Monday, December 5 2022

CALGARY, Alta., March 4, 2022 /PRNewswire/ – Crescent Point Energy Corp. (“Crescent Point” or the “Company”) (TSX: CPG) (NYSE: CPG) is pleased to announce that the Toronto Stock Exchange (“TSX”) has accepted its Notice of Implementation of a Public normal course issuer bid (“OPRCA”) to purchase for cancellation up to 57,309,975 common shares, or 10% of the public float of the Company, effective February 28, 2022. OPRCNA is scheduled to begin on March 9, 2022, and is due to expire on March 8, 2023.

Purchases of Crescent Point common stock under the issuer bid may be made through the facilities of the TSX, the New York Stock Exchange (the “NYSE”) and alternative trading systems through open market transactions or through any other means permitted by the Canadian Securities Administrators (the “CSA”) and under applicable securities laws, including by private agreement pursuant to exemption orders issuer bids issued by the relevant securities authorities. The price the Company will pay for any Common Share will be the market price at the time of purchase or such other price permitted by the CSA. Any private purchase made pursuant to an exemption order issued by a securities regulatory authority will generally be made at a discount to the prevailing market price.

In connection with the issuer bid, Crescent Point will enter into an automatic purchase plan (the “Plan”) with its designated broker to permit the purchase of its common shares during internal blackout periods. Such purchases would be at the discretion of the broker based on parameters established by the Company prior to any blackout period or any period during which it is in possession of material undisclosed information. Outside these periods, the common shares will be redeemed at the option of management, subject to applicable laws. The plan has been reviewed by the TSX and may be terminated by Crescent Point or its broker in accordance with its terms or will terminate upon the expiration of the issuer bid.

As of February 28, 2022, the Company had a public float of 573,099,751 common shares and 574,601,885 common shares issued and outstanding. Crescent Point will not acquire, through the TSX, more than 1,351,208 Common Shares in any trading day, or 25% of the average daily trading volume of the Company’s Common Shares on the TSX for the six calendar months preceding the date of the TSX’s approval of the OPRCNA (being 5,404,833 common shares), and, in addition, will not acquire per day on the NYSE more than 25% of the average daily volume transactions during the four calendar weeks prior to the date of purchase, subject in both cases to certain exceptions for bulk purchases.

The actual number of common shares that will be purchased pursuant to the issuer bid and the timing of such purchases will be determined by Crescent Point in the discretion of management, subject to applicable securities laws. There can be no assurance as to the number of Common Shares, if any, that will ultimately be acquired by the Company.

As previously announced, the Company has recently increased its planned share buybacks to $150 million to be executed by mid-2022. These scheduled buybacks were initiated in December 2021 under the existing public tender offer which expires March 8, 2022. Like a February 28, 20228,076,800 common shares had been repurchased under the existing tender offer at a volume-weighted average price of $7.43 per ordinary share. These purchases were all made under open market operations. Pursuant to the existing issuer bid, the Company has sought and received approval from the TSX to purchase up to 26,462,509 common shares. The Company evaluates share buybacks as a means of increasing shareholder value within the context of Crescent Point’s capital allocation framework, leverage targets and market conditions.

Forward-Looking Statements and Other Matters

Certain statements contained in this press release constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and “forward-looking information” for the purposes of Canadian securities regulations. (collectively, “forward-looking statements”). The Company has attempted to identify these forward-looking statements by using words such as “could”, “should”, “may”, “anticipate”, “expect”, “believe”, “will”, “may”. , “intend”, “project”, “support”, “continue”, “strategy”, “potential”, “projects”, “growth”, “benefit”, “estimate”, “well positioned” and others similar expressions, but these words are not the exclusive means of identifying such statements.

More specifically, this press release contains forward-looking statements relating to, among other things, the Company’s normal course issuer bid, planned share buybacks up to $150 million in the first half of 2022, the process the Company expects to follow to assess purchases under the tender offer, and the expected shareholder benefits associated with the tender offer, the plan and its functioning.

All forward-looking statements are based on Crescent Point’s beliefs and assumptions based on information available at the time the assumption was made. The Company believes that the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and undue reliance should not be placed on the forward-looking statements included in this report. By their nature, these forward-looking statements are subject to a number of risks, uncertainties and assumptions, which could cause actual results or other expectations to differ materially from those anticipated, expressed or implied. by these statements, including the material risks discussed in the Company’s Annual Information Form for the year ended December 31, 2021 under “Risk Factors” and in our management report for the year ended December 31, 2021under the headings “Risk Factors” and “Forward-Looking Information”.

The number of shares repurchased within the framework of the OPRA indicated in this press release at February 28, 2022includes unsettled transactions.

Additional information about these and other factors that could affect Crescent Point’s operations or financial results is included in Crescent Point’s reports filed with Canadian and United States securities regulators. Readers are cautioned not to place undue reliance on such forward-looking information, which is given as of the date on which it is expressed herein or otherwise. Crescent Point undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable law. All subsequent forward-looking statements, written or oral, attributable to Crescent Point or persons acting on behalf of the Company are expressly qualified in their entirety by these cautionary statements.


Shant Midian, Vice President, Capital Markets, or

Sarfraz Somani, Manager, Investor Relations

Phone: (403) 693-0020 Toll Free (US and Canada): 888-693-0020 Fax: (403) 693-0070

Address: Crescent Point Energy Corp. Suite 2000, 585 – 8th Avenue SW Calgary AB T2P 1G1

Crescent Point shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol CPG.

SOURCECrescent Point Energy Corp.


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