Exhibit  99.2


MANAGEMENT'S REPORT





MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING


The management of Crescent Point Energy Corp. is responsible for the preparation of the consolidated financial statements. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and include certain estimates that reflect management’s best estimates and judgments. Management has determined such amounts on a reasonable basis in order to determine that the consolidated financial statements are presented fairly in all material respects.


PricewaterhouseCoopers LLP, an independent firm of chartered accountants, was appointed by a resolution of the Board of Directors to audit the consolidated financial statements of the Company and to provide an independent professional opinion. PricewaterhouseCoopers LLP was appointed to hold such office until the next annual meeting of the shareholders of the Company.


The Board of Directors, through its Audit Committee, has reviewed the consolidated financial statements including notes thereto with management and PricewaterhouseCoopers LLP. The members of the Audit Committee are composed of independent directors who are not employees of the Company. The Audit Committee meets regularly with Management and PricewaterhouseCoopers LLP to review and approve the consolidated financial statements. The Board of Directors has approved the information contained in the consolidated financial statements based on the recommendation of the Audit Committee.





MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING


Management has developed and maintains an extensive system of internal accounting controls that provide reasonable assurance that all transactions are accurately recorded, that the consolidated financial statements realistically report the Company’s operating and financial results, and that the Company’s assets are safeguarded. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.


Management has assessed the effectiveness of the Company's internal control over financial reporting as at December 31, 2014. The assessment was based on the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") framework in Internal Control - Integrated Framework (2013) to evaluate the design and effectiveness of internal control over financial reporting. Management concluded that this system of internal controls was effective as of December 31, 2014. The Company has effective disclosure controls and procedures to ensure timely and accurate disclosure of material information relating to the Company which complies with the requirements of Canadian securities legislation and the United States Sarbanes - Oxley Act of 2002.


PricewaterhouseCoopers LLP, an independent firm of chartered accountants who also audited the Company's consolidated financial statement for the year ended December 31, 2014, has audited the the effectiveness of the Company's internal control over financial reporting as at December 31, 2014.





Scott SaxbergPresident and Chief Executive OfficerGreg TisdaleChief Financial Officer





March 10, 2015









































CRESCENT POINT ENERGY CORP.1


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INDEPENDENT AUDITOR’S REPORT








To the Shareholders of Crescent Point Energy Corp.


We have completed an integrated audit of Crescent Point Energy Corp. and its subsidiaries’ (together the “Corporation”) December 31, 2014 consolidated financial statements and their internal control over financial reporting as at December 31, 2014 and an audit of their December 31, 2013 consolidated financial statements. Our opinions, based on our audits, are presented below.





Report on the consolidated financial statements


We have audited the accompanying consolidated financial statements of the Corporation, which comprise the consolidated balance sheets as at December 31, 2014 and December 31, 2013 and the consolidated statements of comprehensive income, changes in shareholders’ equity and cash flows for the years then ended, and the related notes, which comprise a summary of significant accounting policies and other explanatory information.





Management’s responsibility for the consolidated financial statements


Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.





Auditor’s responsibility


Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audit as at December 31, 2014 and for the year then ended in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States). We conducted our audit as at December 31, 2013 and for the year then ended  in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. Canadian generally accepted auditing standards also require that we comply with ethical requirements.


An audit involves performing procedures to obtain audit evidence, on a test basis, about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the company’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting principles and policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.


We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion on the consolidated financial statements.





Opinion


In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Crescent Point Energy Corp. and its subsidiaries as at December 31, 2014 and December 31, 2013 and their financial performance and cash flows for the years then ended in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.





Report on internal control over financial reporting


We have also audited the Corporation’s internal control over financial reporting as at December 31, 2014, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).





Management’s responsibility for internal control over financial reporting


Management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s report on internal control over financial reporting.





Auditor’s responsibility


Our responsibility is to express an opinion on the company’s internal control over financial reporting based on our audit. We conducted our audit of internal control over financial reporting in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.


CRESCENT POINT ENERGY CORP.2


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An audit of internal control over financial reporting includes obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we consider necessary in the circumstances.


We believe that our audit provides a reasonable basis for our audit opinion on the company’s internal control over financial reporting.





Definition of internal control over financial reporting


A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.





Inherent limitations


Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.





Opinion


In our opinion, Crescent Point Energy Corp. and its subsidiaries maintained, in all material respects, effective internal control over financial reporting as at December 31, 2014, based on criteria established in Internal Control - Integrated Framework (2013) issued by COSO.














(signed)


PricewaterhouseCoopers LLP


Chartered Accountants


Calgary, Alberta


March 10, 2015














CRESCENT POINT ENERGY CORP.3


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CONSOLIDATED BALANCE SHEETS


As at December 31(Cdn$000s)Notes20142013ASSETSCash3,95315,941Accounts receivable418,688352,519Prepaids and deposits6,5195,532Derivative asset23520,6013,126Total current assets949,761377,118Long-term investments549,87874,229Derivative asset23283,37948,098Other long-term assets659,57737,958Exploration and evaluation7, 8622,509688,324Property, plant and equipment8, 914,250,06211,259,147Goodwill10251,919251,919Total assets16,467,08512,736,793LIABILITIESAccounts payable and accrued liabilities839,228789,305Dividends payable14102,69790,849Current portion of long-term debt1193,504-Derivative liability233,38999,388Decommissioning liability1352,28018,469Total current liabilities1,091,098998,011Long-term debt112,849,5701,734,114Derivative liability2321525,846Other long-term liabilities12, 2146,0553,072Decommissioning liability13971,078611,069Deferred income tax201,348,180864,608Total liabilities6,306,1964,236,720SHAREHOLDERS’ EQUITYShareholders’ capital1414,157,51911,990,305Contributed surplus118,045109,564Deficit15(4,357,053)(3,692,437)Accumulated other comprehensive income242,37892,641Total shareholders' equity10,160,8898,500,073Total liabilities and shareholders' equity16,467,08512,736,793


Commitments (Note 25)


See accompanying notes to the consolidated financial statements.


Approved on behalf of the Board of Directors:


Gerald A. RomanzinDirectorD. Hugh GillardDirector





CRESCENT POINT ENERGY CORP.4


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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


For the years ended December 31(Cdn$000s, except per share amounts)Notes20142013REVENUE AND OTHER INCOMEOil and gas sales4,210,1123,526,448Royalties(750,206)(644,240)Oil and gas revenue3,459,9062,882,208Derivative gains (losses)17, 23776,048(202,747)Other loss18(24,351)(10,064)4,211,6032,669,397EXPENSESOperating647,713505,060Transportation117,62295,317General and administrative91,62767,466Interest on long-term debt103,92177,754Foreign exchange loss19124,36264,505Share-based compensation2169,68167,752Depletion, depreciation, amortization and impairment7, 92,222,5561,558,899Accretion on decommissioning liability1321,18714,1623,398,6692,450,915Net income before tax812,934218,482Tax expenseCurrent2067173Deferred20303,97373,433Net income508,894144,876Other comprehensive incomeItems that may be subsequently reclassified to profit or lossForeign currency translation of foreign operations149,73793,920Comprehensive income658,631238,796Net income per share22Basic1.220.38Diluted1.210.37


See accompanying notes to the consolidated financial statements.


CRESCENT POINT ENERGY CORP.5


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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY


(Cdn$000s, except per share amounts)NotesShareholders’ capitalContributed surplusDeficitAccumulated other comprehensive income (loss)Total shareholders’ equityDecember 31, 201311,990,305109,564(3,692,437)92,6418,500,073Issued for cash14800,079800,079Issued on capital acquisitions14974,164974,164Issued pursuant to the DRIP(1)and SDP(2)14339,883339,883Redemption of restricted shares1477,896(79,403)1,118(389)Share issue costs, net of tax(24,808)(24,808)Share-based compensation2188,49388,493Forfeit of restricted shares21(609)(609)Net income508,894508,894Dividends ($2.76 per share)(1,174,628)(1,174,628)Foreign currency translation adjustment149,737149,737December 31, 201414,157,519118,045(4,357,053)242,37810,160,889December 31, 201211,249,168102,755(2,755,832)(1,279)8,594,812Issued pursuant to the DRIP(1)659,140659,140Redemption of restricted shares82,395(82,887)70(422)Share issue costs, net of tax(398)(398)Share-based compensation89,74989,749Forfeit of restricted shares(53)(53)Net income144,876144,876Dividends ($2.76 per share)(1,081,551)(1,081,551)Foreign currency translation adjustment93,92093,920December 31, 201311,990,305109,564(3,692,437)92,6418,500,073


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|(1) | Premium DividendTMand Dividend Reinvestment Plan.

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|(2) | Share Dividend Plan.

See accompanying notes to the consolidated financial statements.


CRESCENT POINT ENERGY CORP.6


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CONSOLIDATED STATEMENTS OF CASH FLOWS


For the years ended December 31(Cdn$000s)Notes20142013CASH PROVIDED BY (USED IN) OPERATING ACTIVITIESNet income508,894144,876Items not affecting cashOther loss1824,35110,064Deferred tax expense303,97373,433Share-based compensation2169,68167,752Depletion, depreciation, amortization and impairment2,222,5561,558,899Accretion on decommissioning liability21,18714,162Unrealized (gains) losses on derivatives17, 23(880,831)111,876Unrealized loss on foreign exchange19121,87660,994Non-cash lease inducement2,540-Decommissioning expenditures(38,043)(11,375)Change in non-cash working capital2799,372(57,349)2,455,5561,973,332INVESTING ACTIVITIESDevelopment capital and other expenditures(2,168,667)(1,746,873)Capital acquisitions, net8(845,597)(127,415)Other long-term assets(21,619)(15,726)Change in non-cash working capital27(81,435)152,173(3,117,318)(1,737,841)FINANCING ACTIVITIESIssue of shares, net of issue costs764,987(1,033)Increase in long-term debt706,162198,547Cash dividends(834,745)(422,411)Change in non-cash working capital2711,8484,667648,252(220,230)Impact of foreign currency on cash balances1,522680INCREASE (DECREASE) IN CASH(11,988)15,941CASH AT BEGINNING OF YEAR15,941-CASH AT END OF YEAR3,95315,941


See accompanying notes to the consolidated financial statements.





Supplementary Information: Cash taxes recovered364-Cash interest paid(105,474)(77,028)





CRESCENT POINT ENERGY CORP.7


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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


December 31, 2014 and 2013


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|1. | STRUCTURE OF THE BUSINESS

The principal undertakings of Crescent Point Energy Corp. (the “Company” or “Crescent Point”) are to carry on the business of acquiring, developing and holding interests in petroleum and natural gas properties and assets related thereto through a general partnership and wholly owned subsidiaries.


Crescent Point is the ultimate parent company and is amalgamated in Alberta, Canada under the Alberta Business Corporations Act. The address of the principal place of business is 2000, 585 - 8 th Ave S.W., Calgary, Alberta, Canada, T2P 1G1.


These annual consolidated financial statements were approved and authorized for issue by the Company's Board of Directors on March 10, 2015.


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|2. | BASIS OF PREPARATION

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|a) | Preparation

These consolidated financial statements are presented under International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). The policies applied in these consolidated financial statements are based on IFRS issued and outstanding as of March 10, 2015, the date the Board of Directors approved the statements.


The Company’s presentation currency is Canadian dollars and all amounts reported are Canadian dollars unless noted otherwise. References to “US$” are to United States dollars. Crescent Point's operations are aggregated into one reportable segment based on the similarities between the Company's Canadian and U.S. operations.


