CALGARY, ALBERTA--(Marketwire - Sept.

20, 2010) - NOT FOR DISTRIBUTION TO U.S.

NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S. Crescent Point Energy Corp.

("Crescent Point" or the "Company") (TSX:CPG) is pleased to announce 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 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 Companys 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. As a result of the Private Co.

Acquisition and the successful Alberta and Saskatchewan land acquisitions, Crescent Point is upwardly revising 2010 capital expenditure plans and guidance.

Capital expenditures are expected to increase by $175 million to $925 million, with 80 percent of the increase allocated to the land acquisitions and the remainder directed towards increased drilling in the Alberta and Saskatchewan Bakken and Lower Shaunavon resource plays.

Year-end 2010 exit production is expected to increase to more than 71,000 boe/d from 69,500 boe/d, which represents an annual growth rate of more than 10 percent excluding acquisitions. In addition, the Company announces that it has entered into an agreement, on a bought deal basis, with a syndicate of underwriters co-led by CIBC and BMO Capital Markets, and including Scotia Capital Inc., RBC Capital Markets, FirstEnergy Capital Corp., TD Securities Inc., National Bank Financial Inc., GMP Securities L.P., Macquarie Capital Markets Canada Ltd.

and Peters & Co. Limited for an offering of 10,250,000 Crescent Point shares at $36.60 per share to raise gross proceeds of approximately $375 million.

Closing is expected to occur on or about October 13, 2010, and is subject to customary regulatory approvals.

SOUTHERN ALBERTA LAND AND PRIVATE CO.

ACQUISITION The assets acquired in the Private Co.

Acquisition include approximately 900 boe/d of low-decline conventional production, 3.6 million boe of proved plus probable reserves and more than 995,000 net acres of exploratory land in Alberta.

Crescent Point considers the Alberta land to be prospective for multi-zone light oil reserves, including the unconventional Bakken and Three Forks zones.

Independent engineers assigned reserves, utilizing NI 51-101 reserve definitions and effective as of July 1, 2010, of approximately 3.6 million boe of proved plus probable and 2.0 million boe of proved reserves.

The reserve life index is 11.0 years for proved plus probable reserves and 6.1 years for proved reserves. Total consideration for the Private Co.

Acquisition was approximately $95.6 million, comprised of $68.8 million of cash and assumed debt and approximately 0.74 million Crescent Point shares.

The Private Co. Acquisition closed in July 2010. Including success at recent Crown land sales and freehold leasing programs, the Companys exposure to exploratory land in southern Alberta is more than one million net acres.

"We believe there is significant untapped unconventional light oil resource potential in southern Alberta," said Scott Saxberg, President and CEO of Crescent Point.

"These acquisitions provide us with a large, low-cost exposure to this resource potential and a great opportunity to lever off the competitive and technical advantage we have gained through horizontal drilling and multi-stage fracture stimulation in the Viewfield Bakken and Lower Shaunavon resource plays in Saskatchewan." The Company has drilled and is currently completing its first horizontal exploration well into the play and expects to drill more than 19 net development and exploration wells on the land by the end of 2011. The upside potential of the producing conventional assets acquired in the Private Co.

Acquisition decreases the overall land costs and risks associated with pursuing the unconventional light oil exploration play in southern Alberta. "After adjusting for the value of the producing conventional assets and their potential upside, we acquired the land from the Private Co. Acquisition at a very low cost relative to recent land sale activity in the area," said Saxberg. UNDEVELOPED SASKATCHEWAN LAND ACQUISITIONS Since the beginning of the second quarter, Crescent Point has acquired more than 100 net sections of land in southern Saskatchewan through Crown land sales.

The majority of this land (more than 60 net sections) is in the main producing areas of the Lower Shaunavon and Bakken pools.

Crescent Point has internally identified approximately 200 net low-risk drilling locations at four wells per section on the land, which are in the core of each of the Viewfield Bakken and Lower Shaunavon resource plays.

The Company has already drilled two successful wells on this land, which the Company believes will contribute to additional reserves bookings at year-end.

"These land sale acquisitions are in the core producing areas of the Bakken and Lower Shaunavon resource plays and have an immediate impact on our production base and reserves expectations," said Saxberg.

"These lands recently became available and were proven by our recent drilling activity." UPWARDLY REVISED 2010 GUIDANCE Crescent Point continues to execute its business plan of creating sustainable value-added growth in reserves, production and cash flow through managements integrated strategy of acquiring, exploiting and developing high-quality, long-life light and medium oil and natural gas properties in western Canada. As a result of the Private Co.

Acquisition and the successful Alberta and Saskatchewan land acquisitions, Crescent Point is upwardly revising 2010 capital expenditure plans and guidance.

Capital expenditures are expected to increase by $175 million to $925 million, with $140 million of the increase allocated to the land acquisitions and $35 million directed towards increased drilling in the Alberta and Saskatchewan Bakken and Lower Shaunavon resource plays.

Crescent Points main focus for the remainder of 2010 and into 2011 will be capital-efficient projects on its significant undeveloped land base, further development of its Viewfield Bakken and Lower Shaunavon water flood projects, and exploration of its emerging resource plays at Flat Lake, Saskatchewan and in southern Alberta. Year-end 2010 exit production is expected to increase to more than 71,000 boe/d which represents an annual growth rate of more than 10 percent excluding acquisitions. The Company continues to implement its disciplined hedging strategy to provide certainty over cash flow and dividends.

As at September 15, 2010, the Company had hedged 50 percent, 49 percent, 36 percent and 23 percent of production, net of royalty interest, for the balance of 2010, 2011, 2012 and 2013, respectively.

Average quarterly hedge prices range from Cdn$79 to Cdn$92 per boe. Consistent with our strategy of maintaining significant financial flexibility to execute our business strategy, Crescent Points balance sheet remains strong, with projected average net debt to cash flow of approximately 1.0 times and a projected unutilized credit capacity of more than $750 million. BOUGHT DEAL FINANCING Crescent Point has entered into an agreement, on a bought deal basis, with a syndicate of underwriters co-led by CIBC and BMO Capital Markets, and including Scotia Capital Inc., RBC Capital Markets, FirstEnergy Capital Corp., TD Securities Inc., National Bank Financial Inc., GMP Securities L.P., Macquarie Capital Markets Canada Ltd.

and Peters & Co.

Limited for an offering of 10,250,000 Crescent Point shares at $36.60 per share to raise gross proceeds of approximately $375 million.

Closing is expected to occur on or about October 13, 2010, and is subject to customary regulatory approvals.

The offering will be a bought underwritten public issue in all provinces of Canada by way of a short form prospectus.

The offering will be offered for sale to Qualified Institutional Buyers in the United States, pursuant to the registration exemptions provided by Rule 144A of the Securities Act of 1933 and internationally, as permitted. The net proceeds of the offering will be used to fund the increased capital expenditures plan and a portion of the Private Co.

Acquisition and for general corporate purposes. Primary Petroleum Corporation 744 - 4th Avenue S.W., Suite 800 Calgary AB, Canada T2P 3T4 www.primarypetroleum.com
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