crescent 
Point is encouraged by results to date. Plans to convert up to 3 wells in the 
Upper Shaunavon zone to water injection wells in 2012 are also underway.

Crescent Point continued to focus on adding infrastructure in the Shaunavon 
area. The Company has commenced construction of a 6 mmcf/d gas plant, which is 
designed to be expandable to12 mmcf/d. The plant is expected to be operational 
by early 2012. During third quarter, more than 50 kilometres of pipeline were 
constructed. Plans to design and construct an additional battery in 2012 to 
accommodate increased production have commenced. Operating costs are expected to 
be reduced with the infrastructure development.

The Company drilled 23 (14.0 net) horizontal oil wells, of a planned 26 wells 
for the Viking area in 2011. The remaining 3 (1.5 net) wells were drilled in 
early fourth quarter. As of the end of third quarter, 11 of the wells had been 
fracture stimulated and are expected to be put on production during fourth 
quarter 2011. Construction of a battery to accommodate increased production and 
future development began in fourth quarter 2011.

At Battrum/Cantuar, the Company participated in the drilling of 13 (6.0 net) 
oil wells, achieving a 100 percent success rate. Overall production remains 
steady, with minimal capital required to maintain the area's production 
rates.

Alberta

Due to the Company's positive results to date in the Swan Hills Beaverhill 
Lake light oil resource play and the flooding in southeast Saskatchewan during 
second quarter, Crescent Point reallocated a portion of its planned 2011 capital 
spending from the Viewfield Bakken to the Swan Hills area.

During third quarter, 22 (13.3 net) oil wells were drilled, including 12 (4.5 
net) wells in the Beaverhill Lake light oil resource play. As of the end of 
third quarter, the Company has participated in a total of 19 (7.1 net) 
successful wells in the Beaverhill Lake play and has plans to participate in up 
to 44 (18.8 net) wells in 2011. There are currently six non-operated drilling 
rigs running on working interest lands. Operators plan to add two more rigs for 
the remainder of the year.

As of the end of third quarter, 16 (5.9 net) wells have been placed on stream 
in the Swan Hills area, with 13 (4.9 net) of those wells on stream for more than 
30 days. The average initial 30-day rate for those wells exceeds 750 boe/d. 
Initial results from the wells have exceeded the Company's expectations, with 
organic production growth from zero to over 2,000 boe/d by the end of third 
quarter.

Crescent Point has access to more than one million net acres of undeveloped 
land in southern Alberta and has been pursuing several exploration projects in 
the area. During third quarter, the Company participated in the drilling of 10 
(8.8 net) conventional oil wells, of which 6 (4.9 net) were horizontal oil wells 
in various zones. During fourth quarter 2011, the Company plans to drill 2.0 net 
wells to follow up on previously drilled unconventional exploration wells in the 
Alberta Bakken play, for a total of 3.0 net wells in 2011.

United States

On August 31, 2011, the Company announced the acquisition of approximately 
750 boe/d of production and more than 78 net sections of land in North Dakota, 
U.S., through two strategic acquisitions. Crescent Point has now accumulated 
more than 165 net sections of land in the state.

During third quarter, the Company participated in the drilling of 7 (2.1 net) 
oil wells, of which 2 (1.3 net) were operated, achieving a 100 percent success 
rate. The two operated wells are expected to be completed by early 2012, as part 
of Crescent Point's two-year service agreement with a leading U.S. fracture 
stimulation company. The Company expects to participate in drilling up to 10 net 
wells in 2011, including 4 gross operated wells.

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 delivered strong operational and financial results and 
executed a record development program in third quarter 2011. Crescent Point 
remains on track to achieve annual guidance of 72,500 boe/d and its 2011 exit 
production rate of 77,500 boe/d. Current production exceeds 76,500 boe/d.