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|b) | Basis of measurement, functional and presentation currency

The Company’s presentation currency is Canadian dollars. The accounts of the Company’s foreign operations that have a functional currency different from the Company’s presentation currency are translated into the Company’s presentation currency at period end exchange rates for assets and liabilities and at the average rate over the period for revenues and expenses. Translation gains and losses relating to the foreign operations are recognized in Other Comprehensive Income (“OCI”) as cumulative translation adjustments.


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|c) | Use of estimates and judgments

The preparation of consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future years affected. Significant estimates and judgments made by management in the preparation of consolidated financial statements are outlined below.


Oil and gas activities


Reserves estimates, although not reported as part of the Company’s consolidated financial statements, can have a significant effect on net income, assets and liabilities as a result of their impact on depletion, depreciation and amortization (“DD&A”), decommissioning liability, deferred taxes, asset impairments and business combinations. Independent petroleum reservoir engineers perform evaluations of the Company’s oil and gas reserves on an annual basis. The estimation of reserves is an inherently complex process requiring significant judgment. Estimates of economically recoverable oil and gas reserves are based upon a number of variables and assumptions such as geoscientific interpretation, production forecasts, commodity prices, costs and related future cash flows, all of which may vary considerably from actual results. These estimates are expected to be revised upward or downward over time, as additional information such as reservoir performance becomes available, or as economic conditions change.


For purposes of impairment testing, property, plant and equipment (“PP&E”) is aggregated into cash-generating units (“CGUs”), based on separately identifiable and largely independent cash inflows. The determination of the Company’s CGUs is subject to judgment. Factors considered in the classification of CGUs include the integration between assets, shared infrastructures, the existence of common sales points, geography, geologic structure and the manner in which management monitors and makes decisions regarding operations.


The determination of technical feasibility and commercial viability, based on the presence of reserves and which results in the transfer of assets from exploration and evaluation ("E&E") to PP&E, is subject to judgment.


Decommissioning liability


Upon retirement of its oil and gas assets, the Company anticipates incurring substantial costs associated with decommissioning. Estimates of these costs are subject to uncertainty associated with the method, timing and extent of future decommissioning activities. The liability, the related asset and the expense are impacted by estimates with respect to the cost and timing of decommissioning.


CRESCENT POINT ENERGY CORP.8


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Business combinations


Business combinations are accounted for using the acquisition method of accounting. The determination of fair value often requires management to make assumptions and estimates about future events. The assumptions and estimates with respect to determining the fair value of PP&E and E&E assets acquired generally require the most judgment and include estimates of reserves acquired, forecast benchmark commodity prices and discount rates. Changes in any of the assumptions or estimates used in determining the fair value of acquired assets and liabilities could impact the amounts assigned to assets, liabilities and goodwill. Future net earnings can be affected as a result of changes in future DD&A, asset impairment or goodwill impairment.


Fair value measurement


The estimated fair value of derivative instruments resulting in derivative assets and liabilities, by their very nature, are subject to measurement uncertainty. Estimates included in the determination of the fair value of derivative instruments include forward benchmark prices, discount rates and forward foreign exchange rates.


Joint control


Judgment is required to determine when the Company has joint control over an arrangement, which requires an assessment of the capital and operating activities of the projects it undertakes with partners and when the decisions in relation to those activities require unanimous consent.


Share-based compensation


Compensation costs recorded pursuant to share-based compensation plans are subject to estimated fair values, forfeiture rates and the future attainment of performance criteria.


Income taxes


Tax regulations and legislation and the interpretations thereof are subject to change. In addition, deferred income tax liabilities recognize the extent that temporary differences will be payable in future periods. The calculation of the liability involves a significant amount of estimation including an evaluation of when the temporary differences will reverse, an analysis of the amount of future taxable earnings, the availability of cash flows and the application of tax laws. Changes in tax regulations and legislation and the other assumptions listed are subject to measurement uncertainty.


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|3. | SIGNIFICANT ACCOUNTING POLICIES

The accounting policies set out below have been applied consistently by the Company and its subsidiaries for all periods presented in these annual consolidated financial statements.


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|a) | Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries and any reference to the “Company” throughout these consolidated financial statements refers to the Company and its subsidiaries. All transactions between the Company and its subsidiaries have been eliminated.


The Company conducts many of its oil and gas production activities through jointly controlled operations and the financial statements reflect only the Company's proportionate interest in such activities. Joint control exists for contractual arrangements governing the Company's assets whereby the Company has less than 100 percent working interest, all of the partners have control of the arrangement collectively, and spending on the project requires unanimous consent of all parties that collectively control the arrangement and share the associated risks. The Company does not have any joint arrangements that are material to the Company or that are structured through joint venture arrangements.


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|b) | Property, Plant and Equipment

Items of PP&E, which primarily consist of oil and gas development and production assets, are measured at cost less accumulated depletion, depreciation and any accumulated impairment losses. Development and production assets are accumulated into major area cost centres and represent the cost of developing the commercial reserves and initiating production.


Costs incurred subsequent to the determination of technical feasibility and commercial viability and the costs of replacing parts of PP&E are recognized as development and production assets only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures are recognized in net income as incurred. Capitalized development and production assets generally represent costs incurred in developing reserves and initiating or enhancing production from such reserves. The carrying amount of any replaced or sold component is derecognized.


Depletion and Depreciation


Development and production costs accumulated within major areas are depleted using the unit-of-production method based on estimated proved plus probable reserves before royalties, as determined by independent petroleum reservoir engineers. Natural gas reserves and production are converted to equivalent barrels of oil based upon the relative energy content (6:1). The depletion base includes capitalized costs, plus future costs to be incurred in developing proved plus probable reserves.


Corporate assets are depreciated over the estimated useful lives of the related assets, ranging from 5 to 16 years on a straight-line basis.


CRESCENT POINT ENERGY CORP.9


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Impairment


The carrying amounts of PP&E are grouped into CGUs and reviewed quarterly for indicators of impairment. Indicators are events or changes in circumstances that indicate the carrying amount may not be recoverable. If indicators of impairment exist, the recoverable amount of the CGU is estimated. If the carrying amount of the CGU exceeds the recoverable amount, the CGU is written down with an impairment recognized in net income.


Assets are grouped into CGUs based on the integration between assets, shared infrastructures, the existence of common sales points, geography, geologic structure and the manner in which management monitors and makes decisions regarding operations. Estimates of future cash flows used in the calculation of the recoverable amount are based on reserve evaluation reports prepared by independent petroleum reservoir engineers. The recoverable amount is the higher of fair value less costs of disposal and the value-in-use. Fair value less costs of disposal is derived by estimating the discounted after-tax future net cash flows. Discounted future net cash flows are based on forecasted commodity prices and costs over the expected economic life of the reserves and discounted using market-based rates to reflect a market participant’s view of the risks associated with the assets. Value-in-use is assessed using the expected future cash flows discounted at a pre-tax rate.


Impairment losses recognized in prior periods, other than goodwill impairments, are assessed at each reporting date for any indicators that the impairment losses may no longer exist or may have decreased. In the event that an impairment loss reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only to the extent that the carrying amount does not exceed the amount that would have been determined, net of depletion, had no impairment loss been recognized on the asset in prior periods. The amount of the reversal is recognized in net income.


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|c) | Exploration and Evaluation

Exploration and evaluation assets are comprised of the accumulated expenditures incurred in an area where technical feasibility and commercial viability has not yet been determined. Exploration and evaluation assets include undeveloped land and any drilling costs thereon.


Technical feasibility and commercial viability are considered to be determinable when reserves are discovered. Upon determination of reserves, E&E assets attributable to those reserves are first tested for impairment and then reclassified from E&E assets to PP&E.


Costs incurred prior to acquiring the legal rights to explore an area are expensed as incurred.


Amortization


Undeveloped land classified as E&E is amortized by major area over the average primary lease term and recognized in net income. Drilling costs classified as E&E assets are not amortized but are subject to impairment.


Impairment


Exploration and evaluation assets are reviewed quarterly for indicators of impairment and upon reclassification from E&E to PP&E. Exploration and evaluation assets are tested for impairment at the operating segment level by combining E&E assets with PP&E. The recoverable amount is the greater of fair value less costs of disposal or value-in-use. Fair value less costs of disposal is derived by estimating the discounted after-tax future net cash flows as described in the PP&E impairment test, plus the fair market value of undeveloped land and seismic. Value-in-use is assessed using the present value of the expected future cash flows discounted at a pre-tax rate.


Impairments of E&E assets are reversed when there has been a subsequent increase in the recoverable amount, but only to the extent of what the carrying amount would have been had no impairment been recognized.


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|d) | Decommissioning Liability

The Company recognizes the present value of a decommissioning liability in the period in which it is incurred. The obligation is recorded as a liability on a discounted basis using the relevant risk free rate, with a corresponding increase to the carrying amount of the related asset. Over time, the liabilities are accreted for the change in their present value and the capitalized costs are depleted on a unit-of-production basis over the life of the underlying proved plus probable reserves. Accretion expense is recognized in net income. Revisions to the discount rate, estimated timing or amount of future cash flows would also result in an increase or decrease to the decommissioning liability and related asset.


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|e) | Reclamation Fund

The Company established a reclamation fund to fund future decommissioning costs and environmental initiatives. Effective April 1, 2014, the Board of Directors approved contributions of $1.00 per barrel of oil equivalent (“boe”) of production. Prior to this, 2014 contributions were $1.10 per boe and 2013 contributions were $0.70 per boe. Additional contributions can be made at the discretion of management.


CRESCENT POINT ENERGY CORP.10


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|f) | Goodwill

The Company records goodwill relating to business combinations when the purchase price exceeds the fair value of the net identifiable assets and liabilities of the acquired business. The goodwill balance is assessed for impairment annually or as events occur that could result in impairment. Goodwill is tested for impairment at an operating segment level by combining the carrying amounts of PP&E, E&E assets and goodwill and comparing this to the recoverable amount. The recoverable amount is the greater of fair value less costs of disposal or value-in-use. Fair value less costs of disposal is derived by estimating the discounted after-tax future net cash flows as described in the PP&E impairment test, plus the fair market value of undeveloped land and seismic. Value-in-use is assessed using the present value of the expected future cash flows discounted at a pre-tax rate. Any excess of the carrying amount over the recoverable amount is the impairment amount. Impairment charges, which are not tax affected, are recognized in net income. Goodwill is reported at cost less any accumulated impairment. Goodwill impairments are not reversed.


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|g) | Share-based Compensation

Restricted shares granted under the Restricted Share Bonus Plan are accounted for at fair value. Share-based compensation expense is determined based on the estimated fair value of shares on the date of grant. Forfeitures are estimated at the grant date and are subsequently adjusted to reflect actual forfeitures. The expense is recognized over the service period, with a corresponding increase to contributed surplus. The Company capitalizes the portion of share-based compensation directly attributable to development activities, with a corresponding decrease to share-based compensation expense. At the time the restricted shares vest, the issuance of shares is recorded as an increase to shareholders’ capital and a corresponding decrease to contributed surplus.


Deferred share units (“DSUs”) are accounted for at fair value. Share-based compensation expense is determined based on the estimated fair value of the DSUs on the date of the grant and subsequently adjusted to reflect the fair value at each period end. Fair value is based on the prevailing Crescent Point share price.


