STRATEGIC CONSOLIDATION ACQUISITION OF RELIABLE ENERGY LTD.

Crescent Point is pleased to announce that it has entered into an arrangement agreement (the "Reliable Arrangement") with Reliable Energy Ltd. ("Reliable"), a publicly traded company in which Crescent Point owns a 12.8 percent equity interest. Reliable has production of approximately 1,000 boe/d from the Bakken light oil play in the Kirkella/Manson area and a land base of more than 135 net sections in southern Saskatchewan and southwestern Manitoba. The assets of Reliable include internally assigned proved plus probable reserves of 4.1 mmboe, as of December 31, 2011, and an internally identified drilling inventory of 36 net locations.

The completion of the Reliable Arrangement will allow Crescent Point to consolidate the assets currently held through a joint venture with Reliable in the Bakken light oil play in southwest Manitoba and is complementary to the Company's previously announced Manitoba asset acquisition. The Bakken light oil play in southwest Manitoba is a low-cost, high-netback play that the Company believes has upside potential through both infill and step-out drilling, as well as waterflooding.

Under the terms of the Reliable Arrangement, Crescent Point has agreed to acquire all of the issued and outstanding shares of Reliable at an exchange ratio of 0.00794 of a Crescent Point share for each Reliable share. In addition, Crescent Point expects to assume approximately $20.0 million of Reliable net debt, including deal costs and after taking into account proceeds from Reliable stock options and warrants expected to be exercised prior to the completion of the Reliable Arrangement. Total consideration for the 87.2 percent of Reliable not currently owned by Crescent Point is approximately $99.1 million, including net debt. Including Crescent Point's existing 12.8 percent equity interest in Reliable, total value is approximately $103.9 million, based on a five-day weighted average trading price of $45.61 per Crescent Point share.

The Reliable Board of Directors has concluded that the Reliable Arrangement is fair to Reliable shareholders and has resolved to recommend that the Reliable shareholders vote their Reliable shares in favour of the Reliable Arrangement. All of the officers and directors of Reliable exercising control or direction of approximately 10.4 percent of Reliable's fully diluted shares have agreed to vote their Reliable shares in favour of the Reliable Arrangement.

The Reliable Arrangement is expected to close on or about May 1, 2012, allowing Reliable shareholders to receive Crescent Point's anticipated May dividend, which is expected to be paid on or about June 15, 2012.

Peters & Co. Limited acted as advisor to Crescent Point with regards to the Reliable Arrangement.