Crescent Point Energy Announces Strategic Land Acquisitions, Increase in 2010 Guidance and a $375 Million Bought Deal Financing

Crescent Point Energy Corp. (TSX:CPG) announced that it has acquired more than one million net acres of exploratory land in southern Alberta that the Company believes is prospective for multi-zone light oil opportunities, including the unconventional Bakken and Three Forks zones.

The press release is quoted as saying:

The land was acquired through Crown land sales, freehold leasing programs and the acquisition of a private company (the “Private Co. Acquisition”). In addition, Crescent Point has acquired more than 100 net sections of undeveloped land in Saskatchewan, including 60 net sections in the Company’s core Viewfield Bakken and Lower Shaunavon resource plays through Crown land sales in the last several months. Crescent Point has already licensed and drilled wells on the Saskatchewan land and expects to book reserves on this land at year-end 2010.

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