The Company successfully executed a reallocation of a portion of its planned 
capital spending from the Viewfield Bakken play to the Shaunavon and Beaverhill 
Lake areas, resulting in strong production growth in both areas and 
demonstrating the depth of its drilling inventory opportunities and flexibility 
of its operations. Improved conditions in southeast Saskatchewan have also 
allowed for increased drilling activities. Assuming weather conditions continue 
to be favourable in southeast Saskatchewan, Crescent Point may exceed its 2011 
capital budget expectations due to increased drilling in the Viewfield Bakken 
play and strong growth in the Shaunavon area. The majority of the increased 
drilling would be completed in fourth quarter, which would position the Company 
to exceed its 2011 exit production forecast, and would provide an early start to 
the Company's 2012 capital program. Water tables in southeast Saskatchewan 
remain high despite the dry weather, so the Company is again planning for a 
prolonged, three-month spring break-up in 2012. Crescent Point expects to 
release its 2012 budget plans in early December, along with an update on its 
2011 capital expenditures and production expectations.

The Company expects 2011 annual funds flow from operations to be $1.21 
billion ($4.36 per share - diluted), based on US$94.00/bbl WTI, Cdn$3.70/mcf 
AECO and a US$/Cdn$1.01 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 projected average net debt 
to 12-month cash flow of less than 1.0 times and approximately $1.1 billion 
unutilized on its bank lines as at September 30, 2011.

Crescent Point continues to implement its balanced 3½-year price risk 
management program, using a combination of swaps, collars and purchased put 
options with investment-grade counterparties. As of November 8, 2011, the 
Company had hedged 55 percent, 56 percent, 43 percent and 23 percent of 
production, net of royalty interest, for the balance of 2011, 2012, 2013 and 
2014, respectively. Average quarterly hedge prices range from Cdn$84 per boe to 
Cdn$97 per boe. The Company also initiated its first quarter 2015 hedge 
position, with nine percent of production hedged at approximately 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.

2011 Guidance

Crescent Point's 2011 guidance is as follows:

    Production
      Oil and NGL (bbls/d)                       65,375
      Natural gas (mcf/d)                        42,750
    Total (boe/d)                                72,500
    Exit (boe/d)                                 77,500
    Funds flow from operations ($000)         1,210,000
    Funds flow per share - diluted ($)             4.36
    Cash dividends per share ($)                   2.76
    Capital expenditures ($000) (1)           1,050,000
    Wells drilled, net                              312
    Pricing
      Crude oil - WTI (US$/bbl)                   94.00
      Crude oil - WTI (Cdn$/bbl)                  93.07
      Natural gas - Corporate (Cdn$/mcf)           3.70
      Exchange rate (US$/Cdn$)                     1.01

(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
November 10, 
2011



 

Non-GAAP Financial Measures

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 is 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 September 30  Nine months ended September 30
    ($000s)         2011      2010  % Change      2011     2010   % Change
    Cash flow from
      operating
      activities  309,622    204,583      51    936,695   580,990     61
    Changes in
      non-cash
      working 
      capital      (7,679)    24,480    (131)   (30,248)   29,075   (204)
    Transaction
    costs             721        951     (24)     2,488     8,062    (69)
    Decommissioning
    expenditures      651        410      59      2,400     1,514     59
    Funds flow from
    operations    303,315    230,424      32    911,335   619,641     47
     

 

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:

 

 


                                     As at September 30     
    ($000s)                        2011    2010    % Change
    Long-term debt              996,881    1,214,705    -18
    Current liabilities         482,999      357,110     35
    Current assets             -310,701     -171,755     81
    Long-term investments      -122,967      -46,161    166

    Excludes:                
      Derivative asset           51,139      14,110     262
      Derivative liability       -7,230     -25,079     -71
      Unrealized foreign 
       exchange on 
       translation of US 
       dollar senior 
       guaranteed notes         -17,506      -2,734     540
    Net debt                  1,072,615   1,340,196     -20
   

 

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 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 September 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 United States and 
Canada.  

 

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 
ir@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.




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