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 professional 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, 2015. 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, 2015. 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 professional accountants who also audited the Company's consolidated financial statement for the year ended December 31, 2015, has audited the the effectiveness of the Company's internal control over financial reporting as at December 31, 2015.

Scott Saxberg President and Chief Executive Officer	Ken Lamont Chief Financial Officer

March 8, 2016

INDEPENDENT AUDITOR’S REPORT

To the Shareholders of

Crescent Point Energy Corp.

We have completed integrated audits of Crescent Point Energy Corp. (the "Corporation") and its subsidiaries 2015 and 2014 consolidated financial statements and its internal control over financial reporting as at December 31, 2015. Our opinions, based on our audits are presented below.

Report on the consolidated financial statements

We have audited the accompanying consolidated financial statements of Crescent Point Energy Corp., and its subsidiaries, which comprise the consolidated balance sheets as at December 31, 2015 and December 31, 2014 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 audits in accordance with Canadian generally accepted auditing standards and 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 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 Corporation’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, 2015 and December 31, 2014 and its financial performance and its 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 Crescent Point Energy Corp. and its subsidiaries internal control over financial reporting as at December 31, 2015, 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.

Auditor’s responsibility

Our responsibility is to express an opinion on the Corporation’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.

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 Corporation’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 Corporation; (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 Corporation are being made only in accordance with authorizations of management and directors of the Corporation; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Corporation’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, 2015, based on criteria established in Internal Control - Integrated Framework (2013) issued by COSO.

(signed)

PricewaterhouseCoopers LLP

Chartered Professional Accountants

Calgary, Alberta

March 8, 2016

CONSOLIDATED BALANCE SHEETS

As at December 31
(Cdn$ millions)	Notes	2015		2014
ASSETS
Cash		24.7		4.0
Accounts receivable		327.0		418.7
Prepaids and deposits		5.1		6.5
Derivative asset	23	490.5		520.6
Total current assets		847.3		949.8
Long-term investments	5	30.3		49.9
Derivative asset	23	540.1		283.4
Other long-term assets	6	63.5		59.6
Exploration and evaluation	7, 8	540.7		622.5
Property, plant and equipment	8, 9	14,953.7		14,250.1
Goodwill	10	251.9		251.9
Deferred income tax	20	388.5		-
Total assets		17,616.0		16,467.2
LIABILITIES
Accounts payable and accrued liabilities		679.4		839.2
Dividends payable		50.5		102.7
Current portion of long-term debt	11	72.0		93.5
Derivative liability	23	1.8		3.4
Decommissioning liability	13	32.4		52.3
Total current liabilities		836.1		1,091.1
Long-term debt	11	4,380.0		2,849.6
Derivative liability	23	0.3		0.2
Other long-term liabilities	12, 21	56.3		46.1
Decommissioning liability	13	1,223.0		971.1
Deferred income tax	20	995.3		1,348.2
Total liabilities		7,491.0		6,306.3
SHAREHOLDERS’ EQUITY
Shareholders’ capital	14	15,693.2		14,157.6
Contributed surplus		99.3		118.0
Deficit	15	(6,239.3	)	(4,357.1	)
Accumulated other comprehensive income		571.8		242.4
Total shareholders' equity		10,125.0		10,160.9
Total liabilities and shareholders' equity		17,616.0		16,467.2

Commitments (Note 25)

See accompanying notes to the consolidated financial statements.

Approved on behalf of the Board of Directors:

Gerald A. Romanzin Director	D. Hugh Gillard Director

CRESCENT POINT ENERGY CORP. 4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the years ended December 31
(Cdn$ millions, except per share amounts)	Notes	2015		2014
REVENUE AND OTHER INCOME
Oil and gas sales		2,800.2		4,210.1
Royalties		(435.9	)	(750.2	)
Oil and gas revenue		2,364.3		3,459.9
Derivative gains	17, 23	870.7		776.0
Other income (loss)	18	7.9		(24.4	)
		3,242.9		4,211.5
EXPENSES
Operating		706.5		647.5
Transportation		138.4		117.6
General and administrative		111.7		91.6
Interest on long-term debt		146.0		103.9
Foreign exchange loss	19	362.5		124.4
Share-based compensation	21	58.6		69.7
Depletion, depreciation, amortization and impairment	7, 9	3,138.3		2,222.6
Accretion	12, 13	25.2		21.2
		4,687.2		3,398.5
Net income (loss) before tax		(1,444.3	)	813.0
Tax expense (recovery)
Current	20	(1.9	)	0.1
Deferred	20	(572.2	)	304.0
Net income (loss)		(870.2	)	508.9
Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Foreign currency translation of foreign operations		329.4		149.8
Comprehensive income (loss)		(540.8	)	658.7
Net income (loss) per share	22
Basic		(1.82	)	1.22
Diluted		(1.82	)	1.21

See accompanying notes to the consolidated financial statements.

