Crescent Point Reinforces Its Current Plan for Change

CALGARY, Alberta, April 20, 2018 (GLOBE NEWSWIRE) -- Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX:CPG) and (NYSE:CPG) reaffirms its strategic plan and successes prior to its Annual General Meeting (“AGM”) on May 4, 2018. The Company recommends that shareholders vote for its director nominees and other items for consideration on the WHITE proxy or Voting Instruction Form.

Crescent Point has made, and continues to make, strategic decisions that are focused on creating long-term shareholder value while maintaining a strong balance sheet supported by an ongoing and disciplined hedging program. The Company’s efforts are already underway and are expected to be additive to its detailed five-year plan forecasted to deliver strong per share growth within cash flow.

KEY CHANGES IMPLEMENTED AND UNDERWAY

• Increasing growth in high-productivity new play development in the Uinta Basin and East Shale Duvernay
• Increased free cash flow as earlier-stage assets continue to develop
• Focused on debt reduction, including both large and small non-core asset dispositions that are currently in the marketplace 
• Realized capital cost reductions of greater than 40 percent and expect additional capital efficiency improvements as development continues in earlier stage resource plays 
• Positioned for significant organic growth with over 4 million net acres of land and approximately 8,100 net risked locations
• Added seven new independent board members and aligned compensation plan based on shareholder engagement

Crescent Point is focused on achieving its core business goals and strongly believes that its current board, including its most recent additions, is the right board to do so. The Company’s current director nominees have been assembled through a thoughtful and deliberate process that has resulted in seven new independent directors since 2014. Crescent Point is committed to maintaining a highly-qualified and experienced board that targets a balance between directors with history and knowledge of the Company and those with new ideas and different skill sets. On that basis, both Mr. Jackson and Mr. Rene Amirault are extremely valuable members of Crescent Point’s Board of Directors.