Crescent Acquires 97% of Innova Shares

Crescent Point and Innova Exploration report that, as of the tender deadline, 43.6 million common shares of Innova had been validly deposited to Crescent Point's offer to acquire all of the outstanding common shares of Innova.

Crescent Point has taken up all of the deposited common shares and will pay for them promptly. The deposited shares represent approximately 97% of the common shares of Innova on a fully diluted basis.

Crescent Point offered to acquire all of the outstanding common shares of Innova on the basis of C$7.55 cash for each Innova share. The aggregate consideration to be paid by Crescent Point will be approximately C$329.1 million in respect of the shares tendered to date.

Crescent Point has now taken effective control of Innova and is working with management of Innova to integrate Innova's operations with those of Crescent Point as soon as possible. Crescent Point has replaced the former board of Innova with nominees of Crescent Point, and has appointed officers of Innova.