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|h) | Income Taxes

The Company follows the liability method of accounting for income taxes. Under this method, deferred income taxes are recognized for the estimated effect of any differences between the accounting and tax basis of assets and liabilities, using enacted or substantively enacted income tax rates expected to apply when the deferred tax asset or liability is settled. The effect of a change in income tax rates on deferred income taxes is recognized in net income in the period in which the change occurs.


The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.


The Company is able to deduct certain settlements under its Restricted Share Bonus Plan. To the extent the tax deduction exceeds the cumulative remuneration cost for a particular restricted share grant recorded in net income, the tax benefit related to the excess is recorded directly within equity.


Deferred income tax assets and liabilities are presented as non-current.


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|i) | Financial Instruments

The Company has early adopted IFRS 9, Financial Instruments (“IFRS 9”), with a date of initial application of January 1, 2010. This new standard replaces the current multiple classification and measurement model for non-equity financial assets and liabilities with a single model that has only two classification categories: amortized cost and fair value. Classification depends on the entity’s business model for managing financial instruments and the contractual cash flow characteristics of the financial instrument.


In addition, the fair value option for financial liabilities was amended. The changes in fair value attributable to a liability’s credit risk will be recorded in other comprehensive income rather than through net income, unless this presentation creates an accounting mismatch. Changes in fair value attributable to a financial liability’s credit risk are not subsequently reclassified to net income.


For investments in equity instruments which are not subject to control, joint control, or significant influence, on initial recognition IFRS 9 allows an entity to irrevocably elect classification at “fair value through profit or loss” or “fair value through other comprehensive income”.


The Company uses financial derivative instruments and physical delivery commodity contracts from time to time to reduce its exposure to fluctuations in commodity prices, foreign exchange rates and interest rates. The Company also makes investments in companies from time to time in connection with the Company’s acquisition and divestiture activities.


Financial derivative instruments


Financial derivative instruments are included in current assets/liabilities except for those with maturities greater than 12 months after the end of the reporting period, which are classified as non-current assets/liabilities.


The Company has not designated any of its financial derivative contracts as effective accounting hedges and, accordingly, fair values its financial derivative contracts with the resulting gains and losses recorded in net income.


CRESCENT POINT ENERGY CORP.11


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The fair value of a financial derivative instrument on initial recognition is normally the transaction price. Subsequent to initial recognition, the fair values are based on quoted market prices where available from active markets, otherwise fair values are estimated based on market prices at the reporting date for similar assets or liabilities with similar terms and conditions, or by discounting future payments of interest and principal at estimated interest rates that would be available to the Company at the reporting date.


Financial assets and liabilities


Financial assets and liabilities are measured at fair value on initial recognition. For non-equity instruments, measurement in subsequent periods depends on the classification of the financial asset or liability as “fair value through profit or loss” or “amortized cost”.


Financial assets and liabilities classified as fair value through profit or loss are subsequently carried at fair value, with changes recognized in net income.


Financial assets and liabilities classified as amortized cost are subsequently carried at amortized cost using the effective interest rate method.


Currently, the Company classifies all non-equity financial instruments which are not financial derivative instruments as amortized cost.


At each reporting date, the Company assesses whether there is objective evidence that a financial asset carried at amortized cost is impaired. If such evidence exists, the Company recognizes an impairment loss in net income. Impairment losses are reversed in subsequent periods if the impairment loss decrease can be related objectively to an event occurring after the impairment was recognized.


For investments in equity instruments, the subsequent measurement is dependent on the Company’s election to classify such instruments as fair value through profit or loss or fair value through other comprehensive income. Currently, the Company classifies all investments in equity instruments as fair value through profit or loss, whereby the Company recognizes movements in the fair value of the investment (adjusted for dividends) in net income. If the fair value through other comprehensive income classification is selected, the Company would recognize any dividends from the investment in net income and would recognize fair value re-measurements of the investment in other comprehensive income.


|   |                      
|-- | ---------------------
|j) | Business Combinations

Business combinations are accounted for using the acquisition method. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured at their fair values at the acquisition date. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the acquisition date. The excess of the cost of the acquisition over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recorded as goodwill. If the cost of the acquisition is less than the fair value of the net assets acquired, the difference is recognized immediately in net income. Transaction costs associated with business combinations are expensed as incurred.


|   |                             
|-- | ----------------------------
|k) | Foreign Currency Translation

Foreign operations


The Company has operations in the United States (“U.S.”) transacted via U.S. subsidiaries. The assets and liabilities of foreign operations are restated to Canadian dollars at exchange rates in effect at the balance sheet date. The income and expenses of foreign operations are translated to Canadian dollars using the average exchange rate for the period. The resulting unrealized gain or loss is included in other comprehensive income.


Foreign transactions


Transactions in foreign currencies not incurred by the Company’s U.S. subsidiaries are translated to Canadian dollars at exchange rates in effect at the transaction dates. Foreign currency assets and liabilities are restated to Canadian dollars at exchange rates in effect at the balance sheet date and income and expenses are restated to Canadian dollars using the average exchange rate for the period. Both realized and unrealized gains and losses resulting from the settlement or restatement of foreign currency transactions are included in net income.


|   |                    
|-- | -------------------
|l) | Revenue Recognition

Oil and gas revenue includes the sale of crude oil, natural gas and natural gas liquids and is recognized when the risks and rewards of ownership have been substantially transferred.


|   |                          
|-- | -------------------------
|m) | Cash and Cash Equivalents

Cash and cash equivalents include short-term investments with original maturities of three months or less.


|   |       
|-- | ------
|n) | Leases

Leases in which substantially all of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Operating lease payments are recognized as an expense on a straight-line basis over the lease term.


CRESCENT POINT ENERGY CORP.12


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Leases where the Company assumes substantially all the risks and rewards of ownership are classified as finance leases within property, plant and equipment.


All of the Company's leases are treated as operating leases and are recognized in net income on a straight-line basis.


|   |                   
|-- | ------------------
|o) | Earnings Per Share

Basic earnings per share (“EPS”) is calculated by dividing the net income for the period attributable to equity owners of the Company by the weighted average number of common shares outstanding during the period.


Diluted EPS is calculated by adjusting the weighted average number of common shares outstanding for dilutive instruments. The number of shares included with respect to dilutive instruments, being restricted shares issued under the Company’s Restricted Share Bonus Plan, is computed using the treasury stock method. The treasury stock method assumes that the deemed proceeds related to unrecognized share-based compensation are used to repurchase shares at the average market price during the period.


|   |                               
|-- | ------------------------------
|4. | CHANGES IN ACCOUNTING POLICIES

Effective January 1, 2014, the Company adopted the following IFRS:


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|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | IAS 32Financial Instruments: Presentation- IAS 32 was amended to clarify that the right to offset financial assets and liabilities must be available on the current date and cannot be contingent on a future event. The application of the amendment had no impact on the Company's consolidated financial statements.

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|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | IAS 36Impairment of Assets- IAS 36 was amended in May 2013 to reduce the circumstances in which the recoverable amount of CGUs is required to be disclosed and clarify the disclosures required when an impairment loss has been recognized or reversed in the period. The amendments require retrospective application and were adopted by the Company on January 1, 2014. The adoption will only impact Crescent Point's disclosures in the notes to the financial statements in periods when an impairment loss or impairment recovery is recognized. The application of the amendment had no impact on the consolidated statements of comprehensive income or the consolidated balance sheets.

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|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | IFRIC 21Levies- IFRIC 21 provides clarification on accounting for levies in accordance with the requirements of IAS 37Provisions, Contingent Liabilities and Contingent Assets. The interpretation defines a levy as an outflow from an entity imposed by a government in accordance with legislation and confirms that a liability for a levy is recognized only when the triggering event specified in the legislation occurs. The retrospective adoption of this interpretation does not have any impact on the Company’s consolidated financial statements.

In future accounting periods, the Company will adopt the following IFRS:


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|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | IFRS 15Revenue from Contracts with Customers- IFRS 15 was issued in May 2014 and replaces IAS 18Revenue, IAS 11Construction Contractsand related interpretations. The standard is required to be adopted either retrospectively or using a modified transaction approach for fiscal years beginning on or after January 1, 2017 with earlier adoption permitted. IFRS 15 will be adopted by the Company on January 1, 2017 and the Company is currently evaluating the impact of the standard on the consolidated financial statements.

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|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | IFRS 9Financial Instruments- IFRS 9 was amended in July 2014 to include guidance to assess and recognize impairment losses on financial assets based on an expected loss model. The amendments are effective for fiscal years beginning on or after January 1, 2018 with earlier adoption permitted. This amendment will be adopted by the Company on January 1, 2018 and the Company is currently evaluating the impact of the amendment on the consolidated financial statements.

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|-- | ---------------------
|5. | LONG-TERM INVESTMENTS

($000s)20142013Investments in public companies, beginning of year24,25928,314Unrealized loss recognized in other loss(3,235)(4,055)Investments in public companies, end of year21,02424,259Investments in private companies, beginning of year49,97056,592Unrealized loss recognized in other loss(21,116)(6,622)Investments in private companies, end of year28,85449,970Long-term investments, end of year49,87874,229


CRESCENT POINT ENERGY CORP.13


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|   |                 
|-- | ----------------
|a) | Public Companies

The Company holds common shares in publicly traded oil and gas companies. The investments are classified as financial assets at fair value through profit or loss and are fair valued with the resulting gain or loss recorded in net income. At December 31, 2014, the investments are recorded at a fair value of $21.0 million which is $82.9 million less than the original cost of the investments. At December 31, 2013, the investments were recorded at a fair value of $24.3 million which was $79.7 million less than the original cost of the investments.


|   |                  
|-- | -----------------
|b) | Private Companies

The Company holds common shares in private oil and gas companies. The investments are classified as financial assets at fair value through profit or loss and are fair valued with the resulting gain or loss recorded in net income. At December 31, 2014, the investments are recorded at a fair value of $28.9 million which is $38.1 million less than the original cost of the investments. At December 31, 2013, the investments were recorded at a fair value of $50.0 million which was $17.0 million less than the original cost of the investments. See Note 23 - "Financial Instruments and Derivatives" for additional information regarding the Company's Level 3 investments.


|   |                       
|-- | ----------------------
|6. | OTHER LONG-TERM ASSETS

($000s)20142013Reclamation fund47,80026,181Other receivables11,77711,777Other long-term assets59,57737,958


|   |                 
|-- | ----------------
|a) | Reclamation fund

The following table reconciles the reclamation fund: ($000s)20142013Balance, beginning of year26,18110,455Contributions60,31830,734Expenditures(38,699)(15,008)Balance, end of year47,80026,181


|   |                  
|-- | -----------------
|b) | Other receivables

At December 31, 2014, the Company had investment tax credits of $11.8 million (December 31, 2013 - $11.8 million).


|   |                                  
|-- | ---------------------------------
|7. | EXPLORATION AND EVALUATION ASSETS

($000s)20142013Exploration and evaluation assets at cost1,789,8121,590,298Accumulated amortization(1,167,303)(901,974)Net carrying amount622,509688,324Reconciliation of movements during the yearCost, beginning of year1,590,2981,700,442Accumulated amortization, beginning of year(901,974)(619,685)Net carrying amount, beginning of year688,3241,080,757Net carrying amount, beginning of year688,3241,080,757Acquisitions through business combinations, net65,0296,600Additions578,942471,900Dispositions-(1,993)Transfers to property, plant and equipment(486,466)(614,446)Amortization(248,854)(275,504)Foreign exchange25,53421,010Net carrying amount, end of year622,509688,324


CRESCENT POINT ENERGY CORP.14


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Exploration and evaluation assets consist of the Company's undeveloped land and exploration projects which are pending the determination of technical feasibility. Additions represent the Company's share of the cost of E&E assets. At December 31, 2014, $622.5 million remains in E&E assets after $486.5 million was transferred to PP&E following the determination of technical feasibility during the year ended December 31, 2014 (year ended December 31, 2013 - $688.3 million and $614.4 million, respectively).


