/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO
    ANY UNITED STATES NEWS SERVICES./CALGARY, Dec. 8 /CNW/ - Crescent Point Energy Trust ("Crescent Point" or
the "Trust") (TSX: CPG.UN) is pleased to announce its 2009 capital
expenditures budget and a strategic Bakken consolidation acquisition.
    Crescent Point has set its 2009 capital expenditures budget at $225
million, which is expected to provide production growth of four percent to
38,250 boe/d in 2009 from expected production of 36,750 boe/d in 2008. The
capital will be directed primarily towards the southeast Saskatchewan Bakken
light oil resource play and will include the drilling of up to 105 (82.3 net)
wells, 90 percent of which are expected to be in the Bakken, and the fracture
stimulation of up to 122 (106.5 net) Bakken horizontal wells. The Trust
expects its 2009 capital development activities to add production at a cost of
approximately $17,000 per flowing boe.
    Crescent Point also announces that Shelter Bay Energy Inc. ("Shelter Bay"
or the "Company"), a private oil and gas producer in which the Trust has a 21
percent ownership, has set its preliminary 2009 capital expenditures budget at
$150 million, which will include the drilling of up to 88 gross Bakken
horizontal wells. Shelter Bay expects to grow production to more than 5,700
boe/d in 2009, up more than 80 percent from expected production of 3,100 boe/d
in 2008, and to exit 2009 with production greater than 7,200 boe/d.
    Crescent Point's and Shelter Bay's combined 2009 capital budgets of $375
million will preserve the financial flexibilities of the Trust and the Company
in a lower commodity price environment while still growing production in 2009.
Crescent Point and Shelter Bay have more than $470 million of available cash
and bank line providing significant financial strength entering 2009.
    The Trust is also pleased to announce that it has entered into an
agreement to complete the strategic Bakken consolidation acquisition of
Villanova Energy Corp. ("Villanova"), a private oil and gas producer, for
consideration of 4.625 million trust units and the assumption of approximately
$23.6 million of net debt. Total consideration is approximately $123.1 million
based on a five day weighted average trading price of $21.51 per trust unit.
Villanova is currently producing approximately 1,750 boe/d, comprised of 95
percent Bakken light oil which is adjacent to and contiguous with Crescent
Point's Bakken production.

    2009 BUDGET AND GUIDANCE

    Crescent Point continues to execute its business plan of creating
sustainable value added growth in reserves, production and cash flow through
management's integrated strategy of acquiring, exploiting and developing high
quality, long life, light oil and natural gas properties in western Canada.
    Crescent Point has an extensive low risk development drilling inventory
of more than 1,400 net locations, representing more than $2.3 billion of
future development projects and more than 10 years of low risk drilling
inventory to sustain and grow current production levels.
    Through infill drilling, production optimization and water flood
implementation, management believes the Trust has the potential to more than
double its proved plus probable reserves over time.
    For 2009, Crescent Point has set its capital expenditures budget at $225
million, which will be directed primarily to Bakken drilling and completions
activities and is expected to grow production in the Viewfield Bakken resource
play by approximately 2,700 boe/d. The Trust plans to drill up to 91 (74.0
net) Bakken horizontal wells and to fracture stimulate up to 122 (106.5 net)
Bakken horizontal wells. By the end of 2009, Crescent Point expects to have a
fracture stimulation inventory of 100 wells remaining. In total, the Trust's
Bakken development activities in 2009 are expected to add light oil production
at a capital efficiency of approximately $17,000 per flowing boe.
    Crescent Point's Bakken light oil resource play continues to drive strong
rates of return despite recent declines in benchmark crude oil and natural gas
prices. At budget prices of US$55.00 per barrel WTI, Cdn$6.75 per mcf AECO
natural gas and a US$0.80 exchange rate, a typical Crescent Point Bakken well
generates a 103 percent rate of return with a 12 month payout.
    The 2009 capital expenditures budget also provides for the drilling of up
to 14 (8.3 net) non-Bakken wells, mostly in Saskatchewan. In addition, the
Trust has allocated $26 million for facilities, land and seismic, directed
primarily towards the Bakken area. The Trust's 2008 Viewfield gas plant
expansion to 18 mmcf/d from 9 mmcf/d remains on schedule and is expected to be
brought onstream in early January 2009.
    Crescent Point expects 2009 production to average 38,250 boe/d. The
Trust's projected netback is Cdn$42.50 per boe, including adjustments for
hedging, and its Bakken operating netback is in excess of Cdn$51.00 per boe at
budget pricing.
    Crescent Point continues to protect its cash flow with its balanced risk
management program through a combination of swaps, collars and put option
instruments. Currently, Crescent Point has 51 percent, 41 percent, 26 percent
and 13 percent of its production, net of royalties, hedged for 2009, 2010,
2011 and the first quarter of 2012, respectively. Average quarterly hedge
prices range from a low of Cdn$77.00 per boe to a high of Cdn$110.00 per boe,
with upside potential if benchmark prices rise above current levels. As of
December 5, 2008, the Trust's hedge program was approximately $155 million in
the money.The Trust's projections for 2009 are as follows:
    -------------------------------------------------------------------------
    Production
      Oil and NGL (bbls/d)                                            34,000
      Natural gas (mcf/d)                                             25,500
    -------------------------------------------------------------------------
    Total (boe/d)                                                     38,250
    -------------------------------------------------------------------------
    Funds flow from operations ($000)                                506,000
    Funds flow from operations per unit - diluted ($)                   3.77
    Cash distributions per unit ($)                                     2.76
    Payout ratio - per unit - diluted (%)                                 73
    -------------------------------------------------------------------------
    Capital expenditures ($000)(1)                                   225,000
    Wells drilled, net                                                    82
    -------------------------------------------------------------------------
    Pricing
      Crude oil - WTI (US$/bbl)                                        55.00
      Crude oil - WTI (Cdn$/bbl)                                       68.75
      Natural gas - Corporate (Cdn$/mcf)                                6.75
      Exchange rate (US$/Cdn$)                                          0.80
    -------------------------------------------------------------------------
    (1) The projection of capital expenditures excludes acquisitions, which
        are separately considered and evaluated.SHELTER BAY 2009 CAPITAL EXPENDITURES BUDGET

