HIGHLIGHTS

In second quarter 2011, Crescent Point continued to execute its integrated business strategy of acquiring, exploiting and developing high-quality, long-life light and medium oil and natural gas properties.

• Crescent Point generated record funds flow from operations in second quarter 2011. Funds flow from operations increased by 68 percent to $311.5 million ($1.14 per share – diluted), compared to $185.1 million ($0.84 per share – diluted) in second quarter 2010.

• Production during the first half of 2011 exceeded the Company’s expectations and Crescent Point remains on track to achieve annual guidance of 72,500 boe/d. During second quarter 2011, the Company produced an average of 66,112 boe/d, 90 percent weighted to light and medium crude oil. This represents a 20 percent production increase over

second quarter 2010. Crescent Point budgeted for a more prolonged spring break-up period than usual in 2011, as extremely wet weather conditions were expected. Flooding during second quarter was severe and caused the shut-in of more than 8,000 boe/d for much of the quarter. The majority of the shut-in production is now back on stream.

• The Company’s current production is more than 70,500 boe/d and July drilling activity is expected to bring another 2,000 to 3,000 boe/d of production on stream in August. Approximately 2,500 boe/d of production remains shut-in from flooding, of which 1,500 boe/d is not expected to be back on stream until 2012. The Company currently has 18 drilling rigs in operation, including non-operated rigs in the emerging Beaverhill Lake light oil resource play.

• The Company is pleased to announce an increase in its 2011 capital expenditures budget, from $800 million to $1.0 billion. Of this $200 million increase, $120 million is expected to be spent on land and facilities and $80 million is expected to be spent on drilling and completions. Crescent Point is also upwardly revising its expected year-end 2011 exit production rate to 76,500 boe/d from 75,000 boe/d.

• During second quarter, Crescent Point spent $45.9 million on drilling and completions, drilling 25 (9.7 net) wells with a 100 percent success rate. Crescent Point also spent $63.0 million on land and facilities, for total capital expenditures of $108.9 million. The majority of the land purchases were in the Company’s emerging Beaverhill Lake light oil resource play and in its core resource plays in southern Saskatchewan.

• Crescent Point maintained consistent monthly dividends of $0.23 per share, totaling $0.69 per share for second quarter 2011. This is unchanged from $0.69 per share paid in second quarter 2010. On an annualized basis, the second quarter dividend equates to a yield of 6.3 percent based on a volume weighted average quarterly share price of $44.08.

• On April 14, 2011, Crescent Point closed a private placement of long-term debt in the form of senior guaranteed notes to a group of institutional investors. In total, US$165 million and Cdn$50 million was raised through four separate series of notes under various terms and rates. Proceeds from the offering were used to repay a portion of the Company’s outstanding bank debt.

• The Company’s balance sheet remains strong, with approximately $965 million unutilized on its bank lines as at June 30, 2011.

• Crescent Point continues to implement its disciplined hedging strategy to provide increased certainty over cash flow and dividends. As of August 2, 2011, the Company had hedged 55 percent, 49 percent, 37 percent and 19 percent of production, net of royalty interest, for the balance of 2011, 2012, 2013 and 2014, respectively. Average quarterly hedge prices range from Cdn$83 per boe to Cdn$101 per boe.

• Subsequent to the quarter, on July 14, 2011, Crescent Point announced its land position in Alberta’s emerging Beaverhill Lake light oil resource play. The Company has accumulated more than 380 (165 net) sections of land

highly prospective for the Beaverhill Lake zone in the Swan Hills area, as well as approximately 19 percent of the issued and outstanding common shares of a leading Beaverhill Lake producer, Arcan Resources Ltd. (“Arcan”).

http://www.crescentpointenergy.com/documents/news/CPG%20Q2%202011_press%20release_WEB.pdf

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Cheers; Scott