Impairment test of exploration and evaluation assets


As a result of the decrease in forward benchmark commodity prices at December 31, 2014 compared to December 31, 2013, an impairment test on the Company’s E&E assets was performed. At December 31, 2014, the Company determined that the fair value less costs of disposal exceeded its carrying amount. As a result, no impairment was recorded. There were no indicators of impairment at December 31, 2013.


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|-- | -------------------------------------
|8. | CAPITAL ACQUISITIONS AND DISPOSITIONS

If the material business combinations outlined below under Corporate Acquisitions and under Major Property Acquisitions had closed on January 1, 2014, Crescent Point's oil and gas sales and oil and gas sales less royalties, transportation and operating expenses for the year ended December 31, 2014 would have been approximately $4.5 billion and $2.9 billion, respectively. This pro-forma information is not necessarily indicative of the results should the material business combinations have actually occurred on January 1, 2014.


In the year ended December 31, 2014, the Company incurred $13.8 million (December 31, 2013 - $5.8 million) of transaction costs related to business combinations that are recorded as general and administrative expenses.


a)  Corporate Acquisitions


CanEra Energy Corp.


On May 15, 2014, Crescent Point completed the acquisition, by way of plan of arrangement, of all issued and outstanding common shares of CanEra Energy Corp. ("CanEra"), a private oil and gas company with properties in southeast Saskatchewan. Total consideration for the CanEra shares was approximately $1.1 billion and included the issuance of approximately 12.9 million Crescent Point common shares, cash consideration of $191.8 million, assumed long-term debt and working capital ($1.3 billion was allocated to PP&E and $21.1 million was allocated to E&E assets). ($000s)Fair value of net assets acquiredAccounts receivable45,115Property, plant and equipment1,327,982Exploration and evaluation21,078Accounts payable and accrued liabilities(37,949)Derivative liability(6,445)Long-term debt(360,456)Decommissioning liability(65,607)Deferred income tax liability(169,450)Total net assets acquired754,268ConsiderationShares issued (12,928,091 shares)562,501Cash191,767Total purchase price754,268


Oil and gas sales and oil and gas sales less royalties, transportation and operating expenses from the acquisition date to the year ended December 31, 2014 includes approximately $141.2 million and $74.3 million, respectively, attributable to the CanEra acquisition.


T.Bird Oil Ltd.


On August 13, 2014, Crescent Point completed the acquisition of all issued and outstanding common shares of T.Bird Oil Ltd. ("T.Bird"), a private oil and gas company with properties in southeast Saskatchewan and Manitoba. Total consideration for the T.Bird shares was approximately $85.7 million and included the issuance of approximately 1.5 million Crescent Point common shares, cash consideration of $0.3 million, assumed long-term debt and working capital ($109.7 million was allocated to PP&E).


CRESCENT POINT ENERGY CORP.15


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($000s)Fair value of net assets acquiredAccounts receivable2,823Property, plant and equipment109,727Accounts payable and accrued liabilities(2,320)Long-term debt(20,575)Decommissioning liability(2,740)Deferred income tax liability(21,315)Total net assets acquired65,600ConsiderationShares issued (1,482,477 shares)65,259Cash341Total purchase price65,600


Oil and gas sales and oil and gas sales less royalties, transportation and operating expenses from the acquisition date to the year ended December 31, 2014 includes approximately $7.1 million and $5.6 million, respectively, attributable to the T.Bird acquisition.


b)  Major Property Acquisitions


Oil and gas sales and oil and gas sales less royalties, transportation and operating expenses from the acquisition dates to the year ended December 31, 2014 includes approximately $49.3 million and $39.7 million, respectively, attributable to these major property acquisitions.


Saskatchewan Viking Asset Acquisition


On June 12, 2014, Crescent Point completed the acquisition of Saskatchewan Viking oil assets for total consideration of $331.7 million comprised of the issuance of approximately 7.6 million Crescent Point common shares less net cash received on customary closing adjustments of $12.0 million ($338.8 million was allocated to PP&E, including $7.1 million related to decommissioning liability). These assets were acquired with full tax pools and no working capital items.


Southeast Saskatchewan and Manitoba Asset Acquisition


On September 30, 2014, Crescent Point completed the acquisition of certain assets in southeast Saskatchewan and Manitoba. Total consideration for the assets included certain Crescent Point assets in Creelman, Saskatchewan and net cash consideration of $374.3 million ($378.5 million was allocated to PP&E and $8.0 million was allocated to E&E assets, including $12.2 million related to decommissioning liability). These assets were acquired with full tax pools and no working capital items.


c)  Minor Property Acquisitions and Dispositions


Crescent Point completed minor property acquisitions and dispositions during the year ended December 31, 2014 for net consideration of $293.8 million ($265.2 million was allocated to PP&E and $35.9 million was allocated to E&E assets, including $6.8 million related to decommissioning liability). These minor property acquisitions and dispositions were completed with full tax pools and no working capital items.


CRESCENT POINT ENERGY CORP.16


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|-- | -----------------------------
|9. | PROPERTY, PLANT AND EQUIPMENT

($000s)20142013Development and production assets19,891,46014,964,220Corporate assets87,69226,176Property, plant and equipment at cost19,979,15214,990,396Accumulated depletion, depreciation and impairment(5,729,090)(3,731,249)Net carrying amount14,250,06211,259,147Reconciliation of movements during the yearDevelopment and production assetsCost, beginning of year14,964,22012,740,337Accumulated depletion and impairment, beginning of year(3,715,311)(2,431,102)Net carrying amount, beginning of year11,248,90910,309,235Net carrying amount, beginning of year11,248,90910,309,235Acquisitions through business combinations, net2,420,584119,611Additions1,871,3911,414,067Dispositions(283)(2,454)Transfers from exploration and evaluation assets486,466614,446Depletion(1,380,412)(1,181,383)Impairment(588,200)(98,291)Foreign exchange124,97373,678Net carrying amount, end of year14,183,42811,248,909Cost, end of year19,891,46014,964,220Accumulated depletion and impairment, end of year(5,708,032)(3,715,311)Net carrying amount, end of year14,183,42811,248,909Corporate assetsCost, beginning of year26,17622,843Accumulated depreciation, beginning of year(15,938)(12,210)Net carrying amount, beginning of year10,23810,633Net carrying amount, beginning of year10,23810,633Additions61,4083,285Depreciation(5,090)(3,721)Foreign exchange7841Net carrying amount, end of year66,63410,238Cost, end of year87,69226,176Accumulated depreciation, end of year(21,058)(15,938)Net carrying amount, end of year66,63410,238


At December 31, 2014, future development costs of $6.9 billion (December 31, 2013 - $5.9 billion) are included in costs subject to depletion.


Direct general and administrative costs capitalized by the Company during the year ended December 31, 2014 were $41.3 million (year ended December 31, 2013 - $42.2 million), including $18.0 million of share-based compensation costs (year ended December 31, 2013 - $23.1 million).





CRESCENT POINT ENERGY CORP.17


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Impairment test of property, plant and equipment


For the purposes of determining whether impairment of assets has occurred, and the extent of any impairment or its reversal, management exercises their judgment in estimating future cash flows for the recoverable amount, being the higher of fair value less costs of disposal and value in use. These key judgments include estimates about recoverable reserves (see "Use of estimates and judgments" discussion in Note 2c), forecast benchmark commodity prices, royalties, operating costs and discount rates. The fair value less costs of disposal and value in use estimates are categorized as Level 3 according to the IFRS 13 fair value hierarchy.


Forecast benchmark commodity price assumptions tend to be stable because short-term increases or decreases in prices are not considered indicative of long-term price levels, but are nonetheless subject to change.


The following table outlines the forecast benchmark commodity prices and the exchange rate used in the impairment calculation of property, plant and equipment at December 31, 2014. The Company used an average after-tax discount rate of 10 percent.


2015201620172018201920202021202220232024(2)WTI ($US/bbl)62.5075.0080.0085.0090.0095.0098.54100.51102.52104.57Exchange Rate ($US/$Cdn)0.8500.8750.8750.8750.8750.8750.8750.8750.8750.875WTI ($Cdn/bbl)73.5385.7191.4397.14102.86108.57112.62114.87117.17119.51AECO ($Cdn/MMbtu)3.313.774.024.274.534.785.035.285.535.71


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|(1) | The forecast benchmark commodity prices listed above are adjusted for quality differentials, heat content, distance to market and other factors in performing our impairment tests.

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|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | Forecast benchmark commodity prices are assumed to increase by 2% in each year after 2024 to the end of the reserve life. Exchange rates are assumed to be constant at 0.875.

At December 31, 2014, the Company determined that the carrying amount of the Southern Alberta CGU exceeded its fair value less costs of disposal of $937.7 million. The full amount of the impairment was attributed to PP&E and, as a result, an impairment loss of $303.8 million was recorded as a component of depletion, depreciation, amortization and impairment expense. The Southern Alberta CGU is comprised primarily of properties in the early stages of development for which the operating results are included in the Canadian operating segment. The impairment in 2014 was largely a result of the decrease in forecast benchmark commodity prices at December 31, 2014 compared to December 31, 2013 and the early development of the Company's Alberta resource plays which resulted in negative technical revisions to proved plus probable reserves.


The Company also determined that the carrying amounts of the Northern USA and Southern USA CGUs exceeded their fair value less costs of disposal of $405.6 million and $1.0 billion, respectively. The full amounts of the impairment were attributed to PP&E and, as a result, impairment losses of $92.0 million and $192.4 million were recorded as a component of depletion, depreciation, amortization and impairment expense for the Northern USA and Southern USA CGUs, respectively. The Northern USA and Southern USA CGUs are comprised primarily of properties in the early stages of development for which the operating results are included in the U.S. operating segment. The impairment in 2014 was largely a result of the decrease in forecast benchmark commodity prices at December 31, 2014 compared to December 31, 2013, partially offset by positive technical revisions to proved plus probable reserves from the Company's successful drilling and development program.


Changes in any of the key judgments, such as a downward revision in reserves, a decrease in forecast benchmark commodity prices, changes in foreign exchange rates, an increase in royalties or an increase in operating costs would decrease the recoverable amounts of assets and any impairment charges would affect net income. For the year ended December 31, 2014, a one percent increase in the assumed discount rate would result in an additional impairment for the Southern Alberta, Northern USA and Southern USA CGUs of approximately $188.7 million, while a five percent decrease in the forecast benchmark commodity price estimate in conjunction with a one percent decrease in Cdn$ relative to US$ would result in an additional impairment of approximately $322.2 million. The increase in discount rate and decrease in forecast benchmark commodity price estimates would not result in additional impairments in any of the Company's remaining CGUs.


At December 31, 2013, the Company determined that the carrying amount of the Southern Alberta CGU exceeded its fair value less costs of disposal of $864.0 million. The Company reported an impairment loss of $98.3 million related to the Southern Alberta CGU largely as a result of the exploratory nature of the Alberta Bakken resource play which resulted in negative technical revisions to proved plus probable reserves and an increase in expected operating and abandonment costs. The Company reported no impairment losses for the year ended December 31, 2013 related to the Northern USA and Southern USA CGUs.


