TSX-V: CWV: Crown Point has contracted a drilling rig from Estrella International Drilling Services to drill the first 6-7 wells of the calendar 2012 10-12 well drilling
program. Drilling is expected to commence by March 22. This program has been delayed
due to unseasonable amounts of precipitation in the El Valle area which has created soft soil conditions at the proposed drilling locations. The first 6-7 wells in this program will be focused on the drilling of development oil wells with multiple-zones targeted in the Cañadón Seco and Caleta Olivia formations. Over the next two years the company plans
to drill a total of 24 wells at El Valle.
The Company is undertaking a 2-4 well work over program of existing producing wells at
El Valle to access pay zones left behind casing during the initial completion programs. This program is expected to start at about the same time the drilling program begins.
The Company has awarded the contract for the electrification of the lower part of the El Valle field. This project is expected to be complete in a 4-6 month period. The benefits of the project will include; the ability to install high volume progressive cavity pumps
which handle entrained gas more efficiently, better operational efficiencies due to more consistent rates of production and it will provide power for expanded facilities which are
expected to reduce operating costs. Electricity will also permit the installation of surface
measuring equipment as well as down hole monitoring where deemed necessary to better
evaluate production conditions and reservoir characteristics.
For inquiries please contact
Murray McCartney Arthur J.G. Madden
President & CEO Vice-President & CFO
Ph: (403) 232-1150 Ph: (403) 232-1150
Crown Point Ventures Ltd.
About Crown Point
Crown Point Ventures Ltd. is an oil and gas exploration and development company with production in Argentina. The Companies exploration and development activities are focused in the Golfo San Jorge and Neuquen Basins in Argentina.
This news release contains certain forward-looking statements, which are based on numerous assumptions including but limited to (i) drilling success; (ii) production; (iii) future capital expenditures; and (iv) cash flow from operating activities. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect.
Certain information regarding Crown Point set forth in this document, including management's assessment of Crown Point's future plans and operations, number, type and timing of wells to be drilled, the planning and development of certain prospects, production estimates, and expected production growth may constitute forward-looking statements under applicable securities laws and necessarily involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Crown Point's control, including without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, environmental risks, inability to obtain drilling rigs or other services, capital expenditure costs, including drilling, completion and facility costs, unexpected decline rates in wells, wells not performing as expected, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, Argentina, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, and stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof. Readers are cautioned that the foregoing list of factors is not exhaustive. Crown Point's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.
Additional information on these and other factors that could affect Crown Point's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com
) or Crown Point's website (www.crownpointventures.ca
The forward-looking statements contained in this document are made as at the date of this news release and Crown Point does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Neither 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 release.
For further information concerning the Company, please contact