News

“We have made it a priority to improve communication and engagement with our shareholders in 2017,” said Saxberg. “We spent significant time speaking with our shareholders last year and incorporated their feedback into our changes to compensation, governance and corporate messaging. We remain committed to being transparent and accountable with our investors.”

OPERATIONS REVIEW

Fourth Quarter Operations Highlights and Summary

In fourth quarter and throughout 2016, Crescent Point continued to execute its long-term growth strategy through the development and acquisition of high-quality, long-life, light and medium oil weighted properties.

Drilling Results

The following table summarizes Crescent Point’s drilling results for the three months and year ended December 31, 2016:

(1) The net well count is subject to final working interest determination

Williston Basin

During fourth quarter, Crescent Point drilled 136 (121.9 net) wells in the Williston Basin. Within each of the basin’s resource plays, the Company continues to focus on low-risk, high-return infill development in Viewfield Bakken, step-out drilling in Flat Lake and down-spacing programs in North Dakota.

Crescent Point improved operating efficiencies within each of its Williston Basin resource plays throughout 2016. By fourth quarter, average drilling days improved approximately 11 percent compared to 2015. This reflects the positive impact of Crescent Point’s optimization programs, efficiencies achieved from increased drilling activity within the basin and the successful application of technologies such as new drill bits and motors.

Crescent Point also internally identified over 700 net new drilling locations in the Williston Basin during 2016. These new locations are primarily in the Company’s multi-zone Flat Lake resource play, including approximately 300 net locations acquired in third quarter 2016 as part of the Company’s strategic Flat Lake acquisition. The Flat Lake resource play continues to be a growth area for Crescent Point with strong netbacks that were 24 percent higher than the corporate average during 2016.

In 2017, the Company plans to drill approximately 350 net wells in the Williston Basin. This is expected to result in exit production growth of approximately five percent and funds flow from operations in excess of capital expenditures of approximately $0.5 billion based on current strip prices. The Company’s 2017 budget includes step-out wells, a down-spacing program and infill drilling to further extend the basin’s boundaries and capitalize on its strong economics. Crescent Point also plans to test new technologies during the year, including its ICD waterflood system.

Southwest Saskatchewan

Crescent Point drilled 113 (99.2 net) oil wells during fourth quarter in southwest Saskatchewan. The Company continues optimizing the number of stages and tonnage per stage in the Shaunavon resource play. Since implementing over 30 stages per well in its completions process, the Lower Shaunavon has demonstrated improved production results compared to the expected type well.

Crescent Point improved operational efficiencies in southwest Saskatchewan and internally identified over 500 net new drilling locations during 2016. These new locations are a result of the Company’s successful expansion of the Shaunavon resource play’s economic boundaries and its down-spacing program in the Saskatchewan Viking resource play.

Crescent Point plans to grow 2017 exit production by approximately 10 percent in southwest Saskatchewan through drilling 270 net wells. The Company plans to focus on continued efficiency improvements, step-out drilling and the testing of new technologies such as its ICD waterflood system. In addition, Crescent Point is implementing closeable sliding sleeves in the Saskatchewan Viking resource play. This is expected to reduce well clean out costs similar to earlier results achieved in the Viewfield Bakken and Shaunavon resource plays. The Company will continue to test extended reach horizontals in an effort to enhance and further improve the economic development of the Viking resource play.

Uinta Basin

Crescent Point drilled four one-mile horizontal wells during fourth quarter in the Uinta Basin, each targeting the Castle Peak zone. Production results, including the results from wells completed during fourth quarter 2016, continue to demonstrate performance in line with the Company’s expected horizontal type curve, generating a 90-day initial production rate of approximately 650 boe/d. Since late 2014, Crescent Point has drilled 15 one-mile horizontal wells in the basin, including eight targeting the Castle Peak zone.

