2010-03-11-2010-01-15

Acquired assets in Lower Shaunavon, Saskatchewan, gaining 27.5 MMBOE 2P, 3,500 BOE/d.

Crescent Point Energy Corp., Calgary, (Toronto: CPG) has acquired assets from Penn West Energy Trust, Canada, (NYSE: PWE; Toronto: PWT) for C$434 million in cash and interests in Saskatchewan and Alberta.

The assets are in the Lower Shaunavon oil resource play in southwestern Saskatchewan and contain proved plus probable reserves of 27.5 million barrels of oil equivalent. Production from the approximately 172 net sections of undeveloped land is 3,500 barrels of oil equivalent per day.

The transaction increases Penn West's holdings in the Dodsland Viking light oil play through a 50% stake in 40,400 acres of undeveloped land adjacent to its Viking play, where it has drilled 38 horizontal wells. The company also acquired Crescent Point's Cynthia Cardium unit, which has production of 560 barrels of oil equivalent per day and 5,100 net acres of undeveloped land.

Scotia Capital Inc. was financial advisor and CIBC was strategic advisor to Crescent Point.