CALGARY, Dec. 15 /CNW/ - Crescent Point Energy Trust ("Crescent Point" or
the "Trust") (TSX: CPG.UN) is pleased to announce it has entered into an
agreement, on a bought deal basis, with a syndicate of underwriters co-led by
Scotia Capital Inc., BMO Capital Markets, and CIBC World Markets Inc., and
including RBC Capital Markets, FirstEnergy Capital Corp., TD Securities Inc.,
GMP Securities L.P., National Bank Financial and Tristone Capital Inc. for an
offering of 4,545,500 trust units at $22.00 per trust unit to raise gross
proceeds of $100 million. Closing is expected to occur on or about January 9,
2009 and is subject to customary regulatory approvals. Crescent Point has also
granted the underwriters an over-allotment option to purchase, on the same
terms, up to an additional 681,825 trust units. This option is exercisable, in
whole or in part, by the underwriters at any time up to 30 days after closing.
The maximum gross proceeds raised under this offering will be $115 million
should this option be exercised in full.
    The bought deal financing positions the Trust well to pursue value
enhancing opportunities and acquisitions in Crescent Point's core areas in
Alberta and Saskatchewan.
    The offering will be a bought underwritten public issue in all provinces
of Canada by way of a short form prospectus. The offering will be offered for
sale to Qualified Institutional Buyers in the United States pursuant to the
registration exemptions provided by Rule 144A of the Securities Act of 1933
and internationally as permitted.
    The Trust also announces that it has acquired more than 4.3 net sections
of undeveloped Bakken land at the December 8, 2008 Saskatchewan Crown land
sale. The Trust has internally identified 17 net low risk Bakken drilling
locations on the lands. Total consideration was approximately $12.5 million.
    In addition, Crescent Point is pleased to announce that it has acquired a
17 percent ownership of 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.
The Trust acquired the ownership in a private placement financing in the
fourth quarter of 2008. The total investment was $20 million.

    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