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| CROWN POINT VENTURES SPUD’S 1ST WELL IN THE CALANDRIA MORA
BLOCK, NEUQUEN BASIN, ARGENTINA |
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February 13, 2009
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VANCOUVER, BRITISH COLUMBIA, Feb 13, 2009 (Marketwire via COMTEX) -- Crown Point Ventures Ltd. ("The Company") (CWV) is pleased to announce that it has commenced drilling the Calandria Mora exploration well in the Neuquen Basin, Argentina. This well will be drilled to a depth of 2,300 meters to test Aeolian sandstones of the Avile member of the Agrio formation. This formation has been proven to contain gas and condensates from a down dip well that was drilled in the early nineties. 3-D seismic analysis estimates a possible pay zone of 28 meters as compared to the earlier wells' 4 meters of pay.
Under the Company's farm-in agreement with YPF S.A. the Company will pay 100% of the drilling and completion to a maximum of $2 million USD to earn a 50% working interest in the block. Drilling is expected to take 25-30 days.
YPF is an oil & gas integrated company, leader in exploration, production, refining and marketing in Argentina. YPF S.A. is the largest producer of oil & gas in Argentina accounting for 47% of all production.
About Crown Point
Crown Point Ventures is a junior oil and gas exploration and production company with properties in Canada and Argentina. The Company is focused on acquiring working interests in a diversified portfolio of oil and gas assets that provide a high probability of long term growth.
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.
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For further information concerning the Company, please contact
us directly.
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