    Shelter Bay pursues a proven business plan of creating value added growth
in reserves, production and cash flow through management's integrated strategy
of acquiring, exploiting and developing high quality, large resource in place,
light and medium oil and natural gas properties.
    Since inception in the first quarter of 2008, Shelter Bay has acquired
the rights to 240 net sections of undeveloped Saskatchewan land, including 211
net sections in the southeast Saskatchewan Bakken light oil resource play and
29 net sections in the emerging Lower Shaunavon play in southwest
Saskatchewan. Shelter Bay is the third largest land holder in the Bakken light
oil resource play. Shelter Bay currently has over $165 million of cash and
$100 million of unutilized bank line with a Bakken drilling inventory of more
than 450 locations.
    Shelter Bay has set its preliminary 2009 capital expenditures budget at
$150 million, which will be focused entirely on the Viewfield Bakken light oil
resource play. Shelter Bay's budget includes the drilling of up to 88 gross
horizontal wells and fracture stimulations in the Bakken play. 2009 production
is expected to grow significantly to an annual average greater than 5,700
boe/d, almost double its expected 2008 production of approximately 3,100
boe/d. 2009 exit production is expected to be greater than 7,200 boe/d.
    Shelter Bay's three year risk management program continues to lock in net
asset value. As of December 5, 2008, the Company had hedged 26 percent, 25
percent and 18 percent of production, net of royalty interest, for 2009, 2010
and the first three quarters of 2011, respectively. Average quarterly hedge
prices ranged from approximately Cdn$99.00 per boe to Cdn$122.00.

    VILLANOVA ACQUISITION

    In November 2008, Crescent Point entered into an agreement to acquire all
of the issued and outstanding shares of Villanova by way of Plan of
Arrangement (the "Plan") for consideration of 4.625 million trust units plus
the assumption of approximately $23.6 million of Villanova debt. Total
consideration is approximately $123.1 million based on a value of $21.51 per
trust unit.
    Villanova is currently producing approximately 1,750 boe/d of high
quality light oil production, 95 percent of which is in the southeast
Saskatchewan Bakken light oil resource play. These assets are adjacent to and
contiguous with existing Crescent Point Bakken properties, further
consolidating the Trust's dominant position in the Bakken light oil resource
play.
    The Plan is expected to close on January 16, 2009 and is subject to
Villanova shareholder approval, court approval, and other conditions typical
of transactions of this nature. Owners of Villanova shares representing
approximately 86 percent of Villanova's issued and outstanding shares have
signed lockup agreements and have agreed to tender their Villanova shares to
the Plan.Key attributes of Villanova:

    -   Current production of approximately 1,750 boe/d comprised of 95
        percent high netback, Bakken light oil and 5 percent non-Bakken light
        oil;

    -   26 net sections of undeveloped Bakken land (18 of which have no
        associated reserves booked and are valued at $6.5 million);

    -   47 net low risk drilling locations;

    -   Tax pools estimated at more than $42 million;

    -   Low operating costs of less than $8.00/boe; and

    -   Royalties of less than 17%.

    The acquisition is accretive to Crescent Point on a reserves, production
and cash flow basis.

    Reserves Summary

    Independent third party engineers have assigned reserves effective July
31, 2008 as follows:

    -   Approximately 5.1 million boe of proved plus probable and 3.0 million
        boe of proved reserves; and

    -   Reserve life index of 8.0 years proved plus probable and 4.7 years
        proved.

