Crescent Point Energy Announces $1.35 Billion Capital Expenditures Budget for 2013

Crescent Point Energy Announces $1.35 Billion Capital Expenditures Budget for 2013 PR Newswire CALGARY, Alberta, December 6, 2012 CALGARY, Alberta, December 6, 2012 /PRNewswire/ -- Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) is pleased to announce a $1.35 billion capital development budget for 2013. Execution of the budget is expected to increase average daily production to 112,000 boe/d, with a 2013 exit rate of 114,000 boe/d. The 2013 capital program is consistent with the Company's five- year growth models, which forecast long-term production per share growth and dividend sustainability under a variety of commodity price scenarios. "In 2012, we advanced new technologies across our major plays and expect to deliver production per share growth greater than 10 percent. We will focus on organic growth and the integration of assets from key acquisitions, and continue to build upon our success over the last couple of years," said Scott Saxberg, president and CEO of the Company. "The 2013 budget is focused on the development of our major oil resource plays in the Bakken, Shaunavon and Uinta Basin and on enhancing our portfolio of emerging resource plays." As in previous years, the Company's 2013 guidance includes the assumption of a long spring break-up and the anticipated production impact of converting producing wells to water injection wells in the Bakken and Shaunavon resource plays. In total, approximately $1.