/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES./

CALGARY, June 23 /CNW/ - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) is pleased to announce that it has entered into an arrangement agreement (the "Arrangement") to complete the strategic acquisition of Ryland Oil Corporation ("Ryland") (TSXV: RYD), an oil producer with assets primarily located in the Flat Lake area of southeastern Saskatchewan and in North Dakota, United States. Ryland is Crescent Point's working interest partner in the Flat Lake Bakken play and controls more than 475 net sections of land, the majority of which is in southeast Saskatchewan.

Under the terms of the Arrangement, Ryland shareholders will receive 0.0117 Crescent Point shares for each Ryland share, or approximately $0.46 per Ryland share based on the most recent 5 day volume weighted average Crescent Point price of $39.32 per share. This represents a premium of 31 percent to the most recent 5 day volume weighted average Ryland share price of $0.35. Total consideration is approximately $121.8 million, including an estimated $26.4 million of Ryland net debt at closing time.

The Arrangement is expected to close on or before August 20, 2010, and is subject to Ryland shareholder approval, court approval and other conditions typical of transactions of this nature. Ryland directors and officers have agreed to tender their shares pursuant to the Arrangement.

Key attributes of Ryland

- More than 475 net sections of land, almost entirely undeveloped;
- More than 50 net sections of land in the U.S.;
- More than 129 (60.9 net) internally identified drilling locations;
- Production of approximately 150 boe/d, nearly all of which is from
the Flat Lake Bakken play; and
- Tax pools estimated at approximately Cdn$85 million.
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To date, Crescent Point and companies acquired by Crescent Point have drilled six successful wells in the Flat Lake area. The Company has budgeted to drill up to eight more by year-end 2010 to further delineate the play.

"We see great potential in the Flat Lake Bakken pool, which is an extension of the Bakken play in the U.S.," said Scott Saxberg, President and CEO of Crescent Point. "This acquisition of our only partner in the play allows us to fully manage the development of the area and adds a U.S. land base of over 50 net sections in the Bakken."

FINANCIAL ADVISORS

BMO Capital Markets acted as financial advisor and FirstEnergy Capital Corp. acted as strategic advisor to Crescent Point, and GMP Securities L.P. acted as financial advisor to Ryland."

Cheers; Scott