Riverstone Invests in Shelter Bay Energy

New York – Riverstone Holdings LLC, a private equity firm focused exclusively on the energy sector, announced it will provide capital to fund the growth of Shelter Bay Energy, Inc., a privately held exploration and production company focused in the Bakken light oil play in southeast Saskatchewan. The investment is part of Shelter Bay’s plans to raise C$625 million. Riverstone is joined by Kelso & Company, Crescent Point Energy Trust, Goldman Sachs, and Trafelet & Company. Terms were not disclosed.

Shelter Bay, based in Calgary, Alberta, was recently formed by Crescent Point Energy Trust, a publicly traded Canadian income trust, and will be managed through a Technical Services Agreement with Crescent Point. Immediately following the investment, Shelter Bay will complete its previously announced acquisition of Landex Petroleum Corporation, an oil and gas production company with operations and assets in southeast Saskatchewan.

David Leuschen, Founder and Managing Director of Riverstone, commented, “Shelter Bay represents a compelling opportunity for Riverstone and its partners to invest with a leading operator in the Saskatchewan Bakken, one of the most promising conventional oil plays in western Canada. This investment is consistent with Riverstone’s objective to partner with proven management teams that possess strong track records with basin-focused operating expertise. We are pleased to be joined in this investment by Kelso, Goldman Sachs, Crescent Point Energy Trust, and Trafelet. We look forward to working together to grow Shelter Bay into a premier southeast Saskatchewan Bakken oil and gas company.”

Scott Saxberg, CEO of Crescent Point and Shelter Bay, commented, “We are very excited about our investment in Shelter Bay, and are grateful for the strong response we have received from Crescent Point’s existing investors and Shelter Bay’s financial partners. We are encouraged that world class investors such as Riverstone, Kelso, Goldman Sachs and Trafelet, who have capitalized Shelter Bay, have recognized the significant potential of the Bakken light play in southeast Saskatchewan. We believe Shelter Bay represents a compelling investment opportunity for existing Crescent Point shareholders, and we look forward to growing Shelter Bay through acquisitions, development and drilling.”

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About Riverstone Holdings LLC
Riverstone Holdings LLC is a New York-based energy and power focused private equity firm founded in 2000. Riverstone conducts buyout and growth capital investments in the midstream, upstream, power, oilfield services, and renewable sectors of the energy industry. To date, the firm has committed more than $8 billion to 47 investments across these five sectors, representing companies with nearly $70 billion of assets. For more information, visit www.riverstonellc.com.

About Crescent Point
Crescent Point Energy Trust is a Calgary, Alberta-based income trust with operations consisting of light and medium oil and natural gas assets strategically focused in core areas in central / southern Alberta and southern Saskatchewan. Since 2001, the Trust has grown production from 275 boe/d to more than 35,000 boe/d today. Crescent Point’s properties are characterized by high concentrations of oil or gas in place, providing for economies of scale and leading to reduced operating costs, focused and efficient operations, and cost effective capital development programs. Over 75 percent of the Trust’s production is located in southern Saskatchewan, with Crescent Point being the largest producer in southeast Saskatchewan. For more information on Crescent Point, see www.crescentpointenergy.com.

About Shelter Bay Energy
Crescent Point announced its investment in Shelter Bay on January 14, 2008. Shelter Bay, a private corporation which will be managed through a Technical Services Agreement with Crescent Point, will accelerate development of the Bakken light oil resource play in southeast Saskatchewan. Under the Technical Services Agreement, management structure of Shelter Bay is expected to be as follows: Scott Saxberg – CEO; C. Neil Smith – President; Ken Lamont –CFO; Tamara MacDonald – VP, Land; Ryan Gritzfeldt – VP, Production; and Derek Christie – VP, Exploration.

About Kelso & Company
Kelso & Company has been involved in leveraged acquisitions both as principal and as financial advisor since 1971. The Firm makes equity investments on behalf of investment partnerships, which it manages. Since 1980, Kelso has invested in more than 90 companies with total capitalization of more than $31 billion. For more information on Kelso, visit www.kelso.com.

About Trafelet & Company
Trafelet & Company, LLC was founded in June of 2000. Trafelet & Company, LLC serves as the general partner to Trafelet Capital Management, LP. Trafelet has offices in New York City and London.

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