Crown Point Provides Update on Cerro de Los Leones Drilling Operations
CALGARY, Alberta, November 12, 2019 — (TSX-V:CWV): Crown Point Energy Inc. (“Crown Point” or the “Company”) today provided an operations update on its drilling activities on the Cerro de Los Leones (“CLL”) exploration permit.
As previously reported in our August 16, 2019 press release, two exploration wells have been scheduled to be drilling during Q3/Q4 2019 on the Company’s operated CLL exploration permit located in the Province of Mendoza (net working interest 100%).
Drilling operations on the first well, SRM x-1001D, commenced on October 20, 2019. The well was drilled to evaluate middle to lower Tertiary and Upper Cretaceous sandstones and reached a final measured depth of 1450 meters – true vertical depth of 1334 meters. The well was deviated at approximately 40 degrees north of its surface location to intersect the crest of a structure which lies beneath the Rio Malargüe floodplain on the