Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX:CPG) (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 61,663,522 common shares, or 10 percent of the Company's public float, as at February 29, 2024. The NCIB is scheduled to commence on March 11, 2024 and is due to expire on March 10, 2025.

Purchases of Crescent Point's common shares under the NCIB may be made through the facilities of the TSX, the New York Stock Exchange ("NYSE") and alternative trading systems by means of open market transactions or by such other means as may be permitted by the Canadian Securities Administrators ("CSA") 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 CSA. 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 February 29, 2024, the Company had a public float of 616,635,222 common shares and 619,949,490 common shares issued and outstanding. Crescent Point will not acquire, through the facilities of the TSX, more than 808,795 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 3,235,182 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 at 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.

Under its current NCIB that expires March 8, 2024, Crescent Point has repurchased, as at February 29, 2024, an aggregate 30,775,500 common shares out of a permitted 54,605,659 common shares, at a weighted average price of $10.17 per share. These repurchases were all made in open market transactions. The Company evaluates share repurchases as a means of enhancing shareholder value as part of its return of capital framework, which targets to return 60 percent of its excess cash flow and believes that the repurchase of shares is an effective use by the Company of its funds and is in the best interest of its shareholders.

Crescent Point Receives Approval For Normal Course Issuer Bid To Purchase, For Cancellation, Up To 61,663,522 Common Shares, Or 10% Of The Company's Public Float, As At February 29, 2024