|
Crown Point Ventures Ltd., (the “Company”) is pleased to announce that half of its debt was
paid down during the last two months. This leaves approximately $420,000 left to pay back. The
Company also has $400,000 cash in the bank which will be spent on drilling two wells in July.
These will be the first two of an eight well program in the North Sinclair area. This program
could be expanded if the operator can secure a second drilling rig. The Company is presently
producing 155 barrels of oil per day in Manitoba.
The Company would also like to report the acceptance of a verbal agreement to participate in a
3,500 meter test well in Liberty County, Texas. The Company awaits the paperwork for the
project that is slated to spud August 1st. The Company will pay 8.3% of the seismic, land,
drilling and testing costs to casing point to earn a 6.2% working interest in the project.
|