During 2016, the Company added 120 net internally identified horizontal locations in the Castle Peak zone to its corporate drilling inventory, assuming spacing of four one-mile wells per section. This represents the Company’s first operated horizontal drilling inventory in the basin and demonstrates Crescent Point’s increased geological knowledge and overall advancement of this resource play. Crescent Point was successful in growing 2P reserves by approximately 10 percent during 2016, despite spending only $12.3 million of capital during the first half of the year. Overall, 86 percent of the Company’s Uinta Basin budget was spent during the second half of 2016, reflecting its increasing confidence in production data, improved well economics and the play’s accelerating momentum. Since entering the basin in late 2012, the Company has organically increased 2P reserves by over 80 percent.

During 2017, Crescent Point plans to drill approximately 25 net horizontal wells in the Uinta Basin, up from nine in 2016. The Company’s Uinta Basin program is expected to drive exit production growth of approximately 50 percent. Within its 2017 budget, the Company plans to continue delineating this resource play for future horizontal development beyond the Castle Peak zone. Crescent Point also intends to test proppant usage, new completions techniques and increased lateral lengths in an effort to further improve upon the encouraging production rates and efficiencies witnessed to date.

WATERFLOOD UPDATE

Crescent Point’s waterflood programs continue to improve estimated ultimate recoveries and economic values while reducing decline rates and limiting required maintenance capital expenditures. The Company increased waterflood reserves for the fourth consecutive year, as recognized by its independent evaluators, by adding approximately 10.5 MMboe of 2P reserves during 2016. Independent evaluators have recognized 23.0 MMboe of 2P reserves attributed to waterflood projects since 2013, or approximately seven percent of Crescent Point’s total organic 2P reserve additions over that time frame. Of these waterflood additions, approximately 95 percent are from Crescent Point’s Viewfield Bakken and Shaunavon resource plays. Reserves attributed to waterflood accounted for 16 percent of organic 2P reserves additions in 2016.

During late 2016, Crescent Point continued to test its ICD system. The Company’s initial pilot demonstrated encouraging results with three times the amount of water injectivity without increasing the percentage of water produced in offsetting wells compared to prior technology. The Company expects increased water injectivity and enhanced distribution of injected water will help manage reservoir pressure and may further reduce decline rates and increase estimated ultimate recoveries.

The success of Crescent Point’s initial pilot led the Company to implement additional ICD systems throughout the Williston Basin and southwest Saskatchewan in late fourth quarter. The Company plans to install additional ICD systems by the end of second quarter 2017 and expects to receive corresponding production data in the second half of the year. At the end of 2016, the Company had approximately 300 injection wells installed under its prior technology throughout its Bakken and Shaunavon waterflood programs. Assuming the continued success of the ICD technology, the existing injection wells would become candidates for additional conversions to the ICD system without the need to take existing producing wells offline.

RESERVES

The Company’s reserves were independently evaluated by GLJ Petroleum Consultants Ltd. (“GLJ”) and Sproule Associates Limited (“Sproule”) as at December 31, 2016, and were aggregated by GLJ. The reserves evaluation and reporting was conducted in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook (“COGEH”) and – National Instrument 51-101 Standards for Disclosure of Oil and Gas Activities (“NI 51-101”).

In 2016, Crescent Point generated positive technical and development reserves revisions for the 15^th consecutive year since inception. Reserves results in 2016 include additions in the Company’s core Williston Basin, southwest Saskatchewan and Uinta Basin resource plays. During the year, Crescent Point invested $1.14 billion into the development and expansion of its asset base, including funds invested in facilities, land and seismic. The Company added 66.4 MMboe of 2P reserves, excluding reserves added through acquisitions, and generated F&D costs of $7.02 per 2P boe, including changes in FDC. This represents a recycle ratio of 3.2 times. Excluding changes in FDC, 2P F&D costs totaled $17.15 per boe, resulting in a recycle ratio of 1.3 times.