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|10. | GOODWILL

The carrying value of goodwill at December 31, 2014 is $251.9 million (December 31, 2013 - $251.9 million). Goodwill has been assigned to the Canadian operating segment.


Impairment test of goodwill


The impairment test of goodwill at December 31, 2014 and 2013 concluded that the estimated recoverable amount exceeded the carrying amount. As such, no goodwill impairment existed. The recoverable amount of the Canadian operating segment was estimated to be $15.3 billion at December 31, 2014 and was determined based on fair value less costs of disposal. The fair value measurement of the recoverable amount of the Canadian operating segment is categorized as Level 3 according to the IFRS 13 fair value hierarchy. Refer to Note 9 - “Property, Plant and Equipment” for a description of the key input estimates and the methodology used in the determination of the estimated recoverable amount related to goodwill.


CRESCENT POINT ENERGY CORP.18


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|11. | LONG-TERM DEBT

The following table reconciles long-term debt: ($000s)20142013Bank credit facilities1,261,065546,595Senior guaranteed notes1,682,0091,187,519Long-term debt2,943,0741,734,114Long-term debt due within one year93,504-Long-term debt due beyond one year2,849,5701,734,114


|   |                       
|-- | ----------------------
|a) | Bank Credit Facilities

At December 31, 2014, the Company had a syndicated unsecured credit facility with sixteen banks and an operating credit facility with one Canadian chartered bank, for a total amount available under the combined facilities of $2.6 billion. The syndicated unsecured credit facility also includes an accordion feature that allows the Company to increase the facility by up to $500.0 million.


The Company was in compliance with all debt covenants at December 31, 2014.


The Company had letters of credit in the amount of $0.5 million outstanding at December 31, 2014.


On March 10, 2015, the syndicated unsecured credit facility and the operating credit facility were renewed and increased to a total amount available under the combined facilities of $3.6 billion. The syndicated unsecured credit facility continues to include an accordion feature that allows the Company to increase the facility by up to $500.0 million. The credit facilities bear interest at the Canadian prime rate plus a margin based on a sliding scale ratio of the Company's senior debt to EBITDA, adjusted for certain non-cash items. The syndicated unsecured credit facility constitutes a revolving credit facility for a three year term which is extendible annually; the current maturity date is June 8, 2018. The operating credit facility constitutes a revolving facility for a three year term which is extendible annually; the current maturity date is June 8, 2018. The combined credit facilities have covenants which restrict the Company's ratio of senior debt to EBITDA, adjusted for certain non-cash items, to a maximum of 3.5:1.0 and the ratio of debt to capital, adjusted for certain non-cash items, to a maximum of 0.55:1.0. The Company manages its credit facilities through a combination of bankers' acceptance loans and interest rate swaps.


CRESCENT POINT ENERGY CORP.19


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|b) | Senior Guaranteed Notes

The Company has closed private offerings of senior guaranteed notes raising total gross proceeds of US$1.29 billion and Cdn$182.0 million. The notes are unsecured and rank pari passu with the Company's bank credit facilities and carry a bullet repayment on maturity. The senior guaranteed notes have financial covenants similar to those of the combined credit facilities described above. The terms, rates and carrying amounts of the Company's outstanding senior guaranteed notes are detailed below: Principal ($000s)Maturity DateCoupon RateInterest Payment Dates20142013Cdn$50,000March 24, 20154.92%September 24 and March 2450,00050,000US$37,500March 24, 20154.71%September 24 and March 2443,50439,885US$52,000April 14, 20163.93%October 14 and April 1460,32555,307US$67,500March 24, 20175.48%September 24 and March 2478,30671,793US$31,000April 14, 20184.58%October 14 and April 1435,96332,972US$20,000June 12, 20182.65%December 12 and June 1223,20221,272Cdn$7,000May 22, 20194.29%November 22 and May 227,0007,000US$68,000May 22, 20193.39%November 22 and May 2278,88772,325US$155,000March 24, 20206.03%September 24 and March 24179,816164,858Cdn$50,000April 14, 20215.53%October 14 and April 1450,00050,000US$82,000April 14, 20215.13%October 14 and April 1495,12887,215US$52,500June 20, 20213.29%December 20 and June 2060,905-Cdn$25,000May 22, 20224.76%November 22 and May 2225,00025,000US$200,000May 22, 20224.00%November 22 and May 22232,020212,720Cdn$10,000June 12, 20234.11%December 12 and June 1210,00010,000US$270,000June 12, 20233.78%December 12 and June 12313,227287,172Cdn$40,000June 20, 20243.85%December 20 and June 2040,000-US$257,500June 20, 20243.75%December 20 and June 20298,726-Senior guaranteed notes1,682,0091,187,519Senior guaranteed notes due within one year93,504-Senior guaranteed notes due beyond one year1,588,5051,187,519


Concurrent with the issuance of US$1.26 billion senior guaranteed notes, the Company entered into cross currency interest rate swaps (''CCIRS'') with a syndicate of financial institutions. To manage the Company's foreign exchange risk, the CCIRS fix the US dollar amount of the notes for purposes of interest and principal repayments at a notional amount of $1.29 billion. Concurrent with the issuance of US$30.0 million senior guaranteed notes, the Company entered a cross currency principal swap which fixed the principal repayment at a notional amount of $32.2 million. See additional information in Note 23 - “Financial Instruments and Derivatives”.


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|12. | OTHER LONG-TERM LIABILITIES

($000s)20142013Lease inducement(1)43,784-Long-term compensation liability(2)2,2713,072Other long-term liabilities46,0553,072


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|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | The Company's lease inducement is associated with the building lease for Crescent Point's corporate office. This non-cash liability will be amortized on a straight-line basis over the term of the lease commencing in June 2015 and extending to June 2030.

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|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | Long-term compensation liability relates to the Deferred Share Unit ("DSU") Plan. See additional information in Note 21 - "Share-based Compensation".

CRESCENT POINT ENERGY CORP.20


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|13. | DECOMMISSIONING LIABILITY

The following table reconciles the decommissioning liability: ($000s)20142013Decommissioning liability, beginning of year629,538502,432Liabilities incurred41,89232,562Liabilities acquired through capital acquisitions94,7754,291Liabilities disposed through capital dispositions(226)(793)Liabilities settled(38,043)(11,375)Revaluation of acquired decommissioning liabilities(1)80,6253,256Change in estimated future costs70,626115,266Change in discount rate122,984(30,263)Accretion expense21,18714,162Decommissioning liability, end of year1,023,358629,538Expected to be incurred within one year52,28018,469Expected to be incurred beyond one year971,078611,069


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|(1) | These amounts relate to the revaluation of acquired decommissioning liabilities at the end of the period using a risk-free discount rate.  At the date of acquisition, acquired decommissioning liabilities are fair valued.

The total future decommissioning liability was estimated by management based on the Company’s net ownership in all wells and facilities. This includes all estimated costs to reclaim and abandon the wells and facilities and the estimated timing of the costs to be incurred in future periods. The Company has estimated the net present value of its total decommissioning liability to be $1.0 billion at December 31, 2014 (December 31, 2013 - $629.5 million) based on total estimated undiscounted cash flows to settle the obligation of $1.1 billion (December 31, 2013 - $739.8 million). These obligations are expected to be settled through 2048, with the majority expected after 2030. The estimated cash flows have been discounted using an average risk free rate of approximately 2.25 percent and an inflation rate of 2 percent (December 31, 2013 - approximately 3 percent and 2 percent, respectively).


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|--- | ---------------------
|14. | SHAREHOLDERS' CAPITAL

Crescent Point has an unlimited number of common shares authorized for issuance. 20142013Number ofsharesAmount($000s)Number ofsharesAmount($000s)Common shares, beginning of year394,993,56612,181,396374,702,26411,439,861Issued for cash18,435,000800,079--Issued on capital acquisitions22,054,895974,164--Issued on redemption of restricted shares(1)1,887,18077,8962,045,16982,395Issued pursuant to DRIP(2)and SDP(3)9,139,569339,88318,246,133659,140Common shares, end of year446,510,21014,373,418394,993,56612,181,396Cumulative share issue costs, net of tax-(215,899)-(191,091)Total shareholders’ capital, end of year446,510,21014,157,519394,993,56611,990,305


|    |                                                                                                         
|--- | --------------------------------------------------------------------------------------------------------
|(1) | The amount of shares issued on redemption of restricted shares is net of any employee withholding taxes.

|    |                                                  
|--- | -------------------------------------------------
|(2) | Premium DividendTMand Dividend Reinvestment Plan.

|    |                     
|--- | --------------------
|(3) | Share Dividend Plan.

At December 31, 2014, the Company recorded dividends payable of $102.7 million which was settled with cash of $72.9 million and Crescent Point common shares issued pursuant to the DRIP and SDP valued at $29.8 million (1,181,265 common shares) on January 15, 2015.  At December 31, 2013, the Company recorded dividends payable of $90.8 million which was settled with cash of $65.0 million and Crescent Point common shares issued pursuant to the DRIP valued at $25.8 million (678,361 common shares) on January 15, 2014.


During the second quarter of 2014, the Company implemented a Share Dividend Plan ("SDP"). The SDP enables shareholders to receive their dividends in the form of common shares which are issued at a five percent discount to the prevailing market price.








CRESCENT POINT ENERGY CORP.21


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|--- | -------
|15. | DEFICIT

($000s)20142013Accumulated earnings1,563,2431,054,349Accumulated tax effect on redemption of restricted shares9,8548,736Accumulated dividends(5,930,150)(4,755,522)Deficit(4,357,053)(3,692,437)


|    |                   
|--- | ------------------
|16. | CAPITAL MANAGEMENT

The Company’s capital structure is comprised of shareholders’ equity, long-term debt and working capital. The balance of each of these items is as follows: ($000s)20142013Long-term debt2,943,0741,734,114Working capital deficiency(1)433,081406,134Unrealized foreign exchange on translation of US dollar senior guaranteed notes(185,046)(63,170)Net debt3,191,1092,077,078Shareholders’ equity10,160,8898,500,073Total capitalization13,351,99810,577,151


|    |                                                                                                                                                                                                                                                           
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Working capital deficiency is calculated as accounts payable and accrued liabilities plus dividends payable, less cash, accounts receivable, prepaids and deposits and long-term investments, excluding the equity settled component of dividends payable.

Crescent Point's objective for managing capital is to maintain a strong balance sheet and capital base to provide financial flexibility, stability to dividends and to position the Company for future development of the business. Ultimately, Crescent Point strives to maximize long-term stakeholder value by ensuring the Company has the financing capacity to fund projects that are expected to add value to stakeholders and distribute any excess cash that is not required for financing projects.


Crescent Point manages and monitors its capital structure and short-term financing requirements using a non-GAAP measure, the ratio of net debt to funds flow from operations. Net debt is calculated as long-term debt plus accounts payable and accrued liabilities and dividends payable, less cash, accounts receivable, prepaids and deposits and long-term investments, excluding the equity settled component of dividends payable and unrealized foreign exchange on translation of US dollar senior guaranteed notes. Funds flow from operations is calculated as cash flow from operating activities before changes in non-cash working capital, transaction costs and decommissioning expenditures. Crescent Point's long-term objective is to maintain a net debt to funds flow from operations ratio of approximately 1.0 times. This metric is used to measure the Company's overall debt position and measure the strength of the Company's balance sheet. Crescent Point monitors this ratio and uses this as a key measure in making decisions regarding financing, capital spending and dividend levels. The Company's net debt to funds flow from operations ratio at December 31, 2014 was 1.3 times (December 31, 2013 - 1.0 times). The funds flow from operations only reflects funds flow from operations generated on acquired properties since the closing date of the acquisitions.