    Acquisition Metrics

    Based on the above and undeveloped land value of $6.5 million, the
acquisition metrics are as follows:

    1.  2009 Cash Flow Multiple:
        -  4.1 times based on production of 1,750 boe/d (US$55.00/bbl WTI,
           Cdn$6.75/mcf AECO and $0.80 US$/CDN$ exchange rate)

    2.  Production:
        -  $66,600 per producing boe based on 1,750 boe/d

    3.  Reserves:
        -  $22.86 per proved plus probable boe
        -  $38.87 per proved boeThe successful completion of the Villanova acquisition will further
Crescent Point's Bakken consolidation strategy. It will add high quality
assets that will increase the Trust's dominant position in the Bakken light
oil resource play. The acquisition should also provide the Trust with further
economies of scale through infrastructure utilization and increased netbacks
through tie ins to the Trust's Viewfield gas plant. Crescent Point expects
that the acquisition will provide at least 47 low risk Bakken development
drilling locations as well as capital and operating flexibility in the Bakken
play with significant production and reserves growth potential. Crescent
Point's undeveloped land holdings in the Bakken play will increase to 413 net
sections.

    FINANCIAL ADVISORS

    CIBC Capital Markets acted as financial advisor to Crescent Point with
respect to the Villanova acquisition. Tristone Capital Inc. acted as financial
advisor to Villanova with respect to the transaction.

    SAFE HARBOUR UPDATE

    On December 4, 2008, the Minister of Finance for the Government of Canada
announced changes to the Safe Harbour restrictions on the issuance of equity
by certain publicly traded income trusts. Under these changes, income trusts
are allowed to accelerate the utilization of their annual Safe Harbour equity
issuance allotment without penalty. In the case of Crescent Point, the Trust
has a Safe Harbour allotment of approximately $277 million for each of 2009
and 2010. Under the December 4 changes, Crescent Point is allowed to issue its
2010 Safe Harbour allotment in 2009 without penalty. In addition to the equity
to be issued in accordance with the acquisition of Villanova, Crescent Point
has approximately $450 million of Safe Harbour allotment remaining that could
be issued at the Trust's discretion in 2009 or 2010, further enhancing the
Trust's overall financial flexibility.

    DRIP PROGRAM REINSTATED

    Crescent Point is also pleased to announce that it is reinstating its
DRIP, Premium DRIP and Optional Unit Purchase programs for unitholders of
record on December 31, 2008 with payments beginning January 2009. Unitholders
interested in, but not already enrolled in, these programs should contact
their financial advisor or review the Crescent Point website at
www.crescentpointenergy.com.

    FORWARD LOOKING STATEMENTS

    Certain statements contained in this press release may constitute forward
looking statements, including expectations of future production, cash flow and
earnings. All forward-looking statements are based on the Crescent Point's
beliefs and assumptions based on information available at the time the
assumption was made. The use of any of the words "anticipate", "continue",
"estimate", "expect", "may", "will", "project", "should", "believe" and
similar expressions are intended to identify forward looking statements. By
its nature, such forward-looking information involves known and unknown risks,
uncertainties and other factors that may cause actual results or events to
differ materially from those anticipated in such forward looking statements,
including those material risks discussed in our annual information form under
"Risk Factors" and in our MD&A under "Business Risks and Prospects". These
risks include, but are not limited to: the risks associated with the oil and
gas industry (e.g., operational risks in development, exploration and
production; delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of reserve
estimates; the uncertainty of estimates and projections relating to
production, costs and expenses, and health, safety and environmental risks),
commodity price, price and exchange rate fluctuations and uncertainties
resulting from potential delays or changes in plans with respect to
exploration or development projects or capital expenditures. Additional
information on these and other factors that could affect Crescent Point's
operations or financial results are included in Crescent Point's reports on
file with Canadian securities regulatory authorities. These statements speak
only as of the date of this press release or as of the date specified in this
press release Readers are cautioned not to place undue reliance on this
forward-looking information, which is given as of the date it is expressed
herein or otherwise and, unless required by law, Crescent Point undertakes no
obligation to update publicly or revise any forward-looking information,
whether as a result of new information, future events or otherwise.
    This news release is not for dissemination in the United States or to any
United States news services. The trust units of Crescent Point have not and
will not be registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws and may not
be offered or sold in the United States or to any U.S. person except in
certain transactions exempt from the registration requirements of the U.S.
Securities Act and applicable state securities laws.

    Crescent Point is a conventional oil and gas income trust with assets
strategically focused in properties comprised of high quality, long life,
operated, light oil and natural gas reserves in western Canada.CRESCENT POINT ENERGY TRUST

    Scott Saxberg,
    President and Chief Executive Officer