Summary of Reserves

As at December 31, 2016 ^{(1) (2) (3) (4)}

Summary of Before and After Tax Net Present Values

As at December 31, 2016 ^{(1) (2)}

Before Tax Net Asset Value per Share, Fully Diluted, Utilizing Independent Engineering, Escalated Pricing

Reserves Reconciliation

Gross Reserves ^{(1) (2) (3)}

Finding, Development and Acquisition Costs

Future Development Capital

At year-end 2016, FDC for 2P reserves totaled $6.5 billion compared to $7.0 billion at year-end 2015. Net of acquisitions, FDC at year-end 2016 declined $672.5 million reflecting the Company’s efficiency improvements and cost reduction initiatives.

(1) Numbers may not add due to rounding.

CONFERENCE CALL DETAILS

Crescent Point management will host a conference call on Thursday, February 23, 2017 at 10:00 a.m. MT (12:00 p.m. ET), to discuss the results and outlook for the Company.

Participants can access the conference call by dialing 844-231-0101 or 216-562-0389. Alternatively, to listen to this event online, please enter http://edge.media-server.com/m/p/h3yp45wz into any web browser.

For those unable to participate in the conference call at the scheduled time, it will be archived for replay. The replay can be accessed by dialing 855-859-2056 or 404-537-3406 and entering the passcode 51969423. The replay will be available approximately one hour following completion of the call. The webcast will be archived on Crescent Point’s website at www.crescentpointenergy.com.

Shareholders and investors can also find Crescent Point’s most recent investor presentation on the Company’s website.

2017 GUIDANCE

The Company’s guidance for 2017 is as follows:

ON BEHALF OF THE BOARD OF DIRECTORS

Scott Saxberg, President and Chief Executive Officer

February 23, 2017

FINANCIAL AND OPERATING HIGHLIGHTS

This news release contains forward-looking information and references to non-GAAP financial measures. Significant related assumptions and risk factors, and reconciliations are described under the Non-GAAP Financial Measures and the Forward-Looking Statements and Reserves Data sections of this news release, respectively.

Non-GAAP Financial Measures

Throughout this press release, the Company uses the terms “funds flow from operations”, “funds flow from operations per share – diluted”, “adjusted net earnings from operations”, “adjusted net earnings from operations per share – diluted”, “net debt”, “net debt to funds flow from operations”, “netback”, “payout ratio” and “total payout ratio”. These terms do not have any standardized meaning as prescribed by IFRS and, therefore, may not be comparable with the calculation of similar measures presented by other issuers.

Funds flow from operations is calculated based on cash flow from operating activities before changes in non-cash working capital, transaction costs and decommissioning expenditures. Funds flow from operations per share – diluted is calculated as funds flow from operations divided by the number of weighted average diluted shares outstanding. Transaction costs are excluded as they vary based on the Company’s acquisition activity and to ensure that this metric is more comparable between periods. Decommissioning expenditures are excluded as the Company has a voluntary reclamation fund to fund decommissioning costs. Management utilizes funds flow from operations as a key measure to assess the ability of the Company to finance dividends, operating activities, capital expenditures and debt repayments. Funds flow from operations as presented is not intended to represent cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS.

The following table reconciles cash flow from operating activities to funds flow from operations:

Adjusted net earnings from operations is calculated based on net income before amortization of exploration and evaluation (“E&E”) undeveloped land, impairment or impairment recoveries on property, plant and equipment (“PP&E”), unrealized derivative gains or losses, unrealized foreign exchange gain or loss on translation of hedged US dollar long-term debt, unrealized gains or losses on long-term investments and gains or losses on capital acquisitions and dispositions. Adjusted net earnings from operations per share – diluted is calculated as adjusted net earnings from operations divided by the number of weighted average diluted shares outstanding. Management utilizes adjusted net earnings from operations to present a measure of financial performance that is more comparable between periods. Adjusted net earnings from operations as presented is not intended to represent net earnings or other measures of financial performance calculated in accordance with IFRS.

The following table reconciles net income to adjusted net earnings from operations:

Net debt is calculated as long-term debt plus accounts payable and accrued liabilities and dividends payable, less cash, accounts receivable, prepaids and deposits and long-term investments, excluding the unrealized foreign exchange on translation of hedged US dollar long-term debt. Management utilizes net debt as a key measure to assess the liquidity of the Company.