CRESCENT POINT ENERGY CORP. 5

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

(Cdn$ millions, except per share amounts)	Notes	Shareholders’ capital		Contributed surplus		Deficit		Accumulated other comprehensive income	Total shareholders’ equity
December 31, 2014		14,157.6		118.0		(4,357.1	)	242.4	10,160.9
Issued for cash	14	660.1							660.1
Issued on capital acquisitions	14	541.9							541.9
Issued pursuant to the DRIP (1) and SDP (2)	14	261.7				8.4			270.1
Redemption of restricted shares	14	92.5		(94.0	)				(1.5	)
Share issue costs, net of tax		(20.6	)						(20.6	)
Share-based compensation	21			77.4					77.4
Forfeit of restricted shares	21			(2.1	)				(2.1	)
Net income (loss)						(870.2	)		(870.2	)
Dividends ($2.11 per share)						(1,020.4	)		(1,020.4	)
Foreign currency translation adjustment								329.4	329.4
December 31, 2015		15,693.2		99.3		(6,239.3	)	571.8	10,125.0
December 31, 2013		11,990.3		109.6		(3,692.5	)	92.6	8,500.0
Issued for cash		800.1							800.1
Issued on capital acquisitions		974.2							974.2
Issued pursuant to the DRIP (1) and SDP (2)		339.9							339.9
Redemption of restricted shares		77.9		(79.5	)	1.1			(0.5	)
Share issue costs, net of tax		(24.8	)						(24.8	)
Share-based compensation				88.5					88.5
Forfeit of restricted shares				(0.6	)				(0.6	)
Net income						508.9			508.9
Dividends ($2.76 per share)						(1,174.6	)		(1,174.6	)
Foreign currency translation adjustment								149.8	149.8
December 31, 2014		14,157.6		118.0		(4,357.1	)	242.4	10,160.9

(1) Premium Dividend ^TM and Dividend Reinvestment Plan.

(2) Share Dividend Plan.

See accompanying notes to the consolidated financial statements.

CRESCENT POINT ENERGY CORP. 6

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the years ended December 31
(Cdn$ millions)	Notes	2015		2014
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net income (loss)		(870.2	)	508.9
Items not affecting cash
Other (income) loss	18	(5.8	)	24.4
Deferred tax expense (recovery)	20	(572.2	)	304.0
Share-based compensation	21	58.6		69.7
Depletion, depreciation, amortization and impairment	7, 9	3,138.3		2,222.6
Accretion	12, 13	25.2		21.2
Unrealized gains on derivatives	17, 23	(228.1	)	(880.8	)
Translation of US dollar long-term debt	19	363.5		121.8
Other	27	7.6		2.4
Realized loss on settlement of US dollar long-term debt	19	21.2		-
Realized gain on principal settlement of cross currency swap	19	(14.3	)	-
Decommissioning expenditures		(15.8	)	(38.0	)
Change in non-cash working capital	27	48.9		99.4
		1,956.9		2,455.6
INVESTING ACTIVITIES
Development capital and other expenditures		(1,605.2	)	(2,168.7	)
Capital acquisitions, net	8	(23.1	)	(845.6	)
Other long-term assets	6	(2.6	)	(21.6	)
Investments	5	2.0		-
Change in non-cash working capital	27	(164.6	)	(81.4	)
		(1,793.5	)	(3,117.3	)
FINANCING ACTIVITIES
Issue of shares, net of issue costs		630.7		765.0
Increase in bank debt, net		729.6		333.5
Issuance of senior guaranteed notes		381.4		372.7
Repayment of acquired debt and senior guaranteed notes		(1,100.6	)	-
Realized gain on principal settlement of cross currency swap		14.3		-
Cash dividends		(750.3	)	(834.7	)
Change in non-cash working capital	27	(52.2	)	11.8
		(147.1	)	648.3
Impact of foreign currency on cash balances		4.4		1.5
INCREASE (DECREASE) IN CASH		20.7		(11.9	)
CASH AT BEGINNING OF YEAR		4.0		15.9
CASH AT END OF YEAR		24.7		4.0

See accompanying notes to the consolidated financial statements.

Supplementary Information:

Cash taxes (paid) recovered	(0.1	)	0.4
Cash interest paid	(140.6	)	(105.5	)

CRESCENT POINT ENERGY CORP. 7

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS    

December 31, 2015 and 2014

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 8, 2016.

2. BASIS OF PREPARATION

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 8, 2016, 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 ("U.S.") dollars. Crescent Point's operations are aggregated into one reportable segment based on the similarities between the Company's Canadian and U.S. operations.

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.

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 these 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

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 assets and liabilities recognize the extent that temporary differences will be receivable and payable in future periods. The calculation of the asset and 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.

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.

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 some 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.

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 CGUs 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

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 from proved plus probable oil and gas reserves, adjusted for the discounted abandonment and reclamation costs on proved plus probable undeveloped oil and gas reserves. 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 from proved plus probable oil and gas reserves discounted at a pre-tax rate, adjusted for the discounted abandonment and reclamation costs associated with wells without reserves and facilities that relate to the CGUs.

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.

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 from proved plus probable oil and gas reserves, adjusted for the discounted abandonment and reclamation costs on proved plus probable undeveloped oil and gas reserves 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 expected future cash flows from proved plus probable oil and gas reserves discounted at a pre-tax rate, adjusted for the discounted abandonment and reclamation costs associated with wells without reserves and facilities that relate to the CGUs.

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, net of amortization, had no impairment been recognized.

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.

e) Reclamation Fund

The Company established a reclamation fund to fund future decommissioning costs and environmental initiatives. Effective April 1, 2015, the Board of Directors approved contributions of $0.60 per barrel of oil equivalent (“boe”) of production. Prior to this, 2014 contributions were $1.00 - $1.10 per boe. Additional contributions can be made at the discretion of management.

CRESCENT POINT ENERGY CORP. 10

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 from proved plus probable oil and gas reserves, adjusted for the discounted abandonment and reclamation costs on proved plus probable undeveloped oil and gas reserves 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 expected future cash flows from proved plus probable oil and gas reserves discounted at a pre-tax rate, adjusted for the discounted abandonment and reclamation costs associated with wells without reserves and facilities that relate to the CGUs. 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.

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. 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.

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.

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”.

