/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO
    ANY UNITED STATES NEWS SERVICES./

    CALGARY, July 3 /CNW/ - Crescent Point Energy Corp. ("Crescent Point" or
the "Company") today closed the previously announced acquisition of Gibraltar
Exploration Ltd. ("Gibraltar") by way of plan of arrangement (the "Plan"). The
Plan continues Crescent Point's consolidation strategy for southwest
Saskatchewan. The majority of Gibraltar's assets are adjacent to and
contiguous with existing Crescent Point properties, including some of the
assets acquired on July 2, 2009 pursuant to the completion of the plan of
arrangement involving the Company and Crescent Point Energy Trust.
    Crescent Point also announces the sale of 25 percent of the assets held
by Wild River Resources Ltd. prior to the completion of its plan of
arrangement with Crescent Point Energy Trust and 25 percent of the assets
acquired from Gibraltar pursuant to the Plan to Shelter Bay Energy for
aggregate cash consideration equal to the consideration to be paid by Crescent
Point for such assets.
    With the completion of the Plan and following the above referenced sale
of assets to Shelter Bay, Crescent Point expects 2009 daily production to
average 42,000 boe/d, with an exit rate greater than 44,500 boe/d. 2009
capital expenditures are forecast at $225 million. Crescent Point forecasts a
2009 payout ratio of 69 percent and funds flow from operations of $613
million, based on US$51.00/bbl WTI, Cdn$4.00/mcf AECO, and US$0.82 exchange
rate.
    Crescent Point Energy Corp. is a conventional oil and gas producer with
assets strategically focused in properties comprised of high quality, long
life, operated, light oil and natural gas reserves.

    FORWARD LOOKING STATEMENTS

    Certain statements contained in this press release constitute forward
looking statements, including statements in respect of oil and natural gas
production levels, capital expenditure programs, and projections of commodity
prices and costs. 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
their nature, such forward-looking information involve 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 Crescent Point Energy
Trust's annual information form under "Risk Factors", those described in
Crescent Point Energy Trust's MD&A under "Business Risks and Prospects", each
of which are incorporated by reference in our Information Circular dated May
29, 2009 and those material risk factors specifically described herein. These
risks include, but are not limited to: volatility in market prices for oil and
natural gas; competition for, among other things, capital, acquisitions of
reserves, undeveloped lands and skilled personnel; incorrect assessments of
the value of acquisitions; geological, technical, drilling and processing
problems; fluctuations in foreign exchange or interest rates and stock market
volatility; failure to realize the anticipated benefits of acquisitions;
general business and market condition; operational risks in development,
exploration and production of oil and natural gas; delays or changes in plans
with respect to exploration or development projects or capital expenditures;
the uncertainty of estimates and projections relating to production, costs and
expenses; health, safety and environmental risks, 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 Corp shares 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 ENERGY CORP.

    Scott Saxberg,
    President and Chief Executive Officer