Crescent Point Energy Ltd.

Crescent Point Energy Corp. was created through the reorganization of junior oil and gas companies, Crescent Point Energy Ltd. (CPE) and Tappit Resources Ltd., in September 2003.

From inception in 2001, CPE executed an aggressive growth plan aimed at achieving rapid growth through acquisition and drilling. The Company’s business strategy was built around three main principles: use its excellent balance sheet and growth capital to acquire high quality, large resource in place properties; use its high quality assets and strong technical skills to grow production and reserves; and manage commodity price risk through a balanced three year hedging program to provide stability to cash flow.

In two short years, CPE grew from a start-up company with only 275 boe/d to a substantial producer of approximately 5,000 boe/d at the time of the Tappit acquisition.

At the time of the reorganization, Tappit Resources had production of approximately 2,100 boe/d, contributing significantly to the production base of Crescent Point Energy Trust.

Crescent Point Energy Trust

2003

In the fall of 2003, the reorganization was completed and Crescent Point Energy Trust unitholders saw immediate returns, receiving the first cash distribution in October for the Trust’s September cash flow. 2003 saw Crescent Point produce an average daily production of 5,659 boe/d, including more than 7,000 boe/d after the September reorganization.

As a trust, Crescent Point continued to build on the success of CPE, using the same proven three part business strategy. With its excellent balance sheet, the Trust continued to acquire high quality assets in its core areas, using its technical expertise to exploit and develop the assets and grow production and reserves.

2004

In 2004, Crescent Point completed three major acquisitions and five consolidation acquisitions, including $64.5 million of acquisitions in southeast Saskatchewan in August. The Trust also completed an $81.5 million acquisition in January that consolidated assets in central Alberta and opened a new core area in northwest Alberta and northeast British Columbia.

Crescent Point’s 2004 production averaged 9,604 boe/d and the Trust drilled 38 (31.8 net) wells during the year.

2005

2005 was also a very active year, beginning with $66 million of acquisitions in April that consolidated assets in southeast Saskatchewan and in the John Lake area of Alberta. The Trust completed five more southeast Saskatchewan consolidation acquisitions in the summer, totaling nearly $100 million. The $118 million acquisition of Bulldog Energy Inc., in October 2005, further consolidated the southeast Saskatchewan core area at Manor.

Crescent Point’s 2005 production averaged 13,791 boe/d and the Trust drilled 50 (37.7 net) wells during the year.

2006

The Trust created a new core area and expanded its asset base to more than 1.5 billion barrels of original oil in place (“OOIP”) in January 2006 with the $257 million acquisition of large oil in place, long life reserves in southwest Saskatchewan. In total, the Trust acquired 5,000 boe/d of producing assets in the transaction.

Over the course of 2006, Crescent Point completed 10 more acquisitions, including several consolidation acquisitions and the creation of a new core area in the Peace River Arch area of northwest Alberta. The Trust successfully executed its largest ever capital development program, spending $110.0 million drilling 77.4 net wells with a 100 percent success rate. Finding and development costs were among the lowest in the industry at $9.86 per boe of proved plus probable reserves.

Through acquisitions and drilling, the Trust increased its reserve base to 90.3 million boe proved plus probable at year end 2006. Finding, development and acquisition costs were $13.53 per proved plus probable boe. Production for the year averaged 20,723 boe/d.

2007

In February of 2007, the Trust completed its largest acquisition to date, the 7,000 boe/d acquisition of Mission Oil & Gas Inc. The acquisition increased the Trust’s asset base to more than 2.5 billion boe OOIP, including a controlling interest in the 1.0 billion boe OOIP Viewfield Bakken resource play. The Viewfield Bakken resource play is the largest conventional pool discovered in western Canada in the last 50 years. The high quality, light sweet oil and liquids rich natural gas play provided the Trust with some of the highest netbacks in the industry and more than six years of low risk development drilling upside. Internal engineering estimates predict proved plus probable reserves upside from the play of nearly 170 million boe proved plus probable.

In October, the Trust acquired all of the issued and outstanding shares of Innova Exploration Ltd. for approximately $400.0 million. Crescent Point acquired approximately 4,300 boe/d of high quality, high netback light oil and natural gas production, 65 percent of which is in the Viewfield Bakken resource play. The Innova consolidation acquisition also added more than 97 net sections of undeveloped land and 380 net low risk development locations to the Trust’s development drilling inventory.

At year end 2007, Crescent Point announced an 85 percent increase in proved plus probable reserves and an 86 percent increase in net asset value ("NAV") per unit. The Trust replaced 410 percent of 2007 production through technical and development reserves revisions and increased its proved plus probable reserve life index to 13.3 years.