Effective January 1, 2013, the Company adopted the amendment to IFRS 9 which presented a new hedge accounting model. The Company does not currently apply hedge accounting. In July 2014, IFRS 9 was further amended to include guidance to assess and recognize impairment losses on financial assets based on an expected loss model. This amendment will be adopted by the Company on January 1, 2018. See Note 4 - "Changes in Accounting Policies" for additional information regarding future changes in accounting policies.

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.

CRESCENT POINT ENERGY CORP. 11

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.

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 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.

CRESCENT POINT ENERGY CORP. 12

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.

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

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

• IFRS 15 Revenue from Contracts with Customers - IFRS 15 was issued in May 2014 and replaces IAS 18 Revenue, IAS 11 Construction Contracts and related interpretations. The standard is required to be adopted either retrospectively or using a modified transaction approach. In September 2015, the IASB amended IFRS 15, deferring the effective date of the standard by one year to annual periods beginning on or after January 1, 2018 with early adoption still permitted. IFRS 15 will be adopted by the Company on January 1, 2018 and the Company is currently evaluating the impact of the standard on the consolidated financial statements.

• IFRS 9 Financial 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.

• IFRS 16 Leases - IFRS 16 was issued January 2016 and replaces IAS 17 Leases. The standard introduces a single lessee accounting model for leases with required recognition of assets and liabilities for most leases. The standard is effective for fiscal years beginning on or after January 1, 2019 with early adoption permitted if the Company is also applying IFRS 15 Revenue from Contracts with Customers. IFRS 16 will be adopted by the Company on January 1, 2019 and the Company is currently evaluating the impact of the standard on the consolidated financial statements.

5. LONG-TERM INVESTMENTS

($ millions)	2015		2014
Investments in public companies, beginning of year	21.0		24.3
Acquired through capital acquisitions	2.6		-
Dispositions	(1.3	)	-
Unrealized gain (loss) recognized in other income (loss)	0.5		(3.3	)
Investments in public companies, end of year	22.8		21.0
Investments in private companies, beginning of year	28.9		50.0
Derecognized through capital acquisitions	(7.0	)	-
Unrealized loss recognized in other income (loss)	(14.4	)	(21.1	)
Investment in private company, end of year (1)	7.5		28.9
Long-term investments, end of year	30.3		49.9

(1) The investment in a private company was previously valued based primarily on an estimate of the net asset value of the company’s common shares, which resulted in a Level 3 fair value. At December 31, 2015, the investment was valued based on recent trading activity in the company’s common shares. Therefore, the fair value was reclassified to Level 2.

CRESCENT POINT ENERGY CORP. 13

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, 2015, the investments are recorded at a fair value of $22.8 million which is $12.2 million more than the original cost of the investments. At December 31, 2014, the investments were recorded at a fair value of $21.0 million which was $82.9 million less than the original cost of the investment.

b) Private Companies

The Company holds common shares in a private oil and gas company. The investment is classified as financial assets at fair value through profit or loss and is fair valued with the resulting gain or loss recorded in net income. At December 31, 2015, the investment is recorded at a fair value of $7.5 million which is $17.5 million less than the original cost of the investment. At December 31, 2014, the investments were recorded at a fair value of $28.9 million which was $38.1 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

($ millions)	2015	2014
Reclamation fund	49.5	47.8
Other receivables	14.0	11.8
Other long-term assets	63.5	59.6

a) Reclamation fund

The following table reconciles the reclamation fund:

($ millions)	2015		2014
Balance, beginning of year	47.8		26.2
Contributions	27.5		60.3
Acquired through capital acquisitions	1.3		-
Expenditures	(27.1	)	(38.7	)
Balance, end of year	49.5		47.8

b) Other receivables

At December 31, 2015, the Company had investment tax credits of $14.0 million (December 31, 2014 - $11.8 million).

7. EXPLORATION AND EVALUATION ASSETS

($ millions)	2015		2014
Exploration and evaluation assets at cost	1,961.0		1,789.8
Accumulated amortization	(1,420.3	)	(1,167.3	)
Net carrying amount	540.7		622.5
Reconciliation of movements during the year
Cost, beginning of year	1,789.8		1,590.3
Accumulated amortization, beginning of year	(1,167.3	)	(902.0	)
Net carrying amount, beginning of year	622.5		688.3
Net carrying amount, beginning of year	622.5		688.3
Acquisitions through business combinations, net	162.3		65.0
Additions	385.8		578.9
Transfers to property, plant and equipment	(470.6	)	(486.5	)
Amortization	(205.9	)	(248.9	)
Foreign exchange	46.6		25.7
Net carrying amount, end of year	540.7		622.5

CRESCENT POINT ENERGY CORP. 14

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, 2015, $540.7 million remains in E&E assets after $470.6 million was transferred to PP&E following the determination of technical feasibility during the year ended December 31, 2015 (year ended December 31, 2014 - $622.5 million and $486.5 million, respectively).

Impairment test of exploration and evaluation assets

As a result of the decrease in forward benchmark commodity prices at December 31, 2015 compared to December 31, 2014 and at December 31, 2014 compared to December 31, 2013, an impairment test on the Company’s E&E assets was performed. At December 31, 2015 and December 31, 2014, the Company determined that the fair value less costs of disposal exceeded its carrying amount of each operating segment. As a result, no impairment was recorded.

8. CAPITAL ACQUISITIONS AND DISPOSITIONS

If the material business combinations outlined below under "Corporate Acquisitions" had closed on January 1, 2015, Crescent Point's oil and gas sales and oil and gas sales less royalties, transportation and operating expenses for the year ended December 31, 2015 would have been approximately $3.0 billion and $1.6 billion, respectively. This pro-forma information is not necessarily indicative of the results should the material business combinations have actually occurred on January 1, 2015.