Crescent Point strives to provide stability to its dividends over time by managing risks associated with the oil and gas industry. To accomplish this, the Company maintains a conservative balance sheet with significant unutilized lines of credit, manages its exposure to fluctuating interest rates and foreign exchange rates on its long-term debt, and actively hedges commodity prices using a 31⁄2 year risk management program by hedging up to 65 percent, unless otherwise approved by the Board of Directors, of after royalty volumes using a portfolio of swaps, collars and put option instruments and up to 35 percent of after royalty volumes using a combination of financial derivatives and fixed differential physical contracts to manage price differentials.


Crescent Point is subject to certain financial covenants on its credit facility and senior guaranteed notes agreements and is in compliance with all financial covenants as at December 31, 2014.


|    |                          
|--- | -------------------------
|17. | DERIVATIVE GAINS (LOSSES)

($000s)20142013Realized losses(104,783)(90,871)Unrealized gains (losses)880,831(111,876)Derivative gains (losses)776,048(202,747)


|    |           
|--- | ----------
|18. | OTHER LOSS

($000s)20142013Unrealized loss on long-term investments(24,351)(10,677)Other gain-613Other loss(24,351)(10,064)


CRESCENT POINT ENERGY CORP.22


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|--- | ---------------------
|19. | FOREIGN EXCHANGE LOSS

($000s)20142013RealizedForeign exchange loss on cross currency interest rate swaps(2,094)(4,308)Other foreign exchange gain5231,134UnrealizedForeign exchange loss on translation of US dollar senior guaranteed notes(121,876)(60,994)Other foreign exchange loss(915)(337)Foreign exchange loss(124,362)(64,505)


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|--- | ------------
|20. | INCOME TAXES

The provision for income taxes is as follows: ($000s)20142013Current tax:Canada(244)137Luxembourg31136Current tax expense67173Deferred tax:Canada280,51576,801United States23,458(3,368)Deferred tax expense303,97373,433Income tax expense304,04073,606


The following table reconciles income taxes calculated at the Canadian statutory rate with the recorded income taxes: ($000s)20142013Net income before tax812,934218,842Statutory income tax rate26.14%26.04%Expected provision for income taxes212,50156,893Effect of change in corporate tax rates3,977(3,101)Effect of tax rates in foreign jurisdictions(48,534)(9,009)Effect of restricted share bonus plan(2,414)(3,373)Deferred tax assets not recognized134,78620,530Effect of non-taxable capital losses3,7588,617Other(34)3,049Income tax expense304,04073,606


The statutory combined federal and provincial income tax rate increased from 26.04% in 2013 to 26.14% in 2014 due to a change in the allocation of taxable income between provinces.


The deferred income tax liabilities are expected to be settled in the following periods: ($000s)20142013Deferred income tax:To be settled within 12 months(121,533)31,121To be settled after more than 12 months(1,226,647)(895,729)Deferred income tax(1,348,180)(864,608)


CRESCENT POINT ENERGY CORP.23


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The movement in deferred income tax liabilities and assets is as follows: ($000s)At January 1,2014(Charges) / credits due to acquisitions & other(Charged) / credited to earningsAt December 31, 2014Deferred income tax assets:Decommissioning liability167,01417,80273,235258,051Income tax losses carried forward122,58016,102(118,748)19,934Share issue costs22,4128,779(13,067)18,124Risk management contracts32,6111,678(33,347)942Other2,0462,967(768)4,245346,66347,328(92,695)301,296Deferred income tax liabilities:Property, plant & equipment(1,060,521)(226,927)(104,707)(1,392,155)Timing of partnership items(137,411)-41,915(95,496)Risk management contracts(13,339)-(148,486)(161,825)(1,211,271)(226,927)(211,278)(1,649,476)Net deferred income tax liabilities(864,608)(179,599)(303,973)(1,348,180)


($000s)At January 1,2013(Charges) / credits due to acquisitions & other(Charged) / credited to earningsAt December 31, 2013Deferred income tax assets:Decommissioning liability134,144-32,870167,014Income tax losses carried forward184,974-(62,394)122,580Share issue costs33,195141(10,924)22,412Risk management contracts6,230-26,38132,611Other11,3081,349(10,611)2,046369,8511,490(24,678)346,663Deferred income tax liabilities:Property, plant & equipment(966,007)-(94,514)(1,060,521)Timing of partnership items(180,381)-42,970(137,411)Risk management contracts(16,128)-2,789(13,339)(1,162,516)-(48,755)(1,211,271)Net deferred income tax liabilities(792,665)1,490(73,433)(864,608)


The approximate amounts of tax pools available as at December 31, 2014 and 2013 are as follows: ($000s)20142013Tax pools:Canada7,873,9596,751,472United States2,101,9511,626,298Total9,975,9108,377,770


The tax pools presented do not include the impact of income from the general partnership for its fiscal period ended December 31, 2014 for which the Company is entitled to claim a reserve for current income tax purposes. Including the impact of income from the general partnership which is taxable to the Company in future years, the net tax pools remaining at December 31, 2014 are approximately $9.6 billion (December 31, 2013 - $7.9 billion).


The above tax pools include estimated Canadian non-capital losses carried forward of $76.3 million (December 31, 2013 - $387.2 million) that expire in the years 2030 through 2031, and U.S. net operating losses of $231.1 million (December 31, 2013 - $72.5 million) which expire in the years 2024 through 2033. A deferred income tax asset has not been recognized for realized and unrealized U.S. net operating losses of $388.0 million (December 31, 2013 - $15.3 million) as there is not sufficient certainty regarding future utilization.


A deferred tax asset has not been recognized in respect of certain unrealized capital losses and capital losses carried forward for Canadian tax purposes in the amount of $117.8 million (December 31, 2013 - $157.7 million). Recognition is dependent on the realization of future taxable capital gains.


CRESCENT POINT ENERGY CORP.24


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A deferred tax asset has not been recognized in respect of temporary differences associated with investments in subsidiaries as it is not likely that the temporary differences will reverse in the foreseeable future. The deductible temporary differences associated with investments in subsidiaries is approximately $385.8 million (December 31, 2013 - $52.8 million).


|    |                         
|--- | ------------------------
|21. | SHARE-BASED COMPENSATION

Restricted Share Bonus Plan


The Company has a Restricted Share Bonus Plan pursuant to which the Company may grant restricted shares to directors, officers, employees and consultants. The restricted shares vest on terms up to three years from the grant date as determined by the Board of Directors.


Restricted shareholders are eligible for monthly dividends on their restricted shares, immediately upon grant.


Deferred Share Unit Plan


The Company has a DSU plan for directors. Each DSU vests on the date of the grant, however, the settlement of the DSU occurs following a change of control or when the individual ceases to be a director of the Company. Deferred Share Units are settled in cash based on the prevailing Crescent Point share price.


The following table reconciles the number of restricted shares and DSUs for the year ended December 31, 2014: Restricted SharesDeferred Share UnitsBalance, beginning of year2,588,14375,380Granted3,117,85133,967Adjustment in accordance with grant-(8,377)Redeemed(1,922,677)(16,574)Forfeited(134,752)-Balance, end of year3,648,56584,396


For the year ended December 31, 2014, the Company calculated total share-based compensation, net of estimated forfeitures and forfeiture true-ups, of $87.7 million (December 31, 2013 - $90.8 million), of which $18.0 million was capitalized (December 31, 2013 - $23.1 million).


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|--- | -----------------
|22. | PER SHARE AMOUNTS

The following table summarizes the weighted average shares used in calculating net income per share: 20142013Weighted average shares–basic418,688,308386,253,999Dilutive impact of restricted shares2,371,9361,476,739Weighted average shares–diluted421,060,244387,730,738


|    |                                      
|--- | -------------------------------------
|23. | FINANCIAL INSTRUMENTS AND DERIVATIVES

The Company's financial assets and liabilities are comprised of cash, accounts receivable, long-term investments, reclamation fund, derivative assets and liabilities, accounts payable and accrued liabilities, dividends payable and long-term debt.


Crescent Point's derivative assets and liabilities are transacted in active markets. Crescent Point's long-term investments are transacted in active and non-active markets. The Company classifies the fair value of these transactions according to the following fair value hierarchy based on the amount of observable inputs used to value the instrument:


|  |                                                                                                                                                 
|- | ------------------------------------------------------------------------------------------------------------------------------------------------
|• | Level 1 - Values are based on unadjusted quoted prices available in active markets for identical assets or liabilities as of the reporting date.

|  |                                                                                                                                                                                                                                                                                           
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | Level 2 - Values are based on inputs, including quoted forward prices for commodities, time value and volatility factors, which can be substantially observed or corroborated in the marketplace. Prices in Level 2 are either directly or indirectly observable as of the reporting date.

|  |                                                                                                           
|- | ----------------------------------------------------------------------------------------------------------
|• | Level 3 - Values are based on prices or valuation techniques that are not based on observable market data.

Accordingly, Crescent Point's derivative assets and liabilities are classified as Level 2. Long-term investments are classified as Level 1, Level 2 or Level 3 depending on the valuation methods and inputs used and whether the applicable company is publicly traded or private. Assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement within the fair value hierarchy.


Crescent Point's valuation of investments in private companies is based primarily on recent trading activity in the relevant company's common shares. Crescent Point validates these valuations using a variety of peer comparison metrics and industry data. The Company's finance department is responsible for performing the valuation of financial instruments, including the calculation of Level 3 fair values. Refer to Note 5 for changes in the Company's Level 3 investments.


CRESCENT POINT ENERGY CORP.25


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Discussions of the fair values and risks associated with financial assets and liabilities, as well as summarized information related to derivative positions are detailed below:


a) Carrying Amount and Fair Value of Financial Instruments


The fair value of cash, accounts receivable, reclamation fund, accounts payable and accrued liabilities and dividends payable approximate their carrying amount due to the short-term nature of those instruments. The fair value of the amounts drawn on bank credit facilities is equal to its carrying amount as the facility bears interest at floating rates and credit spreads within the facility are indicative of market rates. These financial instruments are classified as financial assets and liabilities at amortized cost and are reported at amortized cost.


The following table summarizes the carrying value of the Company's remaining financial assets and liabilities as compared to their respective fair values as of December 31, 2014: 2014 Carrying Value2014 Fair ValueQuoted prices in active markets for identical assets (Level1)Significant other observable inputs (Level 2)Significant unobservable inputs(Level 3)($000s)Financial assetsDerivatives803,980803,980-803,980-Long-term investments(1)49,87849,87821,024-28,854853,858853,85821,024803,98028,854Financial liabilitiesDerivatives3,6043,604-3,604-Senior guaranteed notes(2)1,682,0091,795,213-1,795,213-1,685,6131,798,817-1,798,817-


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|--- | --------------------------------------------------------------------------------------------------------------
|(1) | Long-term investments are comprised of equity securities in public and private upstream oil and gas companies.

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|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | The senior guaranteed notes are classified as financial liabilities at amortized cost and are reported at amortized cost. The notes denominated in US dollars are translated to Canadian dollars at the period end exchange rate. The fair value of the notes is calculated based on current interest rates and is not recorded in the financial statements.

