VANCOUVER, BRITISH COLUMBIA, Aug 04, 2009 (MARKETWIRE via COMTEX) -- Crown Point Ventures Ltd. (the "Company") (CWV) advises that it has completed the drilling of the first well of a consecutive three well exploration drilling program at El Valle in the San Jorge basin of Argentina.
This EVx-19 well has been logged, evaluated, and cased as a potential oil well. Among the potentially hydro-carbon bearing zones of interest are two significant zones. The first zone encountered a five meter thick sandstone in the Caleta Olivia formation. Analysis of the wells logs and drilling samples indicate that it is prospective of containing light oil. The second zone of interest in the Canadon Seco is four meters in thickness, Logs and drilling samples indicate that this zone is prospective of containing a medium grade of oil.
Crown Point is currently drilling the second well and anticipates that it will finish drilling next weekend. Once this well has been drilled, Crown Point plans to bring in a service rig to complete the first well and to sequentially complete the two later wells.
"We are pleased with the logging results from the first well, and are looking forward to its completion," said Murray D. McCartney President and CEO. "The Caleta Olivia has been a prolific producer in area, and the new zone in the Canadon Seco has not been present in this part of the field and potentially represents a dual exploitation opportunity for Crown Point."
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news.
Contacts: Crown Point Ventures Ltd.
Murray McCartneyPresident & CEO
(403) 232-1150 m.mccartney@crownpointventures.ca
www.crownpointventures.ca
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