In the year ended December 31, 2015, the Company incurred $14.2 million (December 31, 2014 - $13.8 million) of transaction costs related to business combinations that are recorded as general and administrative expenses.

a) Corporate Acquisitions

Legacy Oil + Gas Inc.

On June 30, 2015, Crescent Point completed the acquisition, by way of plan of arrangement, of all issued and outstanding common shares of Legacy Oil + Gas Inc. ("Legacy"), a public oil and gas company with properties in Southeast Saskatchewan, Manitoba, Alberta and North Dakota. Consideration has been allocated as follows:

($ millions)
Fair value of net assets acquired
Accounts receivable	55.1
Long-term investments	2.6
Other long-term assets	1.3
Exploration and evaluation	95.4
Property, plant and equipment	1,381.6
Deferred income tax asset	99.5
Accounts payable and accrued liabilities	(82.0	)
Long-term debt	(983.7	)
Other long-term liabilities	(6.8	)
Decommissioning liability	(76.0	)
Total net assets acquired (1)	487.0
Consideration
Shares issued (18,229,428 common shares)	467.6
Accrued cash consideration	19.4
Total purchase price	487.0

(1) Total net assets acquired excludes approximately $35.0 million of commitments related to a building lease and approximately $2.9 million related to capital commitments.

Oil and gas sales and oil and gas sales less royalties, transportation and operating expenses from the acquisition date to December 31, 2015 includes $132.8 million and $56.3 million, respectively, attributable to the Legacy acquisition.

CRESCENT POINT ENERGY CORP. 15

Coral Hill Energy Ltd.

On August 14, 2015, Crescent Point completed the acquisition, by way of plan of arrangement, of all remaining issued and outstanding common shares of Coral Hill Energy Ltd. ("Coral Hill"), a private oil and gas company with properties in Alberta. Consideration has been allocated as follows:

($ millions)
Fair value of net assets acquired
Accounts receivable	8.7
Exploration and evaluation	54.2
Property, plant and equipment	117.1
Deferred income tax asset	54.7
Accounts payable and accrued liabilities	(6.7	)
Long-term debt	(130.5	)
Decommissioning liability	(4.8	)
Total net assets acquired	92.7
Consideration
Crescent Point's previously held investment	7.0
Shares issued (4,283,680 common shares)	73.2
Gain on acquisition recognized in other income (loss)	12.5
Total purchase price	92.7

Oil and gas sales and oil and gas sales less royalties, transportation and operating expenses from the acquisition date to December 31, 2015 includes $15.4 million and $8.3 million, respectively, attributable to the Coral Hill acquisition.

b) Minor Property Acquisitions and Dispositions

Crescent Point completed minor property acquisitions and dispositions during the year ended December 31, 2015 ($14.6 million was allocated to PP&E and $12.7 million was allocated to E&E assets, including $6.3 million related to gain on capital acquisitions and $0.7 million related to disposed decommissioning liability). These minor property acquisitions and dispositions were completed with full tax pools and no working capital items.

CRESCENT POINT ENERGY CORP. 16

9. PROPERTY, PLANT AND EQUIPMENT

($ millions)	2015		2014
Development and production assets	23,677.4		19,891.5
Corporate assets	101.5		87.7
Property, plant and equipment at cost	23,778.9		19,979.2
Accumulated depletion, depreciation and impairment	(8,825.2	)	(5,729.1	)
Net carrying amount	14,953.7		14,250.1
Reconciliation of movements during the year
Development and production assets
Cost, beginning of year	19,891.5		14,964.2
Accumulated depletion and impairment, beginning of year	(5,708.0	)	(3,715.3	)
Net carrying amount, beginning of year	14,183.5		11,248.9
Net carrying amount, beginning of year	14,183.5		11,248.9
Acquisitions through business combinations, net	1,513.8		2,420.6
Additions	1,357.3		1,871.4
Dispositions	(0.5	)	(0.3	)
Transfers from exploration and evaluation assets	470.6		486.5
Depletion	(1,538.5	)	(1,380.4	)
Impairment	(1,385.3	)	(588.2	)
Foreign exchange	281.0		125.0
Net carrying amount, end of year	14,881.9		14,183.5
Cost, end of year	23,677.4		19,891.5
Accumulated depletion and impairment, end of year	(8,795.5	)	(5,708.0	)
Net carrying amount, end of year	14,881.9		14,183.5
Corporate assets
Cost, beginning of year	87.7		26.2
Accumulated depreciation, beginning of year	(21.1	)	(16.0	)
Net carrying amount, beginning of year	66.6		10.2
Net carrying amount, beginning of year	66.6		10.2
Additions	13.4		61.4
Depreciation	(8.6	)	(5.1	)
Foreign exchange	0.4		0.1
Net carrying amount, end of year	71.8		66.6
Cost, end of year	101.5		87.7
Accumulated depreciation, end of year	(29.7	)	(21.1	)
Net carrying amount, end of year	71.8		66.6

At December 31, 2015, future development costs of $7.2 billion (December 31, 2014 - $6.9 billion) are included in costs subject to depletion.

Direct general and administrative costs capitalized by the Company during the year ended December 31, 2015 were $46.9 million (year ended December 31, 2014 - $41.3 million), including $16.9 million of share-based compensation costs (year ended December 31, 2014 - $18.0 million).

CRESCENT POINT ENERGY CORP. 17

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, forecast benchmark commodity prices, royalties, operating costs, capital 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.

Short-term forecast benchmark commodity price assumptions reflect the volatility in crude oil and natural gas prices in recent periods. Long-term forecast benchmark commodity price assumptions tend to be stable as the short-term 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, 2015.

