The block is situated in the province of Rio Negro in central western Argentina and sits on the southern fringe of the prolific Neuquen basin. It is a large unexplored block (1020 km2) and given its proximity to producing fields to the north offers good exploratory potential. It comes with 140 km of 2D seismic data which will be reprocessed. Initial plans for the block include shooting 250 km2 of 3D seismic scheduled to begin in the 4th quarter of 2007. To earn this 25% working interest, Crown Point has committed to pay 40% of the costs of the 3D seismic acquisition and processing costs, estimated to be US$1,120,000 net to the company.

Aside from accounting for over 40% of Argentina's oil and gas reserves, the Neuquen basin has also had significant discoveries in recent years. A number of these discoveries have primarily been located in extensions of known producing trends towards the north eastern basin margin, where the Jurassic and Cretaceous formations thin, coalesce and pinch out. There is a component of stratigraphic trapping in both plays. 3D seismic and modern drilling and completion techniques have been key factors in these discoveries. Crown Point's block lies in a similar position to these discoveries, however on the southern Neuquen basin margin. The multizone and multiplay pre-drill potential of the block will be analyzed after the 3D seismic acquisition has been completed. Expected target depths range from 500m - 2,200m.

This represents Crown Point's first contract in Argentina and allows the company to begin active exploration while evaluating further exploration and production opportunities to build a growing and balanced presence in the country.

This farm in arrangement is subject to completion of due diligence by both parties.

The Company is a Canadian Oil and Gas company engaged in the exploration, development and production of hydrocarbons in Canada and Argentina. The Company currently has 28 producing wells in the Daly and Sinclair fields in South Western Manitoba, and has no long term debt.

This news release may contain forward looking statements. Forward looking statements involve inherent risks and uncertainties where actual results may differ and such differences may be material.

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.