CALGARY, AB,
March 20,
2024 /PRNewswire/ - Crescent Point Energy Corp.
("Crescent Point" or the "Company") (TSX: CPG) (NYSE: CPG)
announced today that it intends to change its name to Veren Inc.
("Veren") and will seek shareholder approval for the change at its
upcoming Annual and Special Meeting of Shareholders ("AGM") on
May 10, 2024.
"Our new name and logo represent the culmination of our
remarkable transformation over the last several years and better
reflect the notable improvements we have made to our business,"
said Craig Bryksa, President and CEO
of Crescent Point. "Our portfolio now boasts a top-quartile asset
base with significant inventory. In addition to strengthening our
long-term excess cash flow and return of capital profile for
shareholders, we have also bolstered our ESG practices including
enhanced governance, environmental stewardship, safety practices
and community involvement. Through our hard work, we have reached a
turning point and are on a new and exciting trajectory. It is now
time to embrace a new brand that is representative of our promising
future and our purpose statement of Bringing Energy To Our World –
The Right Way."
The name Veren combines the Latin word for 'truth' –
veritas – and 'energy'. The Company will formally adopt the
new name and visual identity upon receiving all necessary
shareholder and regulatory approvals. The Company's common shares
will begin trading on the Toronto
and New York stock exchanges under
the symbol 'VRN', shortly after shareholder approval is received,
with further details to be provided at a later date.
Forward-Looking
Information
This press release contains certain information that is
forward-looking and is subject to important risks and uncertainties
(such statements are usually accompanied by words such as
"anticipate", "expect", "believe", "may", "will", "should",
"estimate", "intend" or other similar words). Forward-looking
statements in this press release are intended to provide Crescent
Point security holders and potential investors with information
regarding Crescent Point and its subsidiaries, including
management's assessment of Crescent Point's and its subsidiaries'
future plans and financial outlook. All forward-looking statements
reflect Crescent Point's beliefs and assumptions based on
information available at the time the statements were made and as
such are not guarantees of future performance. Readers are
cautioned not to place undue reliance on this forward-looking
information, which is given as of the date it is expressed in this
news release, and not to use future-oriented information or
financial outlooks for anything other than their intended purpose.
Crescent Point undertakes no obligation to update or revise any
forward-looking information except as required by law. For
additional information on the assumptions made, and the risks and
uncertainties which could cause actual results to differ from the
anticipated results, refer to our Annual Information Form for the
year ended December 31, 2023 under "Risk Factors" and our
MD&A for the year ended December 31, 2023, under the
headings "Risk Factors" and "Forward-Looking Information", "Capital
Expenditures", "Liquidity and Capital Resources", "Critical
Accounting Estimates", "Risk Factors", "Changes in Accounting
Policies" and "Guidance" filed under Crescent Point's profile on
SEDAR+ at www.sedarplus.ca and with the U.S. Securities
and Exchange Commission at www.sec.gov.
FOR MORE INFORMATION ON CRESCENT POINT ENERGY, PLEASE
CONTACT:
Shant Madian, Vice
President, Capital Markets, or
Sarfraz Somani, Manager,
Investor Relations
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.