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026 (2)
WTI ($US/bbl)	45.00	60.00	70.00	80.00	81.20	82.42	83.65	84.91	86.18	87.48	88.79
Exchange Rate ($US/$Cdn)	0.750	0.800	0.830	0.850	0.850	0.850	0.850	0.850	0.850	0.850	0.850
WTI ($Cdn/bbl)	60.00	75.00	84.34	94.12	95.53	96.96	98.41	99.89	101.39	102.92	104.46
AECO ($Cdn/MMbtu)	2.25	2.95	3.42	3.91	4.20	4.28	4.35	4.43	4.51	4.59	4.67

(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.

(2) Forecast benchmark commodity prices are assumed to increase by 1.5% in each year after 2026 to the end of the reserve life. Exchange rates are assumed to be constant at 0.850.

At December 31, 2015, the Company determined that the carrying amount of the Southeast Saskatchewan, Southwest Saskatchewan, Southern Alberta, Southern USA, Northern USA and Northern Alberta CGUs exceeded their fair value less costs of disposal. The full amount of the impairment was attributed to PP&E and, as a result, impairment losses of $1.4 billion were recorded as a component of depletion, depreciation, amortization and impairment expense. At December 31, 2014, the Company determined that the carrying amount of the Southern Alberta, Southern USA and Northern USA CGUs exceeded their fair value less costs of disposal. The full amount of the impairment was attributed to PP&E and, as a result, impairment losses of $588.2 million were recorded as a component of depletion, depreciation, amortization and impairment expense.

The following table summarizes the impairment for the year ended December 31, 2015 by CGU:

CGU ($ millions, except %)	Operating segment	Fair value less costs of disposal	Discount rate		Impairment	Impairment, net of tax
Southeast Saskatchewan	Canada	7,732.1	9.25	%	315.2	230.1
Southwest Saskatchewan (1)	Canada	2,878.0	9.25	%	345.2	252.0
Southern Alberta	Canada	1,290.4	9.50	%	255.5	186.5
Southern USA (1)	USA	922.4	9.50	%	384.6	239.0
Northern USA (1)	USA	567.7	9.75	%	59.5	37.0
Northern Alberta (1)	Canada	80.0	9.75	%	25.3	18.5
Total impairment					1,385.3	963.1

(1) At September 30, 2015, the carrying amount of the Southwest Saskatchewan, Southern USA, Northern USA and Northern Alberta CGUs exceeded their fair value less costs of disposal and impairment was recorded as a component of depletion, depreciation, amortization and impairment expense. As a result of the further decrease in forecast benchmark commodity prices at December 31, 2015 compared to September 30, 2015, further impairment was recorded.

The impairment was largely a result of the decrease in forecast benchmark commodity prices at December 31, 2015 compared to December 31, 2014, partially offset by the positive impact of capital and operating cost reductions, improved capital efficiencies and technical and development reserve additions.

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. A one percent increase in the assumed discount rate would result in an additional impairment expense of approximately $1.3 billion for the year ended December 31, 2015. A five percent decrease in the forecast benchmark commodity price estimate would result in an additional impairment expense of approximately $2.0 billion for the year ended December 31, 2015.

10. GOODWILL

At December 31, 2015, the Company had goodwill of $251.9 million (December 31, 2014 - $251.9 million). Goodwill has been assigned to the Canadian operating segment.

CRESCENT POINT ENERGY CORP. 18

Impairment test of goodwill

The impairment test of goodwill at December 31, 2015 and December 31, 2014, determined based on fair value less costs of disposal, concluded that the estimated recoverable amount exceeded the carrying amount. As such, no goodwill impairment existed. 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.

11. LONG-TERM DEBT

The following table reconciles long-term debt:

($ millions)	2015	2014
Bank debt	2,171.4	1,261.1
Senior guaranteed notes (1)	2,280.6	1,682.0
Long-term debt	4,452.0	2,943.1
Long-term debt due within one year	72.0	93.5
Long-term debt due beyond one year	4,380.0	2,849.6

(1) The Company entered into cross currency swaps and a foreign exchange swap concurrent with the issuance of the US senior guaranteed notes to fix the US dollar amount of the notes for the purpose of principal repayment at Canadian dollar notional amounts. The total principal due on the maturity of the senior guaranteed notes is $1.79 billion.

Bank Debt

The Company has 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 $3.6 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 under certain conditions. 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 credit facilities bear interest at the applicable market rate plus a margin based on a sliding scale ratio of the Company's senior debt to earnings before interest, taxes, depletion, impairment, depreciation and amortization, adjusted for certain non-cash items including unrealized derivatives, unrealized foreign exchange, share-based compensation expense and accretion ("EBITDA").

The credit facilities and senior guaranteed notes have covenants which restrict the Company's ratio of senior debt to EBITDA to a maximum of 3.5:1.0, the ratio of total debt to EBITDA to a maximum of 4:0:1.0 and the ratio of senior debt to capital, adjusted for certain non-cash items as noted above, to a maximum of 0.55:1.0. The Company is in compliance with all debt covenants at December 31, 2015.

The Company had letters of credit in the amount of $13.7 million outstanding at December 31, 2015.

The Company manages its credit facilities through a combination of bankers' acceptance loans, US dollar LIBOR loans and interest rate swaps.

