Mr. Shant Madian reports

CRESCENT POINT ANNOUNCES $500 MILLION BOUGHT DEAL OFFERING OF COMMON SHARES

Crescent Point Energy Corp. has entered into an agreement with a syndicate of underwriters co-led by BMO Capital Markets and RBC Capital Markets under which the underwriters have agreed to purchase, on a bought deal basis, 48.55 million Crescent Point common shares at $10.30 per common share for aggregate gross proceeds of approximately $500-million.

Crescent Point intends to use the net proceeds from the offering to partially finance the cash portion of the consideration payable in connection with the acquisition of Hammerhead Energy Inc., an oil- and liquids-rich Alberta Montney producer, which was announced today in a separate news release issued by Crescent Point. Total consideration for the transaction is approximately $2.55-billion.

Closing of the offering is expected to occur on or about Nov. 10, 2023. Crescent Point has also granted the underwriters an overallotment option to purchase, on the same terms and conditions of the offering, up to an additional 15 per cent of the common shares issued in connection with the offering. The overallotment option is exercisable, in whole or in part, by the underwriters at any time until and including 30 days after closing of the offering. The maximum gross proceeds raised under the offering will be approximately $575-million, in the event the overallotment option is fully exercised.

The closing of the offering is not conditional upon the completion of the transaction. If the transaction is not completed, Crescent Point intends to use the net proceeds from the offering to reduce existing indebtedness, finance future growth opportunities, including acquisitions, finance its capital expenditures or for other general corporate purposes.

The common shares will be offered to the public through the underwriters and their affiliates by way of a prospectus supplement to Crescent Point's short form base shelf prospectus dated Nov. 3, 2023, filed with the securities regulatory authorities in each of the provinces of Canada and included in its registration statement on Form F-10 filed with the U.S. Securities and Exchange Commission (SEC). The offering is made only by the prospectus. The prospectus contains important detailed information about the securities being offered. Before investing, prospective purchasers should read the prospectus supplement, the prospectus and the documents incorporated by reference therein for more complete information about Crescent Point and the offering.

A copy of the prospectus is, and a copy of the prospectus supplement will be, available free of charge on SEDAR and on the SEC website. Alternatively, copies may be obtained upon request in Canada by contacting BMO Nesbitt Burns Inc., Brampton distribution centre care of the Data group of companies, 9195 Torbram Rd., Brampton, Ont., L6S 6H2, by telephone at 905-791-3151, extension 4312, or by e-mail at torbramwarehouse@datagroup.ca, and in the United States by contacting BMO Capital Markets Corp., attention: equity syndicate department, 151 W 42nd St., 32nd Floor, New York, N.Y., 10036, or by telephone at 800-414-3627 or by e-mail at bmoprospectus@bmo.com. Additionally, copies of these documents may be obtained upon request in Canada from RBC Capital Markets, attention: distribution centre, RBC Wellington Square, eighth floor, 180 Wellington St. West, Toronto, Ont., M5J 0C2, at phone: 416-842-5349; e-mail: Distribution.RBCDS@rbccm.com and in the United States from RBC Capital Markets LLC, 200 Vesey St., eighth floor, New York, N.Y., 10281-8098; attention: equity syndicate; phone: 877-822-4089; e-mail: equityprospectus@rbccm.com.

We seek Safe Harbor.