Crescent Point Announces $100MM Bought Deal Financing

Crescent Point has entered into an agreement, on a bought deal basis, with a syndicate of underwriters co-led by Scotia Capital Inc., BMO Capital Markets, and CIBC World Markets Inc., and including RBC Capital Markets, FirstEnergy Capital Corp., TD Securities Inc., GMP Securities L.P., National Bank Financial and Tristone Capital Inc. for an offering of 4,545,500 trust units at $22.00 per trust unit to raise gross proceeds of $100 million.

Closing is expected to occur on or about January 9, 2009 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 681,825 trust units. 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 $115 million should this option be exercised in full.

The bought deal financing positions the Trust well to pursue value enhancing opportunities and acquisitions in Crescent Point's core areas in Alberta and Saskatchewan.

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 Trust also announces that it has acquired more than 4.3 net sections of undeveloped Bakken land at the December 8, 2008 Saskatchewan Crown land sale. The Trust has internally identified 17 net low risk Bakken drilling locations on the lands. Total consideration was approximately $12.5 million.

In addition, Crescent Point is pleased to announce that it has acquired a 17 percent ownership of Wild River Resources Ltd., a private oil and gas producer with assets in the southeast Saskatchewan Bakken light oil resource play and in the emerging southwest Saskatchewan Lower Shaunavon resource play. The Trust acquired the ownership in a private placement financing in the fourth quarter of 2008. The total investment was $20 million.


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