The following table reconciles long-term debt to net debt:

(1) Includes current portion of long-term debt.

Net debt to funds flow from operations is calculated as the period end net debt divided by the sum of funds flow from operations for the trailing four quarters. The ratio of net debt to funds flow from operations is used by management to measure the Company’s overall debt position and to measure the strength of the Company’s balance sheet. Crescent Point monitors this ratio and uses this as a key measure in making decisions regarding financing, capital spending and dividend levels.

Netback is calculated on a per boe basis as oil and gas sales, less royalties, operating and transportation expenses and realized derivative gains and losses. Netback is a common metric used in the oil and gas industry and is used by management to measure operating results on a per boe basis to better analyze performance against prior periods on a comparable basis. The calculation of netback is shown in the Financial and Operating Highlights section in this press release.

Payout ratio is calculated on a percentage basis as dividends declared divided by funds flow from operations. Payout ratio is used by management to monitor the dividend policy and the amount of funds flow from operations retained by the Company for capital reinvestment.

Total payout ratio is calculated on a percentage basis as development capital expenditures and declared divided by funds flow from operations. Total payout ratio is used by management to monitor the Company’s capital reinvestment and dividend policy, as a percentage of the amount of funds flow from operations.

Management believes the presentation of the Non-GAAP measures above provide useful information to investors and shareholders as the measures provide increased transparency and the ability to better analyze performance against prior periods on a comparable basis.

Definitions

Decline rate is the reduction in the rate of production from one period to the next. This rate is usually expressed on an annual basis.

Finding and development costs (F&D) is calculated by dividing the identified capital expenditures by the applicable reserves additions. F&D can include or exclude changes to future development capital costs.

Finding, development and acquisitions costs (FD&A) is calculated by dividing the identified capital expenditures including acquisition costs by the applicable reserves additions. FD&A can include or exclude changes to future development capital costs.

Future development capital (FDC) reflects the independent evaluator’s best estimate of the cost required to bring proved undeveloped and probable reserves on production. Changes in FDC can result from acquisition and disposition activities, development plans or changes in capital efficiencies due to inflation or reductions in service costs and/or improvements to drilling and completion methods.

Net asset value (NAV) is a snapshot in time as at year-end, and is based on the Company’s reserves evaluated using the independent evaluators forecast for future prices, costs and foreign exchange rates. The Company’s NAV is calculated on a before tax basis and is the sum of the present value of proved and probable reserves, the fair value for land and seismic, the fair value for the Company’s oil and gas hedges based on Sproule’s December 31, 2016 escalated price forecast, less outstanding net debt. The NAV per share is calculated on a fully diluted basis.

N1 51-101 means “National Instrument 51-101 – Standards for Disclosure for Oil and Gas Activities”.

Recycle Ratio is calculated as operating netback divided by F&D or FD&A costs. Based on a 2016 netback (before hedging), of $22.18 per boe, a 2015 netback (before hedging) of $25.43 per boe and a three-year weighted average netback (before hedging) of $32.32 per boe.

Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical and engineering data; the use of established technology; and specified economic conditions, which are generally accepted as being reasonable. Proved reserves are reserves estimated to have a high degree of certainty of recoverability. Probable reserves are less certain to be recoverable than probable reserves and possible reserves are less certain than probable reserves.

Reserves and Drilling Data

The reserves information contained in this press release has been prepared in accordance with NI 51-101. Complete NI 51-101 reserves disclosure will be included in our Annual Information Form for the year ended December 31, 2016, which will be filed on or before February 23, 2017.

Where applicable, a barrels of oil equivalent (“boe”) conversion rate of six thousand cubic feet of natural gas to one barrel of oil equivalent (6Mcf:1bbl) has been used based on an energy equivalent conversion method primarily applicable at the burner tip. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different than the energy equivalency of the 6:1 conversion ratio, utilizing the 6:1 conversion ratio may be misleading as an indication of value.

