2009-08-11-2007-12-01

To buy company, gaining 1,000 BOE/d (5% gas) in Viewfield Bakken light-oil resource play in SE SK, non-Bakken SK, Chauvin region AB. Proved 2.8 MMBOE, 2P 3.7 MMBOE. Upside 19 net Bakken drill locations, 7 non-Bakken locations, 7,360 net undeveloped acres.

Crescent Point Energy Trust, Ottawa, (Toronto: CPG) plans to acquire Pilot Energy Ltd., Calgary, (Toronto Venture: PGY) for C$76 million in stock and debt. Crescent Point will pay 0.1284 trust unit per Pilot unit, representing C$2.89 per share. Crescent Point will assume C$11 million Pilot debt. The deal is valued at C$26.07 per proved barrel of oil equivalent, and C$19.73 per proved plus probable barrel equivalent. Assets include production of 1,000 barrels of oil equivalent per day (5% gas), about half in the Viewfield Bakken light-oil resource play in southeastern Saskatchewan, and the remainder in non-Bakken regions in Saskatchewan and the Chauvin region of central Alberta. Proved reserves are 2.8 million and proved plus probable total 3.7 million barrels equivalent. The reserve life is 7.7 years for the proved and 10.1 years proved plus probable. Upside includes 19 net low-risk Bakken drilling locations and seven non-Bakken locations. Pilot also holds 7,360 net undeveloped acres, including 6.5 net sections, in the Bakken play. Pro forma, Crescent Point will have production of more than 31,250 barrels of oil per day and 1,275 net low-risk drilling locations. The deal is expected to close by end of January.