The following table summarizes the carrying value of the Company's remaining financial assets and liabilities as compared to their respective fair values as of December 31, 2013:


2013 Carrying Value2013 Fair ValueQuoted prices in active markets for identical assets (Level1)Significant other observable inputs(Level 2)Significant unobservable inputs  (Level 3)($000s)Financial assetsDerivatives51,22451,224-51,224-Long-term investments(1)74,22974,22924,259-49,970125,453125,45324,25951,22449,970Financial liabilitiesDerivatives125,234125,234-125,234-Senior guaranteed notes(2)1,187,5191,202,304-1,202,304-1,312,7531,327,538-1,327,538-


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|--- | --------------------------------------------------------------------------------------------------------------
|(1) | Long-term investments are comprised of equity securities in public and private upstream oil and gas companies.

|    |                                                                                                                                                                                                                                                                                                                                                             
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | The senior guaranteed notes are classified as financial liabilities at amortized cost and are reported at amortized cost. The notes denominated in US dollars are translated to Canadian dollars at the period end exchange rate. The fair value of the notes is calculated based on current interest rates and is not recorded in the financial statements.

Derivative assets and liabilities


Derivative assets and liabilities arise from the use of derivative contracts. The Company's derivative financial instruments are classified as fair value through profit or loss and are reported at fair value with changes in fair value recorded in net income.


CRESCENT POINT ENERGY CORP.26


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The following table summarizes the fair value as at December 31, 2014 and the change in fair value for the year ended December 31, 2014: ($000s)Commodity contracts(1)Interest contractsCCIRS contracts(2)TotalDerivative assets / (liabilities), beginning of year(111,568)(6,536)44,094(74,010)Acquired through capital acquisitions(6,445)--(6,445)Unrealized change in fair value757,6314,281118,919880,831Derivative assets / (liabilities), end of year639,618(2,255)163,013800,376Derivative assets, end of year640,027-163,953803,980Derivative liabilities, end of year(409)(2,255)(940)(3,604)


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|--- | --------------------------------------
|(1) | Includes oil, gas and power contracts.

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|--- | ------------------------------------------------
|(2) | Includes cross currency principal swap contract.

The following table summarizes the fair value as at December 31, 2013 and the change in fair value for the year ended December 31, 2013: ($000s)Commodity contracts(1)Interest contractsCCIRS contracts(2)Foreign exchange contractsTotalDerivative assets / (liabilities), beginning of year43,337(8,518)2,84020737,866Unrealized change in fair value(154,905)1,98241,254(207)(111,876)Derivative assets / (liabilities), end of year(111,568)(6,536)44,094-(74,010)Derivative assets, end of year3,512-47,712-51,224Derivative liabilities, end of year(115,080)(6,536)(3,618)-(125,234)


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|--- | --------------------------------------
|(1) | Includes oil, gas and power contracts.

|    |                                                 
|--- | ------------------------------------------------
|(2) | Includes cross currency principal swap contract.

Offsetting Financial Assets and Liabilities


Financial assets and liabilities are only offset if the Company has the legal right to offset and intends to settle on a net basis or settle the asset and liability simultaneously. The Company offsets derivative assets and liabilities when the counterparty, commodity, currency and timing of settlement are the same. The following table summarizes the gross asset and liability positions of the Company's financial derivatives by contract that are offset on the balance sheet as at December 31, 2014 and December 31, 2013: 20142013($000s)AssetLiabilityNetAssetLiabilityNetGross amount804,069(3,693)800,37655,614(129,624)(74,010)Amount offset(89)89-(4,390)4,390-Net amount803,980(3,604)800,37651,224(125,234)(74,010)


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|b) | Risks Associated with Financial Assets and Liabilities

The Company is exposed to financial risks from its financial assets and liabilities. The financial risks include market risk relating to commodity prices, interest rates and foreign exchange rates as well as credit and liquidity risk.


Market Risk


Market risk is the risk that the fair value or future cash flows of a derivative will fluctuate because of changes in market prices. Market risk is comprised of commodity price risk, interest rate risk and foreign exchange risk as discussed below.


Commodity Price Risk


The Company is exposed to commodity price risk on crude oil and natural gas revenues as well as power on electricity consumption. As a means to mitigate the exposure to commodity price volatility, the Company has entered into various derivative agreements and physical contracts. The use of derivative instruments is governed under formal policies and is subject to limits established by the Board of Directors.


CRESCENT POINT ENERGY CORP.27


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Crude oil - To partially mitigate exposure to crude oil commodity price risk, the Company enters into option contracts and swaps, which manage the Cdn$ WTI price fluctuations. The Company also enters physical delivery and derivative WTI price differential contracts which manage the spread between US$ WTI and various stream prices. The Company manages physical delivery contracts on a month-to-month spot and on a term contract basis. As at December 31, 2014, Crescent Point had committed, on a term contract basis, to deliver an average of approximately 8,600 bbl/d of crude oil from January 2015 to December 2015 and 2,500 bbl/d of crude oil from January 2016 to December 2019.


Natural gas - To partially mitigate exposure to natural gas commodity price risk, the Company enters into AECO natural gas swaps, which manage the AECO natural gas price fluctuations.


Power - To partially mitigate exposure to electricity price changes, the Company may enter into swaps or fixed price physical delivery contracts which fix the power price.


The following table summarizes the sensitivity of the fair value of the Company's derivative positions as at December 31, 2014 and December 31, 2013 to fluctuations in commodity prices or differentials, with all other variables held constant. When assessing the potential impact of these commodity price or differential changes, the Company believes 10 percent volatility is a reasonable measure. Fluctuations in commodity prices or differentials potentially would have resulted in unrealized gains (losses) impacting income before tax as follows: Impact on Income Before TaxImpact on Income Before Tax($000s)Year ended December 31, 2014Year ended December 31, 2013Increase 10%Decrease 10%Increase 10%Decrease 10%Commodity priceCrude oil(207,970)208,466(308,532)305,675Natural gas(8,577)8,577(4,006)4,006Power340(340)264(264)


Interest Rate Risk


The Company is exposed to interest rate risk on bank credit facilities to the extent of changes in the prime interest rate. For the year ended December 31, 2014, a one percent increase or decrease in the interest rate on floating rate debt would have amounted to a $10.6 million impact on income before tax.


The Company partially mitigates its exposure to interest rate changes by entering into interest rate swap transactions. The following sensitivities show the resulting unrealized gains (losses) and the impact on income before tax of the respective changes in the applicable forward interest rates as at December 31, 2014 and December 31, 2013 with all other variables held constant: Impact on Income Before TaxImpact on Income Before Tax($000s)Year ended December 31, 2014Year ended December 31, 2013Forward interest ratesIncrease 10%Decrease 10%Increase 10%Decrease 10%Interest rate swaps81(81)329(329)


Foreign Exchange Risk


Foreign exchange risk arises from changes in foreign exchange rates that may affect the fair value or future cash flows of the Company's financial assets or liabilities. As the Company operates in Canada and the U.S., fluctuations in the exchange rate between the US/Canadian dollars can have a significant effect on reported results. The Company is exposed to foreign exchange risk in relation to its US dollar denominated senior guaranteed notes, investment in U.S. subsidiaries and in relation to its crude oil sales.


Concurrent with the issuance of US$1.26 billion senior guaranteed notes, the Company entered into CCIRS with a syndicate of financial institutions. Under the terms of the CCIRS, the US dollar amount of the notes was fixed for purposes of interest and principal repayments at a notional amount of $1.29 billion. Concurrent with the issuance of US$30.0 million senior guaranteed notes, the Company entered a cross currency principal swap which fixed the principal repayment at a notional amount of $32.2 million.


The Company can partially mitigate its exposure to foreign exchange rate changes by entering into US dollar swaps. To partially mitigate the foreign exchange risk relating to crude oil sales, the Company has fixed crude oil contracts to settle in Cdn$ WTI.


CRESCENT POINT ENERGY CORP.28


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The following sensitivities show the resulting unrealized gains (losses) and the impact on income before tax of the respective changes in the period end and applicable forward foreign exchange rates at December 31, 2014 and December 31, 2013 with all other variables held constant: Impact on Income Before TaxImpact on Income Before Tax($000s)Exchange RateYear ended December 31, 2014Year ended December 31, 2013Cdn$ relative to US$Increase 10%Decrease 10%Increase 10%Decrease 10%US dollar senior guaranteed notesPeriod End150,001(150,001)104,552(104,552)Cross currency interest rate swapsForward(165,953)165,953(113,694)113,694Cross currency principal swapsForward(3,469)3,469(3,230)3,230


Credit Risk


Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. A substantial portion of the Company's accounts receivable are with customers in the oil and gas industry and are subject to normal industry credit risks. The Company monitors the creditworthiness and concentration of credit with customers of its physical oil and gas sales. The Company is authorized to transact derivative contracts with counterparties rated A (or equivalent) or better, based on the lowest rating of the three ratings providers. Should one of the Company's financial counterparties be downgraded below the A rating limit, the Chief Financial Officer will advise the Audit Committee and provide recommendations to minimize the Company's credit risk to that counterparty . The maximum credit exposure associated with accounts receivable is the total carrying amount and the maximum exposure associated with the derivative instruments approximates their fair value.


To further mitigate credit risk associated with its physical sales portfolio, Crescent Point has secured credit insurance from a global credit insurance provider. This policy provides credit coverage for approximately 35 percent of the Company's physical sales portfolio. Crescent Point believes this insurance policy is a prudent component of its formal credit policies and procedures.


Approximately 2 percent of the Company's accounts receivable balance at December 31, 2014 is outstanding for more than 90 days and the Company considers the entire balance to be collectible.


Liquidity Risk


The timing of undiscounted cash outflows relating to the financial liabilities outstanding at December 31, 2014 is outlined in the table below: ($000s)1 year2 to 3 years4 to 5 yearsMore than 5 yearsTotalAccounts payable and accrued liabilities839,228---839,228Dividends payable102,697---102,697Derivative liabilities(1)2,136700283-3,119Senior guaranteed notes(2)156,965246,262238,7701,287,4631,929,460Bank credit facilities(3)-1,265,773--1,265,773


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|(1) | These amounts exclude undiscounted cash outflows pursuant to the CCIRS and cross currency principal swaps.

|    |                                                                                                                                                                            
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | These amounts include the notional principal and interest payments pursuant to the CCIRS and cross currency principal swaps, which fix the amounts due in Canadian dollars.

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|--- | --------------------------------------------------------------------------------------
|(3) | These amounts exclude interest payable on amounts drawn on the bank credit facilities.

The timing of undiscounted cash outflows relating to the financial liabilities outstanding at December 31, 2013 is outlined in the table below: ($000s)1 year2 to 3 years4 to 5 yearsMore than 5 yearsTotalAccounts payable and accrued liabilities789,305---789,305Dividends payable90,849---90,849Derivative liabilities(1)95,36022,144--117,504Senior guaranteed notes(2)56,108242,717210,337969,3571,478,519Bank credit facilities(3)-549,733--549,733


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|(1) | These amounts exclude undiscounted cash outflows pursuant to the CCIRS and cross currency principal swaps.

|    |                                                                                                                                                                            
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|(2) | These amounts include the notional principal and interest payments pursuant to the CCIRS and cross currency principal swaps, which fix the amounts due in Canadian dollars.

|    |                                                                                       
|--- | --------------------------------------------------------------------------------------
|(3) | These amounts exclude interest payable on amounts drawn on the bank credit facilities.

