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Crescent Point Energy Corp. Q2-2018 Earnings & Price Target Update

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Crescent Point has acquired and developed 1B boe of reserves (p+p) as of Dec-31-2017 with emphasis on water flood recovery methods. By area, 57% of reserves are located in the Bakken region in south eastern Saskatchewan and North Dakota and 24% in the Shaunavon areas in southwest Saskatchewan, and 12% in the Utah (Unita Basin) with the balance in Alberta. The production mix is 90% oil and NGLs and 10% natural gas.

Capital Development & Reserves

Reserves as of Dec-31-2015 were 936M boe compared to 958M boe as Dec-31-2016. The 2017 capital budget was expected to replace 121M boe compared to production of 60.3M boe resulting in forecast reserves increased to 997M boe at Dec-31-2017 compared to actual of 1,004B boe. The forecast capital development budget to 2018 is $1.595B; land acquisition is $180M. This is forecast to add 75M boe compared to production of 66M boe. Total reserves as of Dec-31-2017, net of disposition are expected to remain at 1B boe. Based on oil prices of $(US)75.00 per boe, natural gas at $1.75 per mcf and a Cdn-USD exchange rate of 0.78 our value per share based on net realizable of reserves(p+p) is $16.00. This excludes contingent reserves.

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