2009-08-11-2007-10-01

To acquire co., gaining 57% WI in 850 gross wells with 365,000 gross undeveloped acres (208,000 net). Production 4,300 BOE/d (72% oil); Proved/probable 12.7 MMBOE.

Crescent Point Energy Trust, Calgary, (Toronto: CPG-UN) plans to acquire Innova Exploration Ltd., Calgary, (Toronto: IXL) for approximately C$400 million. Crescent Point will acquire 44.8 million shares at C$7.55 each, a 30% premium above Innova's 20-day average trading price of C$5.79, and will assume approximately C$60 million in debt. The deal values Innova's production at C$93,000 per flowing barrel of oil equivalent per day and C$26.67 per proved barrel equivalent. Innova has an average 57% working interest in 850 gross wells in Saskatchewan, Alberta and British Columbia, with 365,000 gross undeveloped acres (208,000 net). Production is 4,300 barrels equivalent per day (72% oil). Proved and probable reserves as of Dec. 31 were 12.7 million barrels equivalent. GMP Securities LP is financial advisor to Innova.