CALGARY, March 5, 2020 /CNW/ - Crescent Point Energy Corp.
("Crescent Point" or the "Company") (TSX and 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 36,884,438 common shares, or
seven percent of the Company's public float, as at February 28, 2020. The NCIB is scheduled to
commence on March 9, 2020 and is due
to expire on March 8, 2021.
Purchases of Crescent Point's common shares under the NCIB may
be made through the facilities of the TSX, the New York Stock
Exchange (the "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 (the "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.
Crescent Point believes share repurchases provide an accretive
form of returning capital to shareholders at current share
prices.
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 28, 2020, the
Company had a public float of 526,920,557 common shares and
527,722,179 common shares issued and outstanding. Crescent
Point will not acquire, through the facilities of the TSX, more
than 956,312 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 3,825,250 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 on 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.
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 Company's normal
course issuer bid, the use of cash flow to fund purchases under the
NCIB, the process the Company plans to follow to evaluate purchases
under the NCIB, and the expected benefits to shareholders
associated with the NCIB and the Plan and its operation.
All forward-looking statements are based on Crescent Point's
beliefs and assumptions based on information available at the time
the assumption was made. The Company 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, 2019 under
"Risk Factors," and in our Management's Discussion and Analysis for
the year ended December 31, 2019,
under the headings "Risk Factors" and "Forward-Looking
Information".
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.
FOR MORE INFORMATION ON CRESCENT POINT ENERGY, PLEASE
CONTACT:
Brad Borggard, Senior
Vice President, Corporate Planning and Capital Markets, or
Shant Madian, Vice
President, Investor Relations and Corporate Communications
Telephone: (403) 693-0020 Toll-free (US and Canada): 888-693-0020 Fax: (403)
693-0070
Address: Crescent Point Energy Corp. Suite 2000, 585 - 8th Avenue
S.W. Calgary AB T2P 1G1
www.crescentpointenergy.com
Crescent Point shares are traded on the Toronto Stock Exchange
and New York Stock Exchange under the symbol CPG.
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SOURCE Crescent Point Energy Corp.