Crescent Point Increases Bakken Positions with TriAxon Acquisition

Crescent Point Energy and TriAxon Resources have entered into an arrangement agreement under which Crescent Point will acquire all of the issued and outstanding shares of TriAxon for consideration of 0.18 of a Crescent Point share for each TriAxon share plus the assumption of approximately $17.3 million of TriAxon net debt. Total consideration is approximately $248.7 million based on a five day weighted average trading price of $37.71 per Crescent Point share. TriAxon is a private exploration and production company with assets in the Bakken and Viking light oil resource plays in Saskatchewan and the Pembina Cardium play in Alberta.

TriAxon's assets include more than 148 net sections of undeveloped land, including 63 net sections in the Viking light oil resource play in the Plato area of west central Saskatchewan. TriAxon also operates the Flat Lake Bakken play in which Crescent Point currently holds a working interest.

TriAxon is currently producing approximately 1,400 boe/d, of which approximately 130 boe/d and 170 boe/d are from the Viking resource play and the Flat Lake Bakken play, respectively, and 1,100 boe/d is from Alberta, which includes 560 boe/d from the Pembina Cardium play.

In the second half of 2009, TriAxon successfully drilled two step out exploration horizontal wells, one currently on production and one awaiting completion, that significantly increase Crescent Point's estimates of the size of the Flat Lake Bakken pool. Crescent Point believes that this drilling success, combined with TriAxon's large undeveloped Viking land base, provides the potential for significant production and reserves growth from these two plays.

"Over the past few years, TriAxon has aggressively pursued high quality plays with significant recovery factor upside," said Scott Saxberg, President and CEO of Crescent Point. "They have established leading positions in the Viking and Flat Lake Bakken plays in Saskatchewan. These assets complement Crescent Point's existing Bakken assets very well and provide us with the opportunity to lever our tight oil expertise into a large land base in the emerging Viking tight oil play."

"Crescent Point shares our strategy of balanced growth through the combination of technology and large resource in place assets," said Jeff Saponja, President and CEO of TriAxon. "We have exposed our shareholders to a significant amount of long term upside with the asset base we have built. We are excited to roll these assets in alongside Crescent Point's assets and to participate collectively in Crescent Point's long term growth."

The Arrangement is expected to be completed on or before December 15, 2009 and is subject to TriAxon shareholder approval, court approval, and other conditions typical of transactions of this nature. The Boards of Directors of Crescent Point and TriAxon have both unanimously approved the Arrangement and the Board of Directors of TriAxon has resolved to recommend that TriAxon shareholders vote in favour of the Arrangement. Owners of TriAxon shares representing approximately 30 percent of TriAxon's issued and outstanding shares have signed lock-up agreements and have agreed to tender their TriAxon shares to the Arrangement.


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