CRESCENT POINT ENERGY CORP.29


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Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities. The Company manages its liquidity risk through cash and debt management. As disclosed in Note 16, Crescent Point targets an average net debt to funds flow from operations ratio of approximately 1.0 times.


In managing liquidity risk, the Company has access to a wide range of funding at competitive rates through capital markets and banks. At December 31, 2014, the Company had available unused borrowing capacity on bank credit facilities of approximately $1.33 billion, including $0.5 million letters of credit drawn on the facility. Crescent Point believes it has sufficient funding to meet its foreseeable spending requirements.


Included in the Company's bank credit facilities balance of $1.3 billion at December 31, 2014 (December 31, 2013 - $546.6 million) are obligations of $1.2 billion (December 31, 2013 - $460.0 million) of bankers' acceptances and obligations of $90.8 million (December 31, 2013 - $89.8 million) for borrowings under the operating and syndicated prime loans, partially offset by prepaid credit facility renewal fees of $2.6 million (December 31, 2013 - $2.1 million) and prepaid interest on bankers' acceptances of $2.1 million (December 31, 2013 - $1.1 million). These amounts are fully supported and management expects that they will continue to be supported by revolving credit facilities that have no repayment requirements until maturity, other than interest.


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|-- | --------------------
|c) | Derivative Contracts

The Company enters into fixed price oil, gas, power, foreign currency, interest rate, cross currency interest rate, cross currency principal and crude oil differential contracts to manage its exposure to fluctuations in the price of crude oil, gas, power, foreign exchange and interest on debt .


The following is a summary of the derivative contracts in place as at December 31, 2014 : Financial WTI Crude Oil Derivative Contracts–Canadian Dollar(1)TermVolume(bbls/d)AverageSwapPrice($/bbl)Average   CollarSoldCall Price($/bbl)Average   CollarBoughtPut Price($/bbl)2015(2)57,81690.6998.1887.692016(3)25,98186.68--2017 January - June4,49282.87--


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|(1) | The volumes and prices reported are the weighted average volumes and prices for the period.

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|(2) | Includes 500 bbls/d which can be extended at the option of the counterparty for calendar 2016 at an average swap price of $95.00/bbl.

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|(3) | Includes 1,500 bbls/d which can be extended at the option of the counterparty for calendar 2017 at an average swap price of $95.27/bbl.

Financial AECO Natural Gas Derivative Contracts – Canadian Dollar(1)Average                     Volume (GJ/d)Average           Swap Price ($/GJ)Term201532,7673.60201632,0053.57201716,4253.552018 January - March11,0003.55


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|(1) | The volumes and prices reported are the weighted average volumes and prices for the period.

Financial Power Derivative Contracts – Canadian DollarVolume (MW/h)Fixed Rate ($/MW/h)TermContract2015Swap3.049.502016Swap3.050.002017Swap3.052.50


Financial Interest Rate Derivative Contracts – Canadian DollarNotional Principal ($)Fixed Annual Rate (%)TermContractJanuary 2015  – May 2015Swap25,000,0002.90January 2015  – May 2015Swap25,000,0003.50January 2015  – May 2015Swap50,000,0003.09January 2015  – June 2015Swap50,000,0003.78January 2015  – July 2015Swap50,000,0003.63


CRESCENT POINT ENERGY CORP.30


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Financial Cross Currency Interest Rate Derivative ContractsTermContractReceive Notional Principal (US$)Fixed Annual Rate (US%)Pay Notional Principal (Cdn$)Fixed Annual Rate (Cdn%)January 2015 – March 2015Swap37,500,0004.7138,287,5005.24January 2015 – April 2016Swap52,000,0003.9350,128,0004.84January 2015 – March 2017Swap67,500,0005.4868,917,5005.89January 2015 – April 2018Swap31,000,0004.5829,884,0005.32January 2015 – June 2018Swap20,000,0002.6520,350,0003.52January 2015 – May 2019Swap68,000,0003.3966,742,0004.53January 2015 – March 2020Swap155,000,0006.03158,255,0006.45January 2015 – April 2021Swap82,000,0005.1379,048,0005.83January 2015 – June 2021Swap52,500,0003.2956,348,2503.59January 2015 – May 2022Swap170,000,0004.00166,855,0005.03January 2015 – June 2023Swap270,000,0003.78274,725,0004.32January 2015 – June 2024Swap257,500,0003.75276,374,7504.03


Financial Cross Currency Principal Derivative ContractsSettlement DateContractReceive Notional Principal (US$)Pay Notional Principal (Cdn$)May 22, 2022Swap30,000,00032,241,000


Concurrent with the issuance of US$1.26 billion senior guaranteed notes, the Company entered into CCIRS with a syndicate of financial institutions. Under the terms of the CCIRS, the US dollar amount of the notes was fixed for purposes of interest and principal repayments at a notional amount of $1.29 billion. Concurrent with the issuance of US$30.0 million senior guaranteed notes, the Company entered a cross currency principal swap which fixed the principal repayment at a notional amount of $32.2 million.


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|24. | RELATED PARTY TRANSACTIONS

All related party transactions are recorded at the exchange amount.


During the year ended December 31, 2014, Crescent Point recorded $2.1 million (December 31, 2013 - $0.8 million) of legal fees in the normal course of business to a law firm of which a partner is the Company's corporate secretary. Crescent Point also recorded $0.2 million during the year ended December 31, 2014 (December 31, 2013 - $0.3 million) of legal fees in the normal course of business to a law firm of which a partner is a director of the Company.


Compensation of Key Management Personnel


Key management personnel of the Company consists of its directors and executive officers. In addition to the directors fees and salaries paid to the directors and officers, respectively, the directors participate in the Restricted Share Bonus Plan and DSU Plan and the officers participate in the Restricted Share Bonus Plan. The compensation relating to key management personnel for the year recorded as general and administrative expenses was $11.8 million (December 31, 2013 - $12.1 million) and share-based compensation costs were $30.7 million (December 31, 2013 – $37.6 million).


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|25. | COMMITMENTS

At December 31, 2014, the Company had contractual obligations and commitments as follows: ($000s)1 year2 to 3 years4 to 5 yearsMore than 5 yearsTotalOperating leases (building and vehicle leases)(1)25,02257,28551,232298,980432,519Transportation commitments1,93640952-2,397Total contractual commitments26,95857,69451,284298,980434,916


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|(1) | Included in operating leases are recoveries of rent expense on office space the Company has subleased of $36.3 million.

CRESCENT POINT ENERGY CORP.31


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At December 31, 2013, the Company had contractual obligations and commitments as follows: ($000s)1 year2 to 3 years4 to 5 yearsMore than 5 yearsTotalOperating leases (building and vehicle leases)(1)18,34348,24248,241281,817396,643Transportation commitments1,705461144132,323Derivative contract premiums15,697---15,697Total contractual commitments35,74548,70348,385281,830414,663


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|(1) | Included in operating leases are nominal recoveries of rent expense on office space the Company has subleased.

26. SIGNIFICANT SUBSIDIARIES


The Company has the following significant subsidiaries, each owned 100% directly and indirectly, at December 31, 2014: Subsidiary NameCountry of IncorporationCrescent Point Resources PartnershipCanadaCrescent Point Holdings Inc.CanadaCrescent Point Energy U.S. Corp.United States of AmericaCrescent Point U.S. Holdings Corp.United States of AmericaCrescent Point Energy Lux S.à r.l.Luxembourg


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|27. | SUPPLEMENTAL DISCLOSURES

Income Statement Presentation


The Company’s statement of income is prepared primarily by nature of expense, with the exception of compensation expenses which are included in the operating, general and administrative and share-based compensation line items, as follows: ($000s)20142013Operating79,11160,387General and administrative50,90141,910Share-based compensation69,68167,752Total compensation expenses199,693170,049


Cash Flow Statement Presentation ($000s)20142013Operating activitiesChanges in non-cash working capital:Accounts receivable9,744(66,537)Prepaids and deposits(925)2,996Accounts payable and accrued liabilities60,9926,192Other long-term liabilities29,561-99,372(57,349)Investing activitiesChanges in non-cash working capital:Accounts receivable(24,959)19,105Accounts payable and accrued liabilities(56,476)133,068(81,435)152,173Financing activitiesChanges in non-cash working capital:Dividends payable11,8484,667


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|28. | GEOGRAPHICAL DISCLOSURE

As at December 31, 2014, Crescent Point's non-current assets related to the U.S. foreign operations is $1.8 billion (December 31, 2013 - $1.6 billion). For the year ended December 31, 2014, Crescent Point's oil and gas revenue related to the U.S. foreign operations is $364.2 million (December 31, 2013 - $335.5 million).


CRESCENT POINT ENERGY CORP.32


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|29. | SUBSEQUENT EVENTS

Increase in Combined Credit Facilities


On March 10, 2015, the total amount available under the Company's syndicated credit facility and operating credit facility was increased to a total of $3.6 billion. Refer to Note 11 for additional information on the combined credit facilities.


CRESCENT POINT ENERGY CORP.33


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DirectorsPeter Bannister, Chairman(1) (3)Rene Amirault(2) (4)Laura Cillis(1)Hugh Gillard(1) (2) (5)Robert Heinemann(2) (3) (5)Gerald Romanzin(1) (2)Scott Saxberg(4)Greg Turnbull(3) (5)(1)Member of the Audit Committee of the Board of Directors(2)Member of the Compensation Committee of the Board of Directors(3)Member of the Reserves Committee of the Board of Directors(4)Member of the Health, Safety and Environment Committee of the Board of Directors(5)Member of the Corporate Governance and Nominating CommitteeOfficersScott SaxbergPresident and Chief Executive OfficerGreg TisdaleChief Financial OfficerC. Neil SmithChief Operating OfficerBrad BorggardVice President, Corporate PlanningDerek ChristieVice President, Exploration and GeosciencesRyan GritzfeldtVice President, Engineering and Business Development EastKen LamontVice President, Finance and TreasurerTamara MacDonaldVice President, LandTrent StanglVice President, Marketing and Investor RelationsSteve ToewsVice President, Engineering and Business Development WestMark EadeCorporate SecretaryHead OfficeSuite 2000, 585 - 8th Avenue S.W.Calgary, Alberta T2P 1G1Tel: (403) 693-0020Fax: (403) 693-0070Toll Free: (888) 693-0020BankerThe Bank of Nova ScotiaCalgary, AlbertaAuditorPricewaterhouseCoopers LLPCalgary, AlbertaLegal CounselNorton Rose Fulbright Canada LLPCalgary, AlbertaEvaluation EngineersGLJ Petroleum Consultants Ltd.Calgary, AlbertaSproule Associates Ltd.Calgary, AlbertaRegistrar and Transfer AgentInvestors are encouraged to contact Crescent Point's Registrar and Transfer Agent for information regarding their security holdings:Computershare Trust Company of Canada600, 530 - 8th Avenue S.W.Calgary, Alberta T2P 3S8Tel: (403) 267-6800Stock ExchangesToronto Stock Exchange - TSXNew York Stock Exchange - NYSEStock SymbolCPGInvestor ContactsScott SaxbergPresident and Chief Executive Officer(403) 693-0020Greg TisdaleChief Financial Officer(403) 693-0020Trent StanglVice President, Marketing and Investor Relations(403) 693-0020





CRESCENT POINT ENERGY CORP.34