CRESCENT POINT ENERGY CORP. 19

Senior Guaranteed Notes

The Company has closed private offerings of senior guaranteed notes raising total gross proceeds of US$1.51 billion and Cdn$197.0 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, amounts due on maturity and carrying amounts of the Company's outstanding senior guaranteed notes are detailed below:

Principal ($ millions)	Coupon Rate		Principal Due on Maturity (1) (Cdn$ millions)	Interest Payment Dates	Maturity Date	Financial statement carrying value
						2015	2014
Cdn$50.0	4.92	%	-	September 24 and March 24	March 24, 2015	-	50.0
US$37.5	4.71	%	-	September 24 and March 24	March 24, 2015	-	43.5
US$52.0	3.93	%	50.1	October 14 and April 14	April 14, 2016	72.0	60.3
US$67.5	5.48	%	68.9	September 24 and March 24	March 24, 2017	93.3	78.3
US$31.0	4.58	%	29.9	October 14 and April 14	April 14, 2018	42.9	36.0
US$20.0	2.65	%	20.4	December 12 and June 12	June 12, 2018	27.7	23.2
Cdn$7.0	4.29	%	7.0	November 22 and May 22	May 22, 2019	7.0	7.0
US$68.0	3.39	%	66.7	November 22 and May 22	May 22, 2019	94.1	78.9
US$155.0	6.03	%	158.3	September 24 and March 24	March 24, 2020	214.5	179.8
Cdn$50.0	5.53	%	50.0	October 14 and April 14	April 14, 2021	50.0	50.0
US$82.0	5.13	%	79.0	October 14 and April 14	April 14, 2021	113.5	95.1
US$52.5	3.29	%	56.3	December 20 and June 20	June 20, 2021	72.7	60.9
Cdn$25.0	4.76	%	25.0	November 22 and May 22	May 22, 2022	25.0	25.0
US$200.0	4.00	%	199.1	November 22 and May 22	May 22, 2022	276.8	232.0
Cdn$10.0	4.11	%	10.0	December 12 and June 12	June 12, 2023	10.0	10.0
US$270.0	3.78	%	274.7	December 12 and June 12	June 12, 2023	373.7	313.2
Cdn$40.0	3.85	%	40.0	December 20 and June 20	June 20, 2024	40.0	40.0
US$257.5	3.75	%	276.4	December 20 and June 20	June 20, 2024	356.4	298.8
Cdn$65.0	3.94	%	65.0	October 22 and April 22	April 22, 2025	65.0	-
US$230.0	4.08	%	291.1	October 22 and April 22	April 22, 2025	318.3	-
US$20.0	4.18	%	25.3	October 22 and April 22	April 22, 2027	27.7	-
Senior guaranteed notes			1,793.2			2,280.6	1,682.0
Senior guaranteed notes due within one year						72.0	93.5
Senior guaranteed notes due beyond one year						2,208.6	1,588.5

(1) Includes underlying derivatives which manage the Company's foreign exchange exposure on its US dollar senior guaranteed notes. The Company considers this to be the economic amount due at maturity and not the financial statement carrying amount.

Concurrent with the issuance of US$1.48 billion senior guaranteed notes, the Company entered into cross currency swaps (''CCS'') to manage the Company's foreign exchange risk. The CCS fix the US dollar amount of the notes for purposes of interest and principal repayments at a notional amount of $1.56 billion. Concurrent with the issuance of US$30.0 million senior guaranteed notes, the Company entered a foreign exchange swap which fixed the principal repayment at a notional amount of $32.2 million. See additional information in Note 23 - “Financial Instruments and Derivatives”.

12. OTHER LONG-TERM LIABILITIES

($ millions)	2015	2014
Lease inducement (1)	47.2	43.8
Long-term compensation liability (2)	2.5	2.3
Other long-term liability (3)	6.6	-
Other long-term liabilities	56.3	46.1

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

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

(3) Other long-term liability is related to the estimated unrecoverable portion of a building lease acquired through capital acquisitions. See additional information in Note 8 - "Capital Acquisitions and Dispositions".

CRESCENT POINT ENERGY CORP. 20

13. DECOMMISSIONING LIABILITY

The following table reconciles the decommissioning liability:

($ millions)	2015		2014
Decommissioning liability, beginning of year	1,023.4		629.5
Liabilities incurred	57.0		41.9
Liabilities acquired through capital acquisitions	81.3		94.8
Liabilities disposed through capital dispositions	(1.2	)	(0.2	)
Liabilities settled	(15.8	)	(38.0	)
Revaluation of acquired decommissioning liabilities (1)	111.1		80.6
Change in estimated future costs	(14.5	)	70.6
Change in discount rate	(11.0	)	123.0
Accretion expense	25.1		21.2
Decommissioning liability, end of year	1,255.4		1,023.4
Expected to be incurred within one year	32.4		52.3
Expected to be incurred beyond one year	1,223.0		971.1

(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 $1.3 billion at December 31, 2015 (December 31, 2014 - $1.0 billion) based on total estimated undiscounted cash flows to settle the obligation of $1.3 billion (December 31, 2014 - $1.1 billion). These obligations are expected to be settled through 2049, with the majority expected after 2034. The estimated cash flows have been discounted using a risk free rate of approximately 2.25 percent and an inflation rate of 2 percent (December 31, 2014 - approximately 2.25 percent and 2 percent, respectively).

14. SHAREHOLDERS' CAPITAL

Crescent Point has an unlimited number of common shares authorized for issuance.

