Wild Stream Exploration Inc. and Raging River Exploration Inc.

Headnote

National Policy 11--203 Process for Exemptive Relief Applications in Multiple Jurisdictions -- exemption granted from the requirement to include, under Item 14.2 of Form 51--102F5 Information Circular the Prospectus Annual Financial Statements (as defined below) in accordance with Form 41--101F1 Information Required in a Prospectus, in connection with the management information circular to be prepared by Wild Stream and delivered to the holders of common shares of Wild Stream for the purpose of considering a plan of arrangement and from the requirement under section 4.2 of National Instrument 52--107 Acceptable Accounting Principles and Auditing Standards that the audited operating statements of Raging River to be included in the Circular, be prepared in accordance with Canadian Generally Accepted Accounting Principles -- Part V.

Applicable Legislative Provisions

National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards.

National Instrument 51-102 Continuous Disclosure Obligations.

National Instrument 41-101 General Prospectus Requirement.

February 14, 2012

IN THE MATTER OF

THE SECURITIES LEGISLATION OF

ALBERTA AND ONTARIO

(the Jurisdictions)

and

IN THE MATTER OF

THE PROCESS FOR EXEMPTIVE RELIEF APPLICATIONS

IN MULTIPLE JURISDICTIONS

and

IN THE MATTER OF

WILD STREAM EXPLORATION INC. (WILD STREAM) AND

RAGING RIVER EXPLORATION INC. (RAGING RIVER)

(collectively, the Filers)

DECISION

Background

The securities regulatory authority or regulator in each of the Jurisdictions (the Decision Maker) has received an application from the Filers for a decision under the securities legislation of the Jurisdictions (the Legislation) exempting the Filers from:

(a) the requirement to include, under Item 14.2 of Form 51-102F5 Information Circular (the Circular Form), the Prospectus Annual Financial Statements (as defined below) in accordance with Form 41-101F1 Information Required in a Prospectus (Form 41-101F1), in connection with the management information circular (the Circular) to be prepared by Wild Stream and delivered to the holders of common shares of Wild Stream for the purpose of considering a plan of arrangement (as defined below); and

(b) the requirement under section 4.2 of National Instrument 52--107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency (NI 52--107) that the audited operating statements of Raging River to be included in the Circular, be prepared in accordance with Canadian Generally Accepted Accounting Principles -- Part V (Old Canadian GAAP);

(collectively, the Exemption Sought).

Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a dual application):

(a) the Alberta Securities Commission is the principal regulator for this Application;

(b) the Filers have provided notice that subsection 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in British Columbia, Saskatchewan, Manitoba; and

(c) this decision is the decision of the principal regulator and evidences the decision of the securities regulatory authority or regulator in Ontario.

Interpretation

Terms defined in National Instrument 14-101 Definitions, NI 52-107, National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102) or MI 11-102 have the same meaning if used in this decision, unless otherwise defined herein.

Representations

This decision is based on the following facts represented by the Filers:

Wild Stream

1. Wild Stream is a corporation amalgamated under the laws of Alberta. The principal office of Wild Stream is located in Calgary, Alberta.

2. Wild Stream is a reporting issuer in the Jurisdictions and the Passport Jurisdictions and is not in default of securities legislation in any jurisdiction.

Raging River

3. Raging River is a corporation incorporated under the laws of Alberta. The principal office of Raging River is located in Calgary, Alberta.

4. Raging River is a private company and is not a reporting issuer under the securities laws of any jurisdiction and to its knowledge is not in default of securities legislation in any jurisdiction. None of its securities are listed on any stock exchange.

5. Raging River is a wholly-owned subsidiary of Wild Stream and has been incorporated to participate in the Arrangement (as defined below).

Crescent Point

6. Crescent Point is a corporation amalgamated under the laws of Alberta. The principal office of Crescent Point is located in Calgary, Alberta.

7. Crescent Point is a reporting issuer in the Jurisdictions and the Passport Jurisdictions and is not in default of securities legislation in any jurisdiction.

The Arrangement

8. On January 24, 2012, the Filers and Crescent Point entered into a proposed Arrangement, whereby Crescent Point will acquire all the issued and outstanding common shares of Wild Stream and Raging River will acquire certain assets of Wild Stream (the Excluded Assets). The Excluded Assets will make up the primary business of Raging River.

9. As consideration for the Wild Stream common shares (Common Share), Wild Stream Shareholders will receive (i) 0.17 of a Crescent Point Share; and (ii) one Raging River common share and 0.2 of a common share purchase warrant (each whole warrant a Raging River Warrant) for each Common Share held. Each Raging River Warrant will be exercisable for one Raging River common share at a price of $1.61 per share on or before the close of business on the thirtieth day following the completion of the Arrangement.

10. Raging River will issue 2.6 million Raging River common shares to Crescent Point pursuant to the Arrangement at a deemed price of $1.61.

11. In connection with the Arrangement, Raging River intends to conduct a private placement of units of Raging River (Raging River Units) with each Raging River Unit comprised of one Raging River Share and one common share purchase warrant of Raging River (Raging River Placement Warrant) exercisable for one Raging River Share at $2.00 per share for a period of 3 years following the date of distribution, (the Offering). Raging River intends to raise an aggregate of $23.1 million through the Offering of Raging River Units at a price of $1.61 per unit.

