Crescent Point Plans Name Change to Veren

Rhea-AI Summary

Crescent Point Energy Corp. announces name change to Veren Inc. at upcoming shareholder meeting. The rebranding reflects the company's positive transformation and commitment to ESG practices. The new name combines 'truth' and 'energy'. Shares to trade under symbol 'VRN' post-approval.

 CALGARY, AB, March 20, 2024 /PRNewswire/ - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) (NYSE: CPG) announced today that it intends to change its name to Veren Inc. ("Veren") and will seek shareholder approval for the change at its upcoming Annual and Special Meeting of Shareholders ("AGM") on May 10, 2024.

"Our new name and logo represent the culmination of our remarkable transformation over the last several years and better reflect the notable improvements we have made to our business," said Craig Bryksa, President and CEO of Crescent Point. "Our portfolio now boasts a top-quartile asset base with significant inventory. In addition to strengthening our long-term excess cash flow and return of capital profile for shareholders, we have also bolstered our ESG practices including enhanced governance, environmental stewardship, safety practices and community involvement. Through our hard work, we have reached a turning point and are on a new and exciting trajectory. It is now time to embrace a new brand that is representative of our promising future and our purpose statement of Bringing Energy To Our World – The Right Way."

The name Veren combines the Latin word for 'truth' – veritas – and 'energy'. The Company will formally adopt the new name and visual identity upon receiving all necessary shareholder and regulatory approvals. The Company's common shares will begin trading on the Toronto and New York stock exchanges under the symbol 'VRN', shortly after shareholder approval is received, with further details to be provided at a later date.

Forward-Looking Information

This press release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as "anticipate", "expect", "believe", "may", "will", "should", "estimate", "intend" or other similar words). Forward-looking statements in this press release are intended to provide Crescent Point security holders and potential investors with information regarding Crescent Point and its subsidiaries, including management's assessment of Crescent Point's and its subsidiaries' future plans and financial outlook. All forward-looking statements reflect Crescent Point's beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release, and not to use future-oriented information or financial outlooks for anything other than their intended purpose. Crescent Point undertakes no obligation to update or revise any forward-looking information except as required by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to our Annual Information Form for the year ended December 31, 2023 under "Risk Factors" and our MD&A for the year ended December 31, 2023, under the headings "Risk Factors" and "Forward-Looking Information", "Capital Expenditures", "Liquidity and Capital Resources", "Critical Accounting Estimates", "Risk Factors", "Changes in Accounting Policies" and "Guidance" filed under Crescent Point's profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov.

FOR MORE INFORMATION ON CRESCENT POINT ENERGY, PLEASE CONTACT:

Shant Madian, Vice President, Capital Markets, or
Sarfraz Somani, Manager, Investor Relations
Telephone: (403) 693-0020 Toll-free (US and Canada): 888-693-0020  Fax: (403) 693-0070
Address: Crescent Point Energy Corp. Suite 2000, 585 - 8th Avenue S.W. Calgary AB  T2P 1G1

www.crescentpointenergy.com 

Crescent Point shares are traded on the Toronto Stock Exchange and New York Stock Exchange under the symbol CPG.

View original content:https://www.prnewswire.com/news-releases/crescent-point-plans-name-change-to-veren-302094773.html

SOURCE Crescent Point Energy Corp.

FAQ

What is the new name of Crescent Point Energy Corp.?

The new name is Veren Inc.

When will the name change be finalized?

The name change will be finalized upon receiving necessary shareholder and regulatory approvals.

What does the name Veren signify?

The name Veren combines the Latin word for 'truth' - veritas - and 'energy'.

Under what symbol will the company's shares trade post-approval?

The shares will trade under the symbol 'VRN' on the Toronto and New York stock exchanges.

When is the Annual and Special Meeting of Shareholders scheduled?

The AGM is scheduled for May 10, 2024.

Who is the President and CEO of Crescent Point Energy Corp.?

Craig Bryksa is the President and CEO of Crescent Point.

What improvements have been made to the business according to the PR?

Improvements include a top-quartile asset base, enhanced ESG practices, and strengthened cash flow and return of capital profile.

What does the purpose statement 'Bringing Energy To Our World - The Right Way' signify?

It signifies the company's commitment to providing energy in a sustainable and responsible manner.

What are some key elements of the company's enhanced ESG practices mentioned in the PR?

Enhanced governance, environmental stewardship, safety practices, and community involvement are highlighted.

What risks are associated with the forward-looking information in the press release?

The forward-looking information is subject to important risks and uncertainties.

What languages are involved in the new name Veren?

The name Veren involves Latin and English languages.

What is the significance of the new symbol 'VRN'?

The symbol 'VRN' represents the new identity of the company post-name change.