The Board of Directors (the “Board”) of Crescent Point Energy Corp.
("Crescent Point" or the "Company") (TSX:CPG) (NYSE:CPG) and Mr.
Scott Saxberg are pleased to announce that Mr. Craig Bryksa has
taken over as interim President and Chief Executive Officer (“CEO”)
of Crescent Point. As part of the transition, Mr. Bryksa has also
replaced Mr. Saxberg on the Board as a Director of the Company.
The Board would like to express its gratitude to Mr. Saxberg,
one of the founding members of Crescent Point, for his significant
contributions to the Company since 2001. Under Mr. Saxberg’s
leadership, Crescent Point has grown its production to over 180,000
boe/d and evolved into one of the largest independent light crude
oil producers in North America. Mr. Saxberg’s vision and commitment
since inception resulted in the Company controlling dominant
positions within a high-quality asset base. Crescent Point’s
operational success is built on an innovative culture with high
employee satisfaction. The Company is also a leader in the
community, and through its environmental initiatives, has achieved
emissions intensity approximately 40 percent lower than its
Canadian peers. Mr. Saxberg has received notable recognition over
the years, including being named to Globe and Mail’s Top 40 Under
40, Producer of the Year in Oilweek magazine and Saskatchewan Oil
Man of the Year.
Mr. Bryksa, formerly Vice President, Engineering West with
Crescent Point, is a professional engineer with a deep knowledge
and understanding of the Company’s asset base. Mr. Bryksa has been
directly responsible for the operations of each of Crescent Point’s
core areas throughout his 12 year history with the organization.
Most recently, he was responsible for overseeing the operating
activities for the Company’s Shaunavon, Uinta Basin, North Dakota,
Viking, Swan Hills and other Alberta resource plays, including the
East Shale Duvernay. During his time with Crescent Point, Mr.
Bryksa has demonstrated strong leadership skills and has
continually assumed increased responsibilities at the executive
level.
“I’m proud of what Crescent Point has accomplished,” said Mr.
Saxberg. “We built a company from scratch to over 180,000 boe/d and
in doing so, we have rewarded our shareholders with $7.5 billion in
dividends. After 15 years as the CEO, it’s time for me to move on
and I’m confident and excited for Craig and the team to oversee
Crescent Point’s long-term success.”
The Company will prioritize key value drivers, including
continuing improvement of the balance sheet, capital allocation,
cost reductions, strong rates of return on capital employed and
free cash flow generation. These key areas of focus are expected to
improve Crescent Point’s sustainability and debt adjusted per share
metrics.
In addition to this management change, the Board remains
committed to its ongoing renewal process to ensure new ideas are
recognized within a group of directors with diverse skillsets and
experiences.
The Company and the Board would like to thank its shareholders
for their ongoing support. For more background information on our
management team and Board of Directors, please visit
http://www.crescentpointenergy.com/about-us.
Non-GAAP Financial Measures
In this press release, the Company uses the terms “return on
capital employed” and “free cash flow generation”. These terms do
not have standardized meaning as prescribed by IFRS and, therefore,
may not be comparable with the calculation of similar measures
presented by other issuers.
Return on capital employed is defined as return on average
capital employed and is calculated as earnings before interest and
taxes divided by average capital employed. Free cash flow is
calculated as funds flow from operations less capital
expenditures.
Forward-Looking Statements and Other
Matters
Certain statements contained in this press release constitute
"forward-looking statements" within the meaning of section 27A of
the Securities Act of 1933 and section 21E of the Securities
Exchange Act of 1934 and "forward-looking information" for the
purposes of Canadian securities regulation
(collectively, "forward-looking statements"). The Company has tried
to identify such forward-looking statements by use of such
words as "could", "should", "can", "anticipate", "expect",
"believe", "will", "may", "intend", "projected", "sustain",
"continues", "strategy", "potential", "projects", "grow", "take
advantage", "estimate", "well-positioned" and other similar
expressions, but these words are not the exclusive means of
identifying such statements.
In particular, this press release contains forward-looking
statements pertaining, among other things, to the following: the
Company’s plans to prioritize key value drivers and how these key
areas of focus are expected to improve Crescent Point’s
sustainability and debt adjusted per share metrics; and the Board’s
ongoing commitment to its renewal process.
All forward-looking statements are based on Crescent Point’s
beliefs and assumptions based on information available at the time
the assumption was made. Crescent Point believes that the
expectations reflected in these forward-looking statements are
reasonable, but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements
included in this report should not be unduly relied upon. By their
nature, such forward-looking statements are subject to a number of
risks, uncertainties and assumptions, which could cause actual
results or other expectations to differ materially from those
anticipated, expressed or implied by such statements, including
those material risks discussed in the Company’s Annual Information
Form for the year ended December 31, 2017 under "Risk Factors," in
our Management’s Discussion and Analysis for the year ended
December 31, 2017, under the headings "Risk Factors" and
"Forward-Looking Information" and for the quarter ended March 31,
2018 under “Derivatives”, “Liquidity and Capital Resources”,
“Changes in Accounting Policy” and “Outlook”. The material
assumptions are disclosed in the Management’s Discussion and
Analysis for the year ended December 31, 2017, under the headings
"Capital Expenditures", "Liquidity and Capital Resources",
"Critical Accounting Estimates", "Risk Factors", "Changes in
Accounting Policies" and "Outlook" and are disclosed in the
Management’s Discussion and Analysis for the quarter ended March
31, 2018 under the headings “Derivatives”, “Liquidity and
Capital Resources”, “Changes in Accounting Policy” and “Outlook”.
The impact of any one risk, uncertainty or factor on a particular
forward-looking statement is not determinable with certainty as
these are interdependent and Crescent Point’s future course of
action depends on management’s assessment of all information
available at the relevant time.
Additional information on these and other factors that could
affect Crescent Point’s operations or financial results are
included in Crescent Point’s reports on file with Canadian and U.S.
securities regulatory authorities. Readers are cautioned not to
place undue reliance on this forward-looking information, which is
given as of the date it is expressed herein or otherwise. Crescent
Point undertakes no obligation to update publicly or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, unless required to do so pursuant to
applicable law. All subsequent forward-looking statements, whether
written or oral, attributable to Crescent Point or persons acting
on the Company’s behalf are expressly qualified in their entirety
by these cautionary statements.
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 |
Toll-free (US and
Canada): 888-693-0020 |
Fax: |
(403) 693-0070
|
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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