2008
In January 2008 Crescent Point closed the acquisition of Pilot Energy Ltd. by way of a Plan of Arrangement for total consideration of $76 million. At the time of the transaction Pilot was producing approximately 1,000 boe/d of focused high netback oil, 50 percent of which was in Crescent Point’s core Viewfield Bakken light oil resource play in southeast Saskatchewan. The Pilot consolidation acquisition extended the Trust’s position in the Bakken play in southeast Saskatchewan, increasing Crescent Point’s Bakken production to more than
12,500 boe/d.

Also in January the Trust announced a $60 million investment in Shelter Bay Energy Inc. ("Shelter Bay"), a private growth corporation. Crescent Point's investment represented a 20 percent interest in Shelter Bay. Crescent Point provides Shelter Bay with management and technical expertise under a Technical Services Agreement, whereby Shelter Bay can utilize Crescent Point's knowledge and infrastructure to further consolidate the southeast Saskatchewan Bakken play and other core Crescent Point areas.

In March 2008, Shelter Bay raised $625 million through a private placement and acquired Landex Petroleum Corp. for total consideration of $310 million. Following the closing of the Plan, for consideration of $80 million, Crescent Point acquired from Shelter Bay the non Bakken assets of Landex, which had been producing approximately 1,500 boe/d. Shelter Bay retained the Bakken assets, with production of more than 3,000 boe/d for a net consideration of $230 million.

In June 2008 Crescent Point increased its capital budget by $200 million to $425 million, increased 2008 production guidance by 5 percent, and increased the Trust’s distribution by 15 percent to $0.23 per unit. The increases were possible as a result of significant growth in Crescent Point’s southeast Saskatchewan Bakken resource play, better than expected drilling and production results in its core areas, and higher than anticipated commodity prices.

In October 2008, Shelter Bay raised an additional $300 million by way of a private placement. Crescent Point’s share of the private placement was $79 million financed through the Trust’s existing credit facilities. With the closing of the private placement, Crescent Point’s aggregate investment in Shelter Bay totaled approximately $200 million, representing approximately 21 percent ownership.

In December 2008, Crescent Point announced the acquisition of Villanova Energy Corp, for total consideration of $123 million. Villanova’s production at the time of the acquisition was 1,750 boe/d, comprised of 95 percent Bakken light oil adjacent to and contiguous with Crescent Point’s Bakken production. In the same month, Crescent Point announced a $100 million bought deal financing, a Bakken land acquisition, and the acquisition of a 17 percent ownership in 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 for $20 million.

2009

In the first quarter of 2009, Crescent Point remained committed to its strategy of acquiring high quality, long life reserves. The Company announced it had entered into an agreement with affiliates of Talisman Energy Inc. and TriStar Oil and Gas Ltd., wherein Crescent Point and TriStar jointly acquired all of Talisman’s assets in southeast Saskatchewan and Montana. Crescent Point and TriStar further agreed to sell a portion of the assets to Shelter Bay. On a net basis, Crescent Point would acquire approximately 4,000 boe/d of southeast Saskatchewan production, 700 boe/d of which is in the Bakken resource play, for cash consideration of approximately $325 million.

In March 2009, Crescent Point entered into two separate arrangement agreements to acquire Wild River Resources Ltd. and Gibraltar Exploration Ltd., both private oil and gas companies active in southwest Saskatchewan. The effective total consideration for the two entities, including the Trust’s prior $20.0 million investment in Wild River, was $324.2 million. Crescent Point then sold 25 percent of the combined assets to Shelter Bay for $81.3 million. On a combined basis, and net of the assets sold to Shelter Bay, Crescent Point added more than 2,900 boe/d of production, 110 net sections of undeveloped land, and 85 net low risk
drilling locations.

Also in March, Crescent Point announced that its Board of Directors had unanimously agreed to a strategic conversion from a Trust to a dividend paying corporation upon the close of the Wild River arrangement. The Board of Directors and Management determined that the conversion would allow Crescent Point to continue implementing its proven business plan of growing value through an integrated strategy of acquiring, exploiting and developing high quality, long life reserves.

In early July with shareholder and regulatory approval, Crescent Point successfully completed the previously announced conversion from an income trust to a dividend paying corporation. The initial dividend was set at $0.23 per share, equal to the Trust’s most recent monthly distribution.

Crescent Point continues to aggressively pursue its three part business strategy of acquiring, exploiting and developing high quality, large resource in place assets while maintaining a strong balance sheet and balanced three-and-a-half year hedge program. The Company has an asset base of more than six billion barrels gross OOIP and a 17 year low risk development drilling inventory. Crescent Point has the potential to more than double P+P reserves over time.