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Crown point Ventures Ltd. (“the Company”), is pleased to announce their 12.5% working
interest participation in a horizontal Bakken well in the Daly Field of S.W. Manitoba.
The operator, Tundra Oil and Gas, expects to commence drilling later today, Feb. 24th,
2009. Under the farmin agreement the Company will receive 11.25% of the revenues
before payout and 9.375% after payout. The farmin agreement is with a company
controlled by a director of Crown Point Ventures Ltd. Depending on the success of this
well the Company will have 3 more horizontal drill locations in the section with working
interests ranging between 12.5-25%. The well has been AFE’d at $1,300,000, the
Company’s share being $162,500, and is expected to take 7-10 days to drill and
test.
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.
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