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Crown Point Ventures Ltd. (the "Company") announces that it has received an offer to sell its
working interest in the Sinclair Field of southwestern Manitoba, currently generating 57 BOPD
("barrels of oil per day"), from an arm's-length purchaser for cash consideration of $6,348,000
(the "Transaction"). The effective date of this disposition, which the
Company's Board of Directors approves, would be August 1, 2008, with an
anticipated closing date of September 30, 2008. Under the policies of the
TSX Venture Exchange, the Transaction is subject to both shareholder
approval and Exchange acceptance.
The proceeds from this disposition would be used to expand the Company's Bakken drilling
program in southeastern Saskatchewan, where the Company has a 47.5% working interest in over
5,000 acres of land, as well as fulfill the Company's obligations in the "El Valle" field in the San
Jorge Basin in Argentina.
Completion of the Transaction is subject to a number of conditions,
including Exchange acceptance and shareholder approval. There can be no
assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in any disclosure
document relating to the Transaction, any information released or received
with respect to the Transaction may not be accurate or complete and should
not be relied upon. Trading in the securities of the Company should be
considered highly speculative.
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