Crescent Point Receives Approval for Normal Course Issuer Bid

CALGARY, Jan. 23, 2019 /CNW/ – Crescent Point Energy Corp. (“Crescent Point” or the “Company”) (TSX and NYSE: CPG) is pleased to announce the Toronto Stock Exchange (“TSX”) has accepted its notice to implement a normal course issuer bid (“NCIB”) to purchase, for cancellation, up to 38,424,678 common shares, or seven percent of the Company’s public float, as at January 14, 2019. The NCIB is scheduled to commence on January 25, 2019 and is due to expire on January 24, 2020.

“We believe share repurchases provide an accretive form of returning capital to shareholders at current share prices,” said Craig Bryksa, President and CEO of Crescent Point. “We will be disciplined during the execution of this repurchase program, which will be funded within cash flow. In the current commodity price environment, the Company plans to allocate excess cash flow to debt reduction, share repurchases or a combination thereof.”

Purchases of Crescent Point’s common shares under the NCIB may be made through the facilities of the TSX, the New York Stock Exchange (the “NYSE”) and alternative trading systems by means of open market transactions or by such other means as may be permitted by the TSX and under applicable securities laws, including by private agreement pursuant to issuer bid exemption orders issued by applicable securities regulatory authorities. The price the Company will pay for any common shares will be the market price at the time of purchase or such other price as may be permitted by the TSX. Any private purchase made under an exemption order issued by a securities regulatory authority will generally be at a discount to the prevailing market price.

In connection with the NCIB, Crescent Point will enter into an automatic purchase plan (“Plan”) with its designated broker to allow for purchases of its common shares during internal blackout periods. Such purchases would be at the discretion of the broker based on parameters established by the Company prior to any blackout period or any period when it is in possession of material undisclosed information. Outside of these periods, common shares will be repurchased in accordance with management’s discretion, subject to applicable law. The Plan has been reviewed by the TSX and may be terminated by Crescent Point or its broker in accordance with its terms, or will terminate on the expiry of the NCIB.

As of January 14, 2019, the Company had a public float of 548,923,981 common shares and 550,611,816 common shares issued and outstanding. Crescent Point will not acquire, through the facilities of the TSX, more than 1,022,228 common shares during a trading day, being 25 percent of the average daily trading volume of the Company’s common shares on the TSX for the six calendar months prior to the date of approval of the NCIB by the TSX (being 4,088,914 common shares), and, in addition, will not acquire per day on the NYSE more than 25 percent of the average daily trading volume for the four calendar weeks preceding the date of purchase, subject to, in both cases, certain exceptions for block purchases.

The actual number of common shares that will be repurchased under the NCIB, and the timing of any such purchases, will be determined by Crescent Point on management’s discretion, subject to applicable securities laws. There cannot be any assurances as to how many common shares, if any, will ultimately be acquired by the Company.

Crescent Point is a leading North American light oil producer, driven to enhance shareholder returns by cost-effectively developing a focused asset base in a responsible and sustainable manner.