2010-07-07-2010-05-12-2010-07-06

Acquired privately held, Calgary-based Shelter Bay, gaining average production of more than 7,400 BOE/D.

Solidifying its position as a dominant player in the Bakken and Lower Shaunavon oil plays in Saskatchewan, Crescent Point Energy Corp., Calgary, (Toronto: CPG) has acquired privately held, Calgary-based Shelter Bay Energy Inc. for C$1.1 billion.

In May, Crescent Point announced plans to acquire Shelter Bay Energy, in which the company held a 21% equity stake.

Shelter Bay's production averaged more than 7,400 barrels of oil equivalent a day during first-quarter 2010, 97% of which was from the southeastern Saskatchewan Viewfield Bakken oil resource play and the southwestern Saskatchewan Lower Shaunavon oil resource play. Shelter Bay is currently the third largest landholder in each play. A significant portion of these lands are contiguous with Crescent Point's lands.

Shelter Bayshareholders will receive 0.037 Crescent Point shares for each Shelter Bay share, or approximately C$1.52per Shelter Bay share based on a 15-day weighted average Crescent Point price of C$40.99 per share. Total consideration for the 79% of Shelter Bay not currently owned by Crescent Point is approximately C$1.1 billion, including C$121 million of Shelter Bay net debt. Including Crescent Point's original 21% equity interest in Shelter Bay, total value is approximately C$1.3 billion

Based on total consideration of C$1.3 billion and after adjusting for estimated undeveloped land value of C$197 million production is approximately C$151,900 per producing barrel of oil equivalent (boe), based on 7,400 boe per day.

In conjunction, Crescent Point has also acquired ownership of 5.9 million Class A shares of Painted Pony Petroleum Ltd. (Toronto Venture: PPY), constituting 13.3% of the issued and outstanding Class A shares of Painted Pony and representing all of the shares of Painted Pony presently owned by Crescent Point. The shares were previously owned by Shelter Bay through a previous transaction.

Crescent Point created Shelter Bay in early 2008 to facilitate Crescent Point's Bakken oil resource consolidation strategy during the years in which Crescent Point was subject to the federal government's Safe Harbour growth restrictions placed on income trusts. Crescent Point provides management and operational services to Shelter Bay through a management and technical services agreement between the two companies. Shelter Bay is governed by a board of directors comprised of a majority of directors independent of Crescent Point.

Crescent Point has oil and gas interests in western Canada.