	2015			2014
	Number of shares	Amount ($ millions)		Number of shares	Amount ($ millions)
Common shares, beginning of year	446,510,210	14,373.5		394,993,566	12,181.4
Issued for cash	23,160,000	660.1		18,435,000	800.1
Issued on capital acquisitions	22,548,758	541.9		22,054,895	974.2
Issued on redemption of restricted shares (1)	2,459,867	92.5		1,887,180	77.9
Issued pursuant to DRIP (2) and SDP (3)	10,257,095	261.7		9,139,569	339.9
Common shares, end of year	504,935,930	15,929.7		446,510,210	14,373.5
Cumulative share issue costs, net of tax	-	(236.5	)	-	(215.9	)
Total shareholders’ capital, end of year	504,935,930	15,693.2		446,510,210	14,157.6

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

(2) Premium Dividend ^TM and Dividend Reinvestment Plan.

(3) Share Dividend Plan.

15. DEFICIT

($ millions)	2015		2014
Accumulated earnings	693.0		1,563.2
Accumulated gain on shares issued pursuant to DRIP (1) and SDP (2)	8.4		-
Accumulated tax effect on redemption of restricted shares	9.9		9.9
Accumulated dividends	(6,950.6	)	(5,930.2	)
Deficit	(6,239.3	)	(4,357.1	)

(1) Premium Dividend ^TM and Dividend Reinvestment Plan.

(2) Share Dividend Plan.

CRESCENT POINT ENERGY CORP. 21

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:

($ millions)	2015		2014
Long-term debt	4,452.0		2,943.1
Working capital deficiency (1)	342.8		433.0
Unrealized foreign exchange on translation of hedged US dollar long-term debt	(531.2	)	(185.0	)
Net debt	4,263.6		3,191.1
Shareholders’ equity	10,125.0		10,160.9
Total capitalization	14,388.6		13,352.0

(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, pay dividends and to position the Company for the 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 hedged US dollar long-term debt. Funds flow from operations is calculated as cash flow from operating activities before changes in non-cash working capital, transaction costs and decommissioning expenditures. Net debt to funds flow from operations is used to measure the Company's overall debt position and to measure the strength of the Company's balance sheet. Crescent Point's objective is to manage this metric to be well positioned to pay monthly dividends and to continue to exploit and develop its resource plays. 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, 2015 was 2.2 times (December 31, 2014 - 1.3 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 fund its capital expenditures, decommissioning expenditures and 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 3½ year risk management program. Unless otherwise approved by the Board of Directors, the Company can hedge benchmark prices on up to 65 percent of after royalty volumes using a portfolio of swaps, collars and put option instruments and can hedge price differentials on up to 35 percent of after royalty volumes using a combination of financial derivatives and fixed differential physical contracts.

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, 2015. See Note 11 - "Long-term Debt" for additional information regarding the Company's financial covenant requirements.

17. DERIVATIVE GAINS (LOSSES)

($ millions)	2015	2014
Realized gains (losses)	642.6	(104.8	)
Unrealized gains	228.1	880.8
Derivative gains	870.7	776.0

18. OTHER INCOME (LOSS)

($ millions)	2015		2014
Unrealized loss on long-term investments	(13.9	)	(24.4	)
Gain on capital acquisitions	18.8		-
Gain on sale of long-term investments	0.7		-
Other gain	2.3		-
Other income (loss)	7.9		(24.4	)

CRESCENT POINT ENERGY CORP. 22

19. FOREIGN EXCHANGE GAIN (LOSS)

($ millions)	2015		2014
Realized gain (loss)
CCS - interest payment	7.0		(2.1	)
CCS - principal repayment	14.3		-
Settlement of US dollar long-term debt	(21.2	)	-
Other	3.1		0.5
Unrealized loss
Translation of US dollar long-term debt	(363.5	)	(121.8	)
Other	(2.2	)	(1.0	)
Foreign exchange loss	(362.5	)	(124.4	)

20. INCOME TAXES

The provision for income taxes is as follows:

($ millions)		2015		2014
Current tax:
	Canada	(2.1	)	(0.2	)
	Luxembourg	0.2		0.3
Current tax expense (recovery)		(1.9	)	0.1
Deferred tax:
	Canada	(191.5	)	280.5
	United States	(380.7	)	23.5
Deferred tax expense (recovery)		(572.2	)	304.0
Income tax expense (recovery)		(574.1	)	304.1

The following table reconciles income taxes calculated at the Canadian statutory rate with the recorded income taxes:

($ millions)	2015		2014
Net income (loss) before tax	(1,444.3	)	813.0
Statutory income tax rate	26.60%		26.14%
Expected provision for income taxes	(384.2	)	212.5
Effect of change in corporate tax rates	40.2		4.0
Effect of tax rates in foreign jurisdictions	(89.4	)	(48.5	)
Effect of restricted share bonus plan	0.6		(2.4	)
Effect of change in recognition of deferred tax assets	(150.8	)	134.8
Effect of non-taxable capital losses	13.3		3.7
Other	(3.8	)	-
Income tax expense (recovery)	(574.1	)	304.1

The statutory combined federal and provincial income tax rate increased from 26.14% in 2014 to 26.60% in 2015 primarily due to the increase in the Alberta corporate tax rate from 10% to 12%, effective July 1, 2015.

