Press Releases Crown Point Acquires 50% interest and Operatorship in the Laguna de Piedra Exploration Concession in the Province of Rio Negro, Argentina
2012 Press Releases
April 27, 2012
Crown Point Ventures Ltd. (“Crown Point” or the “Company”) (TSX-V: CWV) is pleased to announce that it has acquired an additional 50% interest in the Laguna de Piedra Exploration Concession in the Neuquén Basin portion of the Province of Rio Negro, Argentina. This interest was acquired through the exercise of rights of first refusal, the cost of this acquisition was $500,000 USD and Crown Point now has a 100% operated interest in the concession.
The Laguna de Piedra concession is a 252,047 acre exploration concession in the Neuquén Basin and is covered with a recently shot 250 Km 3–D seismic program with identified drillable features. The addition of this recent acquisition adds 126,023 acres of net land to Crown Point bringing the total land holdings to 693,845 net acres (pro forma closing the acquisition of Antrim Argentina S.A.).
Crown Point anticipates that it will file its second quarter financial statements on SEDAR on Monday April 30, 2012.
President & CEO
Ph: (403) 232-1150
Crown Point Energy Inc.
Arthur J.G. Madden
Vice-President & CFO
Ph: (403) 232-1150
Crown Point Energy Inc.
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.
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, timing for receiving environmental permits and other regulatory approvals, plans and timing for electrification of the El Valle field 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 based on numerous assumptions including but not limited to drilling success, expectations with respect to future production, future capital expenditures, expectations of cash flow from operating activities, commodity prices, costs associated with capital expenditures and the availability of personnel and equipment when expected The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. 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, 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.crownpointenergy.com ).
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.
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 us directly.