Crescent Point Reinforces Its Current Plan for Change
April 20 2018 - 3:51PM
Crescent Point Energy Corp. ("Crescent Point" or the "Company")
(TSX:CPG) and (NYSE:CPG) reaffirms its strategic plan and successes
prior to its Annual General Meeting (“AGM”) on May 4, 2018. The
Company recommends that shareholders vote for its director nominees
and other items for consideration on the WHITE proxy or Voting
Instruction Form.
Crescent Point has made, and continues to make, strategic
decisions that are focused on creating long-term shareholder value
while maintaining a strong balance sheet supported by an ongoing
and disciplined hedging program. The Company’s efforts are already
underway and are expected to be additive to its detailed five-year
plan forecasted to deliver strong per share growth within cash
flow.
KEY CHANGES IMPLEMENTED AND UNDERWAY
- Increasing growth in high-productivity new play development in
the Uinta Basin and East Shale Duvernay
- Increased free cash flow as earlier-stage assets continue to
develop
- Focused on debt reduction, including both large and small
non-core asset dispositions that are currently in the
marketplace
- Realized capital cost reductions of greater than 40 percent and
expect additional capital efficiency improvements as development
continues in earlier stage resource plays
- Positioned for significant organic growth with over 4 million
net acres of land and approximately 8,100 net risked locations
- Added seven new independent board members and aligned
compensation plan based on shareholder engagement
Crescent Point is focused on achieving its core business goals
and strongly believes that its current board, including its most
recent additions, is the right board to do so. The Company’s
current director nominees have been assembled through a thoughtful
and deliberate process that has resulted in seven new independent
directors since 2014. Crescent Point is committed to maintaining a
highly-qualified and experienced board that targets a balance
between directors with history and knowledge of the Company and
those with new ideas and different skill sets. On that basis, both
Mr. Jackson and Mr. Rene Amirault are extremely valuable members of
Crescent Point’s Board of Directors.
VOTING CONSIDERATIONS
Crescent Point would also like to express its disappointment
with the recent report issued by Institutional Shareholder Services
Inc. (“ISS”). The Company fundamentally disagrees that a slate of
directors, which does not have a plan nor add any incremental
value, can be nominated at the last minute onto an independent
board of directors. Crescent Point reiterates its concern that both
Mr. Pinder and Mr. Howe have significant conflicts of interest, are
near the board’s retirement age threshold and do not represent the
refreshed board sought as part its ongoing renewal process. In
addition to Mr. Howe’s lack of oil and gas experience, the Company
questions Mr. Pinder’s long-term commitment to Crescent Point as he
sits on multiple boards with competing interest.
Crescent Point strongly encourages shareholders to vote for its
recommended slate of director nominees at its upcoming AGM. The
Company has taken much care to select its board, including Mr.
Jackson, a seasoned oil and gas expert with over 30 years of
experience advising on oil and gas transactions, and Mr. Amirault,
the President and CEO of Secure Energy Services.
Shareholders are encouraged to read Crescent Point’s entire
investor presentation for a complete understanding of the company's
strategy and the board's effective stewardship. More information on
the Company’s candidates and voting details can be found here:
http://vote.crescentpointenergy.com.
Voting for Crescent Point’s AGM is now open. The Company
recommends that shareholders vote FOR ALL of its nominees other
items for consideration by voting the WHITE Proxy or Voting
Instruction Form. If shareholders have already voted the
WHITE Proxy, there is no need to vote again. Do not vote the Blue
Proxy or Voting Instruction Form sent by Cation.
The last day to vote is Wednesday, May 2 at 10:00 a.m. (MDT). If
shareholders have questions or need help voting, they can contact
Kingsdale Advisors at 1-888-518-6559 or
contactus@kingsdaleadvisors.com. There is a team standing by to
help.
CRESCENT POINT ENERGY CORP.
FOR MORE INFORMATION ON CRESCENT POINT ENERGY, PLEASE
CONTACT:
Ken Lamont, Chief Financial Officer, or Brad Borggard, Vice
President, Corporate Planning and Investor Relations
Telephone: (403)
693-0020 |
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Toll-free (US &
Canada): 888-693-0020 |
Fax:
(403) 693-0070 |
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Website: www.crescentpointenergy.com |
Crescent Point shares are traded on the Toronto Stock
Exchange and New York Stock Exchange under the symbol
CPG.
Crescent Point Energy Corp.Suite 2000, 585 - 8th
Avenue S.W.Calgary, Alberta T2P 1G1
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