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| July 9, 2008 | ||
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Crown Point Ventures Ltd. (the “Company”) is pleased to
report it has expanded its executive management team in line with its
growing hydrocarbon portfolio in both Argentina and Canada. The Company welcomes Mr. John Cassels, of Calgary, Alberta as Senior Vice-President and Chief Executive Officer (“CEO”), replacing Gordon Kettleson as CEO, although Mr. Kettleson will remain the President and a Director of the Company. Mr. Cassels has over 30 years of experience in the Canadian oil and gas industry, in both public and private companies. Most recently, Mr. Cassels has been the acting Director of World Cup Operations for the Canadian Ski Association. He will be responsible for developing and implementing the Company’s corporate strategy going forward. He will be working out of Calgary, Alberta, the centre of the oil and gas industry in Canada. The Company is also pleased to welcome Mr. Denny Deren to its board of directors. Mr. Deren brings over 25 years of experience in the oil and gas industry to the board. He has extensive experience in modern day technology in downhole drilling and completion techniques. Most recently, he founded Excaliber Foxx Ltd., which has developed a new safety product called the “Foxxhole”, which allows a worker to evacuate to safety from the racking platform through a fire resistant chute. The Company also announces that it has retained Mr. Randy Babcook, of Kelowna, B.C. as its Manager of Corporate Communications and Investor Relations. Mr. Babcook has spent the last 10 years as President and senior partner of Barkley Capital, working with both private and public companies to provide capital and other resources, such as consulting on management strategies, marketing, public and investor relations. The Company’s agreement with Mr. Babcook, which is for an initial four (4) month term, although it may be extended, provides for monthly compensation of $5,000, as well as the granting to Mr. Babcook of an incentive stock option entitling him to purchase up to 120,000 shares of the Company at a price of $0.60 per share, with this option to vest 25% every three (3) months. Other than this incentive stock option, Mr. Babcook holds no securities of the Company. The Company also announces that it has granted additional incentive stock options under its incentive stock option plan to certain other directors, officers, employees and consultants, including Messrs. Cassels and Deren, entitling them to purchase up to a total of 390,000 shares of the Company at a price of $0.60 per share.
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For further information concerning the Company, please contact
us directly.
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