Businessweek

Crescent Point Energy Trust operates as an open ended unincorporated investment trust. The principal undertaking of the company’s operating entities, Crescent Point Resources Limited Partnership along with its general partner, Crescent Point General Partner Corp. is to acquire, hold directly or indirectly, interests in oil and gas properties. As of December 31, 2008, the company had proved plus probable reserves of 191.0 million barrels of oil equivalent. It had an undeveloped land base of 452,567 net acres (approximately 707 sections), with an average working interest of approximately 78 percent. Of this total, 207,200 net acres (approximately 320 sections) were in the southeast Saskatchewan Bakken light oil resource play. Viewfield Bakken In 2008, the company drilled 124 (102.1 net) Bakken wells, fracture stimulated an incremental 139 (130.1 net) Bakken wells. Viewfield Frobisher Each Bakken well drilled on the company’s lands penetrates the shallow zones of the Mississippian formation first. With approximately 380 Bakken wells drilled on Crescent Point lands, the company has identified and logged various oil and gas shows in the shallow zones. Battrum The company drilled 17 (7.6 net) wells at Battrum in 2008. It has 36 net wells in inventory at Battrum. Cantuar The company participated in the drilling of 6 (3.3 net) wells at Cantuar in 2008, all of which were 20 acre downspaced wells. It has 104 net wells in inventory at Cantuar. Manor At Manor, the company drilled 10 (7.9 net) wells, including 3 (2.5 net) 75 metre infill horizontal wells, adding approximately 500 boe/d of initial incremental light oil production with high netbacks. In February 2008, the company completed construction to tie in gas from North Manor, which added 550 mcf/d of interest sales gas. Crescent Point has 48 net wells in inventory at Manor. Tatagwa During 2008, the company drilled 3 (2.1 net) oil wells which added 110 boe/d of initial interest production, and drilled 5 (3.5 net) water injection wells. Sounding Lake The company has 44 net wells in inventory at Sounding Lake. Acquisitions In January 2009, the company acquired Villanova Energy Corporation, a private company with properties in the Bakken area of southeast Saskatchewan. In March 2009, the company acquired the Talisman Energy Inc. assets in southeast Saskatchewan and Montana. Significant Events On December 16, 2009, Crescent Point Energy Corp. announced that it has entered into an agreement with Penn West Energy Trust to acquire certain assets in southwest Saskatchewan. The assets are located primarily in the Lower Shaunavon crude oil resource play and include approximately 3,500 boe/d of production, 86% of which is Lower Shaunavon crude oil production, approximately 172 net sections of undeveloped Lower Shaunavon land, and proved plus probable reserves of 27.5 million boe. History Crescent Point Energy Trust was founded in 2003.