|
|
| |
| |
| Crown Point Ventures Ltd. Reaches Agreement to Earn Working Interest in Producing Concession in Argentina |
 |
|
|
February 4, 2008
|
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 4, 2008) - Crown Point Ventures Ltd. (TSX VENTURE:CWV) (The Company) is please to announce that through its 100% owned Argentine subsidiary Crown Point Oil & Gas S.A., it has reached an agreement with the current operators of the 'El Valle' production concession (The block) to earn a working interest in all future incremental production from the block. Following completion of due diligence, this agreement will represent the companies first production concession in Argentina.
As per details of the agreement, the company will fund 100% of a work program consisting of the acquisition, processing and interpretation of approximately 100km2 of 3D seismic data to cover the block and the drilling and completion of 3 exploration wells. The company estimates that the program will cost approximately US$3 million.
'El Valle' is located on the southern flank of the San Jorge Basin with principal reservoir sandstones in the Canadon Seco formation (Cretaceous) at depths of approximately 1,100 meters. The block is 64km2 and has a variable number of pay zones with an average thickness of between 8 to 12 meters. During 2007 the block produced an average 175 bbl/d, and has a cumulative production of over 8 million barrels of oil with an average of 32oAPI in the principal reservoirs.
The company believes that the block offers a low risk opportunity for the discovery of additional reserves which can be quickly put on production due to existing facilities and the presence of a network of pipelines running through the block.
The company is also pleased to announce that the acquisition of 250km2 3D seismic program on its 25% owned Laguna de Piedra exploration concession in the Neuquen basin of Argentina is scheduled to begin in the first week of March. The acquisition is expected to take approximately 6 weeks.
Crown Point Ventures Ltd. is a Canadian oil and gas company engaged in the exploration, development and production of hydrocarbons in Canada and Argentina.
This news release contains forward looking statements. Forward looking statements involve inherent risks and uncertainties where actual results may differ and such differences may be material.
|
|
For further information concerning the Company, please contact
us directly.
|
 |
| |
|
