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Exhibit 99.11
Crescent Point Energy Corp.
Supplemental Disclosures about Extractive Activities - Oil & Gas (unaudited)
December 31, 2020
The following disclosures have been prepared by Crescent Point Energy Corp. ("Crescent Point" or the "Company") in accordance with Accounting Standards Codification 932 "Extractive Activities — Oil & Gas" ("ASC 932") issued by the Financial Accounting Standards Board ("FASB") and where applicable, financial information is prepared in accordance with International Financial Reporting Standards ("IFRS").
For the years ended December 31, 2020 and 2019, the Company filed its reserves information under National Instrument 51-101 – "Standards of Disclosure of Oil and Gas Activities" ("NI 51-101"), which prescribes the standards for the preparation and disclosure of reserves and related information for companies listed in Canada.
There are significant differences to the type of volumes disclosed and the basis from which the volumes are economically determined under the United States Securities and Exchange Commission ("SEC") requirements and NI 51-101. The SEC requires disclosure of net reserves, after royalties, using trailing 12-month average prices and current costs; whereas NI 51-101 requires Company gross reserves, before royalties, using forecast pricing and costs. The difference between the reported numbers under the two disclosure standards can, therefore, be material.
Petroleum and Natural Gas Reserve Information
Proved petroleum and natural gas reserves are the estimated quantities of crude oil, natural gas and natural gas liquids ("NGL") that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions.
Proved developed petroleum and natural gas reserves are reserves that can be expected to be recovered through existing wells with existing equipment and operating methods, which may require future expenditures. Additional future expenditures would be minor compared to the cost of drilling a new well.
Proved undeveloped petroleum and natural gas reserves are reserves that are expected to be recovered from known accumulations where significant future expenditure is required.
Reserves are estimated quantities of crude oil, NGLs and natural gas anticipated from geological and engineering data to be recoverable from known accumulations, from a given date forward, by known technology, under existing operating conditions and considered to be economic at average commodity prices based upon the prior 12-month period. Estimates of petroleum and natural gas reserves are subject to uncertainty and will change as additional information regarding the producing fields and technology becomes available and as future economic conditions change. Net reserves presented in this section represent the Company's working interest and overriding royalty share of the gross remaining reserves, after deduction of any crown, freehold and overriding royalties. Such royalties are subject to change by legislation or regulation and can also vary depending on production rates, selling prices and timing of initial production.
CRESCENT POINT ENERGY CORP.
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The changes in Crescent Point's net proved crude oil, NGL and natural gas reserves under constant prices and costs for the two-year period ended December 31, 2020 were as follows:
CanadaUnited StatesTotal
Net Proved Reserves (1)
Crude Oil (Mbbls)NGLs (Mbbls)Natural Gas (MMcf)Total (Mboe)Crude Oil (Mbbls)NGLs (Mbbls)Natural Gas (MMcf)Total (Mboe)Crude Oil (Mbbls)NGLs (Mbbls)Natural Gas (MMcf)Total (Mboe)
December 31, 2018319,655 50,819 222,164 407,502 72,378 11,190 60,774 93,697 392,033 62,009 282,938 501,198 
Revisions of previous estimates(20,438)(4,954)(23,260)(29,269)9,121 2,490 11,566 13,539 (11,318)(2,464)(11,695)(15,730)
Improved recovery1,058 41 534 1,188 — — — — 1,058 41 534 1,188 
Purchases of reserves in place2,077 (11)(18)2,063 979 184 574 1,259 3,056 174 556 3,322 
Extensions and discoveries2,534 174 2,167 3,070 — — — — 2,534 174 2,167 3,070 
Production(31,586)(5,533)(24,551)(41,211)(7,544)(1,267)(7,974)(10,140)(39,131)(6,799)(32,525)(51,351)
Sales of reserves in place(25,034)(1,997)(18,311)(30,083)(29,668)(2,802)(33,566)(38,064)(54,702)(4,799)(51,876)(68,147)
December 31, 2019248,266 38,540 158,726 313,260 45,266 9,796 31,374 60,291 293,531 48,336 190,100 373,550 
Revisions of previous estimates(59,876)(9,671)(38,728)(76,001)(26,699)(3,840)(14,293)(32,921)(86,575)(13,511)(53,021)(108,923)
Improved recovery292 22 163 341 — — — — 292 22 163 341 
Purchases of reserves in place78 3 13 84 563 144 358 766 641 147 372 850 
Extensions and discoveries1,908 59 307 2,018 — — — — 1,908 59 307 2,018 
Production(26,924)(3,771)(20,159)(34,055)(3,555)(881)(2,988)(4,935)(30,479)(4,653)(23,147)(38,989)
Sales of reserves in place(1,313)(15)(648)(1,436)(62)(10)(39)(79)(1,376)(25)(687)(1,515)
December 31, 2020162,431 25,166 99,676 204,210 15,512 5,208 14,411 23,122 177,943 30,375 114,087 227,332 
Net Proved Developed Reserves
December 31, 2018228,814 38,092 163,850 294,214 36,549 5,599 38,290 48,530 265,363 43,691 202,139 342,744 
December 31, 2019193,456 31,722 126,464 246,255 16,212 4,888 15,147 23,625 209,668 36,610 141,611 269,880 
December 31, 2020143,011 22,653 89,037 180,503 15,512 5,208 14,411 23,122 158,523 27,861 103,448 203,625 
Net Proved Undeveloped Reserves
December 31, 201890,841 12,727 58,314 113,287 35,829 5,591 22,484 45,167 126,670 18,318 80,798 158,454 
December 31, 201954,810 6,818 32,262 67,004 29,053 4,908 16,226 36,666 83,863 11,726 48,488 103,670 
December 31, 202019,420 2,514 10,639 23,707 — — — — 19,420 2,514 10,639 23,707 

(1) Numbers may not add due to rounding.
Revisions of previous estimates - 2019
In 2019, total proved reserves decreased by approximately 7.9 MMboe in Canada, and 2.2 MMboe in the United States due to decreases in constant pricing for crude oil, natural gas, and NGL constituents at December 31, 2019 compared to December 31, 2018. In Canada, the Company added 14.4 MMboe of total proved reserves through infill drilling, this includes the major areas of Viewfield (2.4 MMboe) and Flat Lake (3.1 MMboe) in Southeast Saskatchewan, as well as Shaunavon (5.8 MMboe) in Southwest Saskatchewan, with the remainder attributed to non-core areas (3.1 MMboe). This was offset with 19.5 MMboe of booked locations being removed due to lower than previously forecasted capital deployment in recent years. The remaining 16.3 MMboe of negative technical revisions were primarily due to a reassessment of the resource basins, which resulted in recognition of performance deviations from early forecasts. In the United States, the majority of the remaining revisions are due to continued development within North Dakota (12.3 MMboe) through infill drilling with the remainder coming from positive technical revisions of 3.4 MMboe.
Revisions of previous estimates - 2020
In 2020, total proved reserves decreased by approximately 97.0 MMboe in Canada, and 33.1 MMboe in the United States due to decreases in constant pricing for crude oil, natural gas, and NGL constituents at December 31, 2020 compared to December 31, 2019. In Canada, revisions due to pricing were slightly offset by infill drilling and performance related revisions primarily in the Viewfield, Flat Lake, and Shaunavon areas.
Sale of Reserves in Place
In 2019, the Company realized several key dispositions in Canada and the United States including the entirety of the Uinta Basin within Utah, as well as conventional assets within Canada including the Pinto area in Flat Lake and the Tatagwa area within Weyburn.
CRESCENT POINT ENERGY CORP.
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Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Petroleum and Natural Gas Reserves
The following information has been developed utilizing procedures prescribed by ASC 932, as updated by Accounting Standards Update 2010-03 "Oil and Gas Reserve Estimation and Disclosures", and based on crude oil, NGL and natural gas reserve and production volumes estimated by Crescent Point's independent reserves evaluators, GLJ Ltd. and Sproule Associates Limited. The methodology used in calculating our price and cost assumptions for the standardized measure of discounted future net cash flows for reserve estimation is based upon the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period.
Future production and development costs are based on constant price assumptions and assume the continuation of existing economic, operating and regulatory conditions. Future income taxes are calculated by applying statutory income tax rates to future pre-tax cash flows after provision for the tax cost of the petroleum and natural gas properties based upon existing laws and regulations. A 10% discount factor was applied to the future net cash flows.
The information contained in the following table should not be considered representative of realistic assessments of future cash flows, nor should the standardized measure of discounted future net cash flows be viewed as representative of the fair market value of Crescent Point's petroleum and natural gas properties. Management does not rely upon the following information in making investment and operating decisions. Such decisions are based upon a wide range of factors, including estimates of probable as well as proved reserves, and varying price and cost assumptions considered more representative of a range of possible economic conditions that may be anticipated. The prescribed discount rate of 10% may not appropriately reflect interest rates.
Commodity Pricing20202019
WTI at Cushing Oklahoma ($US/bbl)39.77 55.73 
Edmonton ($Cdn/bbl)45.02 66.77 
Exchange Rate ($US/$Cdn)0.7462 0.7521 
AECO/NIT Spot ($Cdn/MMBTU)2.17 2.02 
Henry Hub NYMEX ($US/MMBTU)2.16 2.54 
The standardized measure of discounted future net cash flows relating to net proved crude oil, NGL and natural gas reserves are as follows:
December 31, 2020 (millions of Canadian dollars) (1)
CanadaUnited StatesTotal
Future cash inflows7,242 719 7,961 
Future production costs(4,039)(407)(4,446)
Future development costs and asset retirement obligations (2)
(1,405)(15)(1,419)
Future income taxes (3)
— — — 
Future net cash flows1,798 298 2,096 
Deduct: 10% annual discount factor for timing of future cash flows(283)(63)(345)
Standardized measure of future net cash flows1,515 235 1,751 
(1) Numbers may not add due to rounding.
(2) Asset retirement obligations include the costs related to producing wells, future undeveloped proved locations for which there are reserves assigned, as well as all entities that do not have reserves assigned including facilities and gathering systems.
(3) At December 31, 2020, the Company's Canadian and United States tax pools in Canadian dollars were approximately $7.0 billion and $3.0 billion, respectively.
December 31, 2019 (millions of Canadian dollars) (1)
CanadaUnited StatesTotal
Future cash inflows16,632 3,029 19,661 
Future production costs(6,951)(1,158)(8,109)
Future development costs and asset retirement obligations (2)
(2,699)(1,063)(3,762)
Future income taxes (3)
— (18)(18)
Future net cash flows6,982 790 7,772 
Deduct: 10% annual discount factor for timing of future cash flows(2,392)(479)(2,871)
Standardized measure of future net cash flows4,590 311 4,901 
(1) Numbers may not add due to rounding.
(2) Asset retirement obligations include the costs related to producing wells, future undeveloped proved locations for which there are reserves assigned, as well as all entities that do not have reserves assigned including facilities and gathering systems.
(3) At December 31, 2019, the Company's Canadian and United States tax pools in Canadian dollars were approximately $7.7 billion and $3.0 billion, respectively.


CRESCENT POINT ENERGY CORP.
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Reconciliation of Changes in Standardized Measure of Future Net Cash Flows Discounted at 10% per Year Relating to Proved Petroleum and Natural Gas Reserves
December 31, 2020 (millions of Canadian dollars) (1)
CanadaUnited StatesTotal
Balance, beginning of year4,590 311 4,901 
Sales, net of production costs and royalties
(703)(109)(812)
Net change in prices and royalties related to forecast production (3,126)(154)(3,280)
Development costs incurred during the period 471 182 653 
Changes in estimated future development costs 10 — 10 
Extensions, discoveries and improved recovery, net of related costs 27 — 27 
Technical reserve revisions (2)
505 58 564 
Purchases of reserves in place
1 12 13 
Sales of reserves in place (19)(1)(20)
Accretion of discount
414 39 453 
Net change in income taxes — — — 
All other changes (3)
(655)(103)(759)
Balance, end of year1,515 235 1,751 
(1) Numbers may not add due to rounding.
(2) Includes change in future net values attributed to infill drilling and technical revisions, which include changes to abandonment obligations and carbon tax assumptions.
(3) Includes changes due to revised production profiles, development timing, operating costs, royalty rates, currency exchange rates, and actual prices received in 2020 versus forecast.
December 31, 2019 (millions of Canadian dollars) (1)
CanadaUnited StatesTotal
Balance, beginning of year6,076 1,282 7,357 
Sales, net of production costs and royalties
(1,611)(391)(2,002)
Net change in prices and royalties related to forecast production(429)(305)(734)
Development costs incurred during the period883 349 1,232 
Changes in estimated future development costs27 2 29 
Extensions, discoveries and improved recovery, net of related costs78 — 78 
Technical reserve revisions (2)
(659)226 (433)
Purchases of reserves in place
16 7 23 
Sales of reserves in place(393)(588)(981)
Accretion of discount454 52 507 
Net change in income taxes236 13 250 
All other changes (3)
(90)(337)(426)
Balance, end of year4,590 311 4,901 
(1) Numbers may not add due to rounding.
(2) Includes change in future net values attributed to infill drilling and technical revisions, which include changes to abandonment obligations and carbon tax assumptions.
(3) Includes changes due to revised production profiles, development timing, operating costs, royalty rates, currency exchange rates, and actual prices received in 2019 versus forecast.

CRESCENT POINT ENERGY CORP.
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Capitalized Costs Relating to Petroleum and Natural Gas Producing Activities
As at December 31, 2020 (millions of Canadian dollars)
CanadaUnited StatesTotal
Proved properties21,934 1,650 23,584 
Unproved properties1,463 273 1,736 
Total capital costs23,397 1,923 25,320 
Accumulated depletion, amortization and impairment(19,515)(1,400)(20,915)
Net capitalized costs3,882 523 4,405 
As at December 31, 2019 (millions of Canadian dollars)
CanadaUnited StatesTotal
Proved properties21,611 1,428 23,039 
Unproved properties1,514 334 1,848 
Total capital costs23,125 1,762 24,887 
Accumulated depletion, amortization and impairment(16,051)(803)(16,854)
Net capitalized costs7,074 959 8,033 
Costs Incurred in Petroleum and Natural Gas Property Acquisitions, Exploration and Development Activities
Year ended December 31, 2020 (millions of Canadian dollars) (1)
CanadaUnited StatesTotal
Property acquisition costs (2)
Proved properties— — — 
Unproved properties1 — 1 
Development costs (3)
471 182 653 
Exploration costs 5 — 5 
Total477 182 660 
(1) Numbers may not add due to rounding.
(2) Excludes disposition proceeds of $508.0 million and $0.2 million for proved and unproved properties, respectively.
(3) Costs incurred exclude capitalized administration.
Year ended December 31, 2019 (millions of Canadian dollars) (1)
CanadaUnited StatesTotal
Property acquisition costs (2)
Proved properties1 9 10 
Unproved properties— 7 7 
Development costs (3)
883 349 1,232 
Exploration costs 16 19 35 
Total900 384 1,284 
(1) Numbers may not add due to rounding.
(2) Excludes disposition proceeds of $838.5 million and $101.9 million for proved and unproved properties, respectively.
(3) Costs incurred exclude capitalized administration.

CRESCENT POINT ENERGY CORP.
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Results of Operations From Crude Oil and Natural Gas Producing Activities
Year ended December 31, 2020 (millions of Canadian dollars)
CanadaUnited StatesTotal
Petroleum and natural gas revenues, net of royalties1,297 179 1,475 
Less:
Operating expenses496 66 562 
Transportation expenses98 3 101 
Depletion, amortization and impairment3,579 663 4,242 
Accretion on decommissioning liability14 — 14 
Operating income (loss)(2,890)(553)(3,443)
Income taxes— — — 
Results of operations(2,890)(553)(3,443)
Year ended December 31, 2019 (millions of Canadian dollars)
CanadaUnited StatesTotal
Petroleum and natural gas revenues, net of royalties2,304 550 2,854 
Less:
Operating expenses579 149 728 
Transportation expenses114 10 124 
Depletion, amortization and impairment2,145 538 2,683 
Accretion on decommissioning liability22 2 24 
Operating income (loss)(556)(149)(705)
Income taxes— — — 
Results of operations(556)(149)(705)

CRESCENT POINT ENERGY CORP.
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