This press release contains metrics commonly used in the oil and natural gas industry including “netbacks”, “F&D costs”, “FD&A costs”, “FDC”, “NAV”, “recycle ratio”, “decline rate”, and “drilling inventory”. These terms do not have a standardized meaning and may not be comparable to similar measures presented by other companies and, therefore, should not be used to make such comparisons.

F&D costs, including changes in FDC have been presented in this news release because they provide a useful measure of capital efficiency. F&D costs, including land, facility and seismic expenditures and excluding changes in FDC have also been presented in this news release because they provide a useful measure of capital efficiency.

FD&A costs, including changes in FDC have been presented in this news release because they provide a useful measure of capital efficiency. FD&A costs, including land, facility and seismic expenditures and excluding changes in FDC have also been presented in this news release because they provide a useful measure of capital efficiency.

Management uses recycle ratio for its own performance measurements and to provide shareholders with measures to compare the Company’s performance over time.

Netback is calculated on a per boe basis as oil and gas sales, less royalties, operating and transportation expenses and realized derivative gains and losses. Netback is used by management to measure operating results on a per boe basis to better analyze performance against prior periods on a comparable basis.

Drilling inventory is calculated in years as the Company’s 2016 year-end inventory divided by the number of wells in its 2017 drilling program. Drilling inventory is used by management to assess the amount of available drilling opportunities.

There are numerous uncertainties inherent in estimating quantities of crude oil, natural gas and NGL reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth above are estimates only. In general, estimates of economically recoverable crude oil, natural gas and NGL reserves and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserve recovery, timing and amount of capital expenditures, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially. For these reasons, estimates of the economically recoverable crude oil, NGL and natural gas reserves attributable to any particular group of properties, classification of such reserves based on risk of recovery and estimates of future net revenues associated with reserves prepared by different engineers, or by the same engineers at different times, may vary. The Company’s actual production, revenues, taxes and development and operating expenditures with respect to its reserves will vary from estimates thereof and such variations could be material.

Individual properties may not reflect the same confidence level as estimates of reserves for all properties due to the effects of aggregation. This press release contains estimates of the net present value of the Company’s future net revenue from our reserves. Such amounts do not represent the fair market value of our reserves. The recovery and reserve estimates of the Company’s reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered.

The reserve data provided in this news release presents only a portion of the disclosure required under National Instrument 51-101. All of the required information will be contained in the Company’s Annual Information Form for the year ended December 31, 2016, which will be filed on SEDAR (accessible at www.sedar.com) and EDGAR (accessible at www.sec.gov/edgar.shtml) on or before February 23, 2017.

In this press release, the: 1,031 new internally identified drilling locations include 134 booked and 897 unbooked locations, the 8,000 total internally identified corporate drilling inventory includes 3,679 booked and 4,406 unbooked locations, the 120 net horizontal follow-up locations in Castle Peak include 23 booked and 97 unbooked locations, the 700 locations in the Williston Basin include 85 booked and 658 unbooked locations, the 300 net locations acquired in third quarter 2016 include 73 booked and 227 unbooked locations, and the 500 net new drilling locations in southwest Saskatchewan include 30 booked and 530 unbooked locations. These unbooked potential drilling opportunities may include infill, lease-edge and undrilled tracts, based on current land holdings, geologic, geophysical and engineering analysis that result in mapped type-well groupings and optimized scheduling.

