Crescent Point Energy Announces Strategic Uinta Basin Cash Acquisition of Ute Energy, Upwardly Revised 2012 Guidance and a CDN$750 Million Bought Deal Financing

Crescent Point Energy Announces Strategic Uinta Basin Cash Acquisition of Ute Energy, Upwardly Revised 2012 Guidance and a CDN$750 Million Bought Deal Financing PR Newswire CALGARY, November 1, 2012 CALGARY, November 1, 2012 /PRNewswire/ -- /NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES/ Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) is pleased to announce that it has entered into a purchase and sale agreement (the "Ute Acquisition") to acquire Ute Energy Upstream Holdings LLC ("Ute"), a privately held oil and gas producer with current production of approximately 7,800 boe/d and approximately 590 (270 net) sections of land in the centre of the Uinta Basin light oil resource play in northeast Utah. The Company believes this multi-zone, large oil-in-place resource play has significant upside potential through the application of vertical and horizontal infill drilling and multi-stage fracture stimulation. Total consideration for Ute is approximately US$861 million (CDN$861 million based on a US$/CDN$1.00 exchange rate), including cash consideration of US$784 million plus assumed debt. "We're excited about establishing this initial position in the Uinta Basin," said Scott Saxberg, president and CEO of Crescent Point. "This resource play is a new core area for Crescent Point and is consistent with our strategy of acquiring high-quality, large oil-in-place pools with long-term upside potential.