12. Following the completion of the Arrangement and except for those Wild Stream Shareholders who exercise rights of dissent in respect of the Arrangement, it is expected that the former Wild Stream Shareholders will continue as shareholders of Raging River, in addition to those shareholders of Raging River who subscribe to the Offering and Crescent Point who will be granted Raging River common shares pursuant to the Arrangement.

13. Following the completion of the Arrangement: (i) the sole assets of Raging River will be the Excluded Assets; (ii) Raging River will be a reporting issuer in the same jurisdictions as Wild Stream; and (iii) the Raging River common shares and the Raging River Warrants would, subject to approval by the TSX Venture Exchange (TSX-V), be listed on the TSX-V.

14. Pursuant to applicable securities laws, the Wild Stream Shareholders will be required to approve the Arrangement at a shareholders meeting (the Meeting). The Arrangement must be approved by not less than two-thirds of the votes cast by Wild Stream Shareholders. The Meeting is anticipated to take place March 14, 2012 and the Circular is expected to be mailed on February 16, 2012.

(collectively, the Arrangement).

15. The Filer confirms that the Arrangement is not a reverse takeover and that Raging River is not acquiring the securities of another issuer.

Prospectus Annual Financial Statement in the Circular

16. Item 14.2 of the Circular Form requires that the Circular contain the disclosure (including financial statements) prescribed under securities legislation and described in the form of prospectus that the Filers would be eligible to use immediately prior to the sending and filing of the Circular for a distribution of their securities. Therefore, the Circular must contain the disclosure in respect of Raging River prescribed by Form 41-101F1.

17. Item 32.1(b) of Form 41-101F1 requires the Circular to include certain annual and interim financial statements of Raging River, thereby, in accordance with Items 32.2 and 32.3 of Form 41-101F1: (i) income statements, statements of retained earnings, and cash flow statements for each of the financial years ended December 31, 2011, 2010 and 2009; and (ii) a balance sheet as at December 31, 2011 and December 31, 2010 (the Prospectus Annual Financial Statements).

18. Subsection 4.2(1) of National Instrument 41-101 General Prospectus Requirements requires that the annual financial statements and the interim financial statements prescribed by Form 41-101F1 be audited in accordance with NI 52-107.

19. The Filer has advised that financial statements of the Excluded Assets do not exist and it is impracticable to prepare carve-out financial statements of the Excluded Assets.

Alternative Disclosure

20. The Circular will include the following as it relates to Raging River:

(a) an audited balance sheet of Raging River as at December 31, 2011 and a statement of changes in equity and cash flows for the period from December 15, 2011 to December 31, 2011;

(b) audited schedule of spin-off assets and liabilities of Wild Stream Exploration Inc. of the Excluded Assets as at December 31, 2011 (the Schedule). The Schedule will:

(i) include all the assets and liabilities acquired;

(ii) provide a statement that the schedule is prepared using accounting policies that are permitted by International Financial Reporting Standards (IFRS) and would apply to those line items if those line items were presented as part of a complete set of financial statements;

(iii) provide a description of the accounting policies used to prepare the Schedule; and

(iv) include an auditor's report that reflects the fact that the Schedule was prepared in accordance with the basis of presentation disclosed in the notes to the Schedule;

(c) audited operating statements for the Excluded Assets for the years ended December 31, 2011, 2010 and 2009. The operating statements will:

(i) present information relating to gross revenue, royalty expenses, production costs and operating income from the Excluded Assets;

(ii) provide a statement that the operating statements are prepared using accounting policies that are permitted by IFRS and would apply to those line items if those line items were presented as part of a complete set of financial statements;

(iii) provide a description of the accounting policies used to prepare the operating statements; and

(iv) include an auditor's report that reflects the fact that the operating statements were prepared in accordance with the basis of presentation disclosed in the notes to the operating statements; and

(d) oil and gas reserve information for the Excluded Assets in accordance with Form 51-101F1 of National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities with an effective date of December 31, 2011.

(collectively, the Alternative Disclosure).

IFRS Relief

21. The Canadian Accounting Standards Board adopted IFRS-IASB as Canadian GAAP for most publicly accountable enterprises for fiscal years beginning on or after January 1, 2011.

22. NI 52-107 sets out acceptable accounting principles for financial reporting under the Legislation by domestic issuers, foreign issuers, registrants and other market participants; absent granting the requested relief, under Part 4 of NI 52-107, for financial years beginning before January 1, 2011, a domestic issuer must use Old Canadian GAAP for financial years beginning before January 1, 2011.

23. In CSA Staff Notice 52-321 Early Adoption of International Financial Reporting Standards, use of US GAAP and Reference to IFRS-IASB, staff of the Canadian Securities Administrators recognized that some issuers may wish to prepare their financial statements in accordance with IFRS-IASB for periods beginning prior to January 1, 2011, and indicated that staff were prepared to recommend exemptive relief on a case by case basis to permit a domestic issuer to do so, despite NI 52-107.

24. Raging River has represented that it is appropriate and not prejudicial to investors for the operating statement line items to prepared using the accounting policies that are permitted by IFRS as IFRS will be used to prepare Raging River's financial statements to be contained in the Circular and to prepare the financial statements of Raging River to be filed following the completion of the Arrangement.

Decision

Each of the Decision Makers is satisfied that the decision meets the test set out in the Legislation for the Decision Maker to make the decision.

The decision of the Decision Makers under the Legislation is that the Exemption Sought is granted provided that the Circular includes the Alternative Disclosure.