Notice to US Readers

The oil and natural gas reserves contained in this press release have generally been prepared in accordance with Canadian disclosure standards, which are not comparable in all respects of United States or other foreign disclosure standards. For example, the United States Securities and Exchange Commission (the “SEC”) generally permits oil and gas issuers, in their filings with the SEC, to disclose only proved reserves (as defined in SEC rules), but permits the optional disclosure of “probable reserves” and “possible reserves” (each as defined in SEC rules). Canadian securities laws require oil and gas issuers, in their filings with Canadian securities regulators, to disclose not only proved reserves (which are defined differently from the SEC rules) but also probable reserves and permits optional disclosure of “possible reserves”, each as defined in NI 51-101. Accordingly, “proved reserves”, “probable reserves” and “possible reserves” disclosed in this news release may not be comparable to US standards, and in this news release, Crescent Point has disclosed reserves designated as “proved plus probable reserves”. Probable reserves are higher-risk and are generally believed to be less likely to be accurately estimated or recovered than proved reserves. “Possible reserves” are higher risk than “probable reserves” and are generally believed to be less likely to be accurately estimated or recovered than “probable reserves”. In addition, under Canadian disclosure requirements and industry practice, reserves and production are reported using gross volumes, which are volumes prior to deduction of royalties and similar payments. The SEC rules require reserves and production to be presented using net volumes, after deduction of applicable royalties and similar payments. Moreover, Crescent Point has determined and disclosed estimated future net revenue from its reserves using forecast prices and costs, whereas the SEC rules require that reserves be estimated using a 12-month average price, calculated as the arithmetic average of the first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period. Consequently, Crescent Point’s reserve estimates and production volumes in this news release may not be comparable to those made by companies using United States reporting and disclosure standards. Further, the SEC rules are based on unescalated costs and forecasts.

All amounts in the news release are stated in Canadian dollars unless otherwise specified.

Forward-Looking Statements

Any “financial outlook” or “future oriented financial information” in this press release, as defined by applicable securities legislation has been approved by management of Crescent Point. Such financial outlook or future oriented financial information is provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

Certain statements contained in this press release constitute “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and “forward-looking information” for the purposes of Canadian securities regulation (collectively, “forward-looking statements”). The Company has tried to identify such forward-looking statements by use of such words as “could”, “should”, “can”, “anticipate”, “expect”, “believe”, “will”, “may”, “intend”, “projected”, “sustain”, “continues”, “strategy”, “potential”, “projects”, “grow”, “take advantage”, “estimate”, “well-positioned” and other similar expressions, but these words are not the exclusive means of identifying such statements.

In particular, this press release contains forward-looking statements pertaining, among other things, to the following: the Company’s focus on organic growth, new play development and improved investor communication in 2017; the Company’s plans to expand on the success of its Castle Peak type well in the Uinta Basin by optimizing its drilling and completions process and drilling horizontal wells in 2017; the Company’s plans to continue to focus on long-term value creation by testing and implementing new technologies, including the installation of its “ICD” systems in the Williston Basin and Southwest Saskatchewan; the Company’s estimated total payout ratio in 2017; the nomination of Mr. Ted Goldthorpe as a director of the Company at the Company’s 2017 annual shareholder meeting and the retirement of Mr. Greg Turnbull; the Company’s 2017 drilling plans and production estimates; the Company’s commitment to advancing its waterflood programs and ICD technology; the Company’s plans to re-visit its production guidance following spring break-up; expected capital cost increases in 2017; expected exit to exit production growth; the Company’s continuing monitoring of service costs within its 2017 drilling program; the Company’s plans to explore additional non-core disposition opportunities within its assets base in 2017 and afterwards; the Company’s ongoing commitment to transparency and accountability; continued play development in the Uinta and Williston Basins; 2017 drilling plans for wells in the Williston Basin and in Southwest Saskatchewan; 2017 drilling plans for horizontal wells in Uinta; exit production growth in the Williston and Uinta Basins and in Southwest Saskatchewan; the Company’s continuation of its step-out drilling and down-spacing programs within its Flat Lake and North Dakota resources plays;
2017 plans to extend the boundaries of the Williston Basin through a combination of step-out wells and infill drilling opportunities; continued efforts to reduce overall cost structure through the implementation of new technology and efficiency improvements; the expectation that the closeable sliding sleeves in the Saskatchewan Viking play will result in reduced well clean-out costs similar to those achieved in the Viewfield Bakken and Shaunavon resources plays; the Company’s plans to test extended reach horizontals in an effort to enhance and improve the economic development of the Viking resources play; plans to continue to delineate the Uinta resource play for future horizontal development beyond the Castle Peak zone; plans to continue to test new waterflood technology in both its Williston Basin and Southwest Saskatchewan waterflood programs during 2017; the Company’s expectation to have production results from newly installed “ICD” systems by the second half of 2017; the expectation that using the “ICD” technology will allow existing injectors to become candidates for additional injector conversions without the need to take existing producing wells offline; annual average production expectations for 2017; preliminary 2017 production and capital expenditure budget and related growth rate; and the Company’s ongoing commitment to maintain a strong financial position while continuing to maximize shareholder return through a total return strategy of long-term growth plus dividend income.

Statements relating to “reserves” are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future. Actual reserve values may be greater than or less than the estimates provided herein.

Unless otherwise noted, reserves referenced herein are given as at December 31, 2016. Also, estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates and future net revenue for all properties due to the effect of aggregation. All required reserve information for the Company is contained in its Annual Information Form for the year ended December 31, 2016, which is accessible at www.sedar.com.

With respect to disclosure contained herein regarding resources other than reserves, there is uncertainty that it will be commercially viable to produce any portion of the resources and there is significant uncertainty regarding the ultimate recoverability of such resources.

All forward-looking statements are based on Crescent Point’s beliefs and assumptions based on information available at the time the assumption was made. Crescent Point believes that the expectations reflected in these forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this report should not be unduly relied upon. By their nature, such forward-looking statements are subject to a number of risks, uncertainties and assumptions, which could cause actual results or other expectations to differ materially from those anticipated, expressed or implied by such statements, including those material risks discussed in the Company’s Annual Information Form for the year ended December 31, 2016 under “Risk Factors” and our Management’s Discussion and Analysis for the year ended December 31, 2016, under the headings “Risk Factors” and “Forward-Looking Information”. The material assumptions are disclosed in the Management’s Discussion and Analysis for the year ended December 31, 2016, under the headings “Capital Expenditures”, “Liquidity and Capital Resources”, “Critical Accounting Estimates”, “Risk Factors“, “Changes in Accounting Policies” and “Outlook”. In addition, risk factors include:
financial risk of marketing reserves at an acceptable price given market conditions; volatility in market prices for oil and natural gas; delays in business operations, pipeline restrictions, blowouts; the risk of carrying out operations with minimal environmental impact; industry conditions including changes in laws and regulations and the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; risks and uncertainties related to all oil and gas interests and operations on tribal lands; uncertainties associated with estimating oil and natural gas reserves; economic risk of finding and producing reserves at a reasonable cost; uncertainties associated with partner plans and approvals; operational matters related to non-operated properties; increased competition for, among other things, capital, acquisitions of reserves and undeveloped lands; competition for and availability of qualified personnel or management; incorrect assessments of the value of acquisitions and exploration and development programs; unexpected geological, technical, drilling, construction and processing problems; availability of insurance; fluctuations in foreign exchange and interest rates; stock market volatility; failure to realize the anticipated benefits of acquisitions; general economic, market and business conditions; uncertainties associated with regulatory approvals; uncertainty of government policy changes; uncertainties associated with credit facilities and counterparty credit risk; and changes in income tax laws, tax laws, crown royalty rates and incentive programs relating to the oil and gas industry; and other factors, many of which are outside the control of Crescent Point. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Crescent Point’s future course of action depends on management’s assessment of all information available at the relevant time.

Additional information on these and other factors that could affect Crescent Point’s operations or financial results are included in Crescent Point’s reports on file with Canadian and U.S. securities regulatory authorities. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed herein or otherwise. Crescent Point undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so pursuant to applicable law. All subsequent forward-looking statements, whether written or oral, attributable to Crescent Point or persons acting on the Company’s behalf are expressly qualified in their entirety by these cautionary statements.

Crescent Point shares are traded on the Toronto Stock Exchange and New York Stock Exchange, both under the symbol CPG.