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Vancouver, B.C. - Crown Point Ventures Ltd. (“Crown Point”) (TSX.V: CWV) is pleased to announce that the acquisition of Crown Point Oil & Gas S.A. (formerly “Ironbark Energy Argentina S.A.”) has been completed. Crown Point now holds 97% of the Argentine company’s outstanding shares, with the remaining 3% being held in trust by the Crown Point Oil & Gas S.A. board on behalf of Crown Point, as per Argentine regulations. This gives Crown Point 100% control of the Argentine company and completes the acquisition disclosed in Crown Point’s November 1, 2006 News Release.
As per the details of the acquisition, Crown Point has issued to Ironbark International Limited 500,000 common shares and 500,000 share purchase warrants exercisable at $0.75 per share until June 1, 2009, provided that, if after the expiry of all applicable restrictions, the closing price of Crown Point’s shares as traded on the TSX Venture Exchange is $1.00 or greater for a period of 20 consecutive trading days, Crown Point may give notice of an earlier expiry of the warrants, in which case the warrants will expire 21 days after the giving of such notice. All of these securities are subject to a hold period in Canada until October 2, 2007.
Crown Point Ventures Ltd. is a Canadian Oil and Gas company engaged in the exploration, development and production of hydrocarbons in Canada and Argentina. It currently has 25 producing wells in the Daly and Sinclair fields in southwestern Manitoba, and as of the date of this News Release has no long term debt.
This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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