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Crown Point Ventures Ltd., (the “Company”), is pleased to announce that well 11-15-8-29 W1 in
our Sinclair , Manitoba field was spudded Sunday. The drilling of well 12-15-8-29 W1 will
follow immediately. With the completion of these two wells, the west half of Section 15-8-29
W1 will be in full production.
It was erroneously reported that we did have six wells producing but service equipment delays
have precluded one well initiating production. We are currently producing 265 barrels of oil per
day form the five wells (approximately 143 barrels net to Crown Point) and estimate that by the
end of January all eight will be producing over 400 barrels of oil per day (approximately 220
barrels net to Crown Point).
This will lift daily oil net to the Company from Alberta and Manitoba to nearly 250 barrels per
day which translates at today’s crude prices to well over $400,000 per month.
The Company plans to defer drilling more wells until after spring break-up (end of May) when
we will resume our drilling program in our farmin lands only three miles north at Section 3-9-29
W1. By mid June the Company will be debt free and have sufficient earnings in hand to fund
ongoing drilling at these 16 well locations and possibly new areas.
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