The composition of net deferred income tax liabilities is as follows:

($ millions)	2015		2014
Deferred income tax assets	388.5		-
Deferred income tax liabilities	(995.3	)	(1,348.2	)
Net deferred income tax liabilities	(606.8	)	(1,348.2	)

CRESCENT POINT ENERGY CORP. 23

The net deferred income tax liabilities are expected to be settled in the following periods:

($ millions)	2015		2014
Deferred income tax:
To be settled within 12 months	(122.0	)	(121.5	)
To be settled after more than 12 months	(484.8	)	(1,226.7	)
Deferred income tax	(606.8	)	(1,348.2	)

The movement in deferred income tax assets (liabilities) are as follows:

($ millions)	At January 1,  2015		(Charges) / credits due to acquisitions & other		(Charged) / credited to earnings		At December 31, 2015
Deferred income tax assets:
Decommissioning liability	258.0		21.0		65.8		344.8
Income tax losses carried forward	20.0		147.4		234.5		401.9
Debt financing costs	-		13.1		-		13.1
Share issue costs	18.1		8.2		(8.6	)	17.7
Risk management contracts	1.0		-		(0.4	)	0.6
Other	4.2		9.7		3.7		17.6
	301.3		199.4		295.0		795.7
Deferred income tax liabilities:
Property, plant & equipment	(1,392.1	)	(30.2	)	209.6		(1,212.7	)
Timing of partnership items	(95.5	)	-		40.7		(54.8	)
Risk management contracts	(161.9	)	-		26.9		(135.0	)
	(1,649.5	)	(30.2	)	277.2		(1,402.5	)
Net deferred income tax liabilities	(1,348.2	)	169.2		572.2		(606.8	)

($ millions)	At January 1,  2014		(Charges) / credits due to acquisitions & other		(Charged) / credited to earnings		At December 31, 2014
Deferred income tax assets:
Decommissioning liability	167.0		17.8		73.2		258.0
Income tax losses carried forward	122.6		16.1		(118.7	)	20.0
Share issue costs	22.4		8.8		(13.1	)	18.1
Risk management contracts	32.6		1.7		(33.3	)	1.0
Other	2.1		2.9		(0.8	)	4.2
	346.7		47.3		(92.7	)	301.3
Deferred income tax liabilities:
Property, plant & equipment	(1,060.5	)	(226.9	)	(104.7	)	(1,392.1	)
Timing of partnership items	(137.4	)	-		41.9		(95.5	)
Risk management contracts	(13.4	)	-		(148.5	)	(161.9	)
	(1,211.3	)	(226.9	)	(211.3	)	(1,649.5	)
Net deferred income tax liabilities	(864.6	)	(179.6	)	(304.0	)	(1,348.2	)

The approximate amounts of tax pools available as at December 31, 2015 and 2014 are as follows:

($ millions)	2015	2014
Tax pools:
Canada	9,427.0	7,874.0
United States	2,928.3	2,101.9
Total	12,355.3	9,975.9

CRESCENT POINT ENERGY CORP. 24

The tax pools presented do not include the impact of income from the general partnership for its fiscal period ended December 31, 2015 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, 2015 are approximately $12.2 billion (December 31, 2014 - $9.6 billion).

The above tax pools include estimated Canadian non-capital losses carried forward of $848.8 million (December 31, 2014 - $76.3 million) that expire in the years 2027 through 2035, and U.S. net operating losses of $651.9 million (December 31, 2014 - $231.1 million) which expire in the years 2025 through 2036. A deferred income tax asset has not been recognized for U.S. net operating losses of $195.6 million (December 31, 2014 - $231.1 million) or for other temporary differences of $9.8 million (December 31, 2014 - $156.9 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 $2.3 million (December 31, 2014 - $117.8 million). Recognition is dependent on the realization of future taxable capital gains.

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 $910.0 million (December 31, 2014 - $385.8 million).

The Company received notices of reassessment from the Canada Revenue Agency in 2014 and 2015 disallowing $149.3 million of tax pools and $12.6 million of investment tax credits.  The Company has filed notices of objections in response to these reassessments and management believes that it will be successful in defending its positions.  Therefore, no provision for the potential income tax liability was recorded at December 31, 2015 and December 31, 2014.

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.

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, 2015:

	Restricted Shares		Deferred Share Units
Balance, beginning of year	3,648,565		84,396
Granted	3,024,854		68,887
Redeemed	(2,517,661	)	-
Forfeited	(195,395	)	-
Balance, end of year	3,960,363		153,283

The following table reconciles the number of restricted shares and DSUs for the year ended December 31, 2014:

	Restricted Shares		Deferred Share Units
Balance, beginning of year	2,588,143		75,380
Granted	3,117,851		33,967
Adjustment in accordance with grant	-		(8,377	)
Redeemed	(1,922,677	)	(16,574	)
Forfeited	(134,752	)	-
Balance, end of year	3,648,565		84,396

For the year ended December 31, 2015, the Company calculated total share-based compensation, net of estimated forfeitures, of $75.5 million (December 31, 2014 - $87.7 million), of which $16.9 million was capitalized (December 31, 2014 - $18.0 million).

CRESCENT POINT ENERGY CORP. 25

22. PER SHARE AMOUNTS

The following table summarizes the weighted average shares used in calculating net income per share:

	2015	2014
Weighted average shares – basic	478,259,077	418,688,308
Dilutive impact of restricted shares	-	2,371,936
Weighted average shares – diluted (1)	478,259,077	421,060,244

(1) Weighted average shares - diluted for the per share - diluted calculations of funds flow from operating activities, cash flow from operating activities and adjusted net earnings is 479,792,159.

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 the investment in a private company is based primarily on recent trading activity in the relevant company's common shares. 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 - "Long-term investments" for changes in the Company's Level 3 investments.

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 facilities bear interest at floating rates and credit spreads that are indicative of market rates. These financial instruments are classified as financial assets and liabilities at amortized cost and are reported at amortized cost.

CRESCENT POINT ENERGY CORP. 26

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, 2015:

	2015 Carrying Value	2015 Fair Value	Quoted prices in active markets for identical assets (Level 1)	Significant other observable inputs (Level 2)	Significant unobservable inputs  (Level 3)
($ millions)
Financial assets
Derivatives	1,030.6	1,030.6	-	1,030.6	-
Long-term investments (1)	30.3