Crescent Point Energy Corp. has entered into an arrangement agreement to complete the strategic Lower Shaunavon consolidation acquisition of Wave Energy Ltd., a private oil and gas producer.

Wave currently has the largest land position in the Lower Shaunavon resource play in southwest Saskatchewan, with more than 150 net sections of land and access to original oil in place ("OOIP") estimated by the Company at more than 1.0 billion net barrels. Under the terms of the Wave Arrangement, Wave shareholders will receive 0.21 of a Crescent Point share for each Wave share, or approximately $7.28 per Wave share based on a five day weighted average trading price of $34.68 per Crescent Point share. With the successful completion of the Wave Arrangement, Crescent Point will control a total of 259 net sections in the strategic core of the Lower Shaunavon resource play.

Crescent Point has also closed one agreement and entered into a second agreement (collectively, the "Asset Acquisitions") to acquire producing assets in southeast and southwest Saskatchewan (the "Assets") for consideration of approximately $258.5 million of cash. The Assets produce approximately 3,750 boe/d, 73 percent of which is light and medium crude oil, including 450 boe/d in the southeast Saskatchewan Bakken light oil resource play.

Crescent Point also announces a $100 million increase to its 2009 capital spending plans, increasing planned capital expenditures to $325 million. The increase in planned spending is expected to be directed towards the Company's Bakken and Lower Shaunavon resource plays, including the funding of additional drilling and facilities expansion.

Tags: Crescent Point Energy Corp.