Crescent Resources Commences Consent Solicitation To Amend Indenture

Tue Jan 29, 2013 9:44pm EST

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CHARLOTTE, N.C.,  Jan. 29, 2013  /PRNewswire/ -- Crescent Resources, LLC (the
"Company") announced today that the Company and Crescent Ventures, Inc., a
wholly owned subsidiary of the Company (together, the "Issuers"), have commenced
a solicitation of consents (the "Consent Solicitation") to amend (the "Proposed
Amendments") the indenture governing the Issuers' 10.250% Senior Secured Notes
due 2017 (the "Notes").  The Consent Solicitation is being made in accordance
with the terms and subject to the conditions stated in a Consent Solicitation
Statement dated  January 29, 2013  (the "Consent Solicitation Statement"), to
holders of record at  5:00 p.m.,  New York City  time, on  January 28, 2013.

The Consent Solicitation is scheduled to expire at  5:00 p.m.,  New York City 
time, on  February 5, 2013, unless extended or earlier terminated (the
"Expiration Time").  Holders of the Notes who deliver valid consents to the
Proposed Amendments by the Expiration Time (and do not revoke such consents) in
the manner described in the Consent Solicitation Statement will be eligible to
receive a consent fee equal to  $2.50  per  $1,000  principal amount of Notes
for which consents have been delivered (and not revoked).  Holders providing
consents after the Expiration Time will not receive a consent fee.  The consent
fee will be paid as promptly as practicable after the Expiration Time and the
satisfaction or waiver of the applicable solicitation conditions.

The Consent Solicitation is subject to a number of conditions that are set forth
in the Consent Solicitation Statement, including, without limitation, the
receipt of the consent of the holders of at least a majority in aggregate
principal amount of outstanding Notes and the execution and effectiveness of a
supplemental indenture effecting the Proposed Amendments.  Consents may not be
revoked on or after the date the supplemental indenture becomes effective (which
may occur prior to the Expiration Time if the requisite consent is received
before then).  If the supplemental indenture effecting the Proposed Amendments
become operative, the Proposed Amendments will be binding upon all holders of
Notes, whether or not such holders have delivered consents.  A more
comprehensive description of the Consent Solicitation can be found in the
Consent Solicitation Statement.

The Issuers have retained Credit Suisse Securities (USA) LLC to act as
Solicitation Agent in connection with the Consent Solicitation.  Questions about
the Consent Solicitation may be directed to Credit Suisse at (800) 820-1653
(toll free) or (212) 325-2476 (collect).  Requests for copies of the Consent
Solicitation Statement and related documents, and assistance relating to the
procedures for delivering consents, may be obtained by contacting Global
Bondholder Services Corporation, the Information and Tabulation Agent, at (866)
857-2200 (toll free).

This press release is not a solicitation of consents, and no recommendation is
made, or has been authorized to be made, as to whether or not holders of Notes
should consent to the adoption of the Proposed Amendments pursuant to the
Consent Solicitation.  Each holder of Notes must make its own decision as to
whether to give its consent to the Proposed Amendments.  The Consent
Solicitation is made only by the Consent Solicitation Statement.  The Consent
Solicitation is not being made to holders of Notes in any jurisdiction in which
the making thereof would not be in compliance with the securities, blue sky or
other laws of such jurisdiction.

Forward Looking Statements

This press release contains "forward-looking statements" within the meaning of
the securities laws.  Forward-looking statements are not guarantees.  The
Company believes that its expectations reflected in the forward-looking
statements are based on its reasonable beliefs, assumptions and expectations,
and have taken into account all information currently available to the Company. 
Such beliefs, assumptions and expectations are subject to risks and
uncertainties and can change as a result of future economic, competitive and
market conditions, all of which are difficult or impossible to predict
accurately and many of which are beyond the Company's control.  The Company can
give no assurance that any of the events anticipated by its forward-looking
statements will occur or, if any of them do, what impact they will have on the
Company's results of operations and financial condition.  The Company undertakes
no obligation to update or revise its forward-looking statements to reflect
events or circumstances that arise after the date of this press release.

SOURCE  Crescent Resources, LLC


Kathryn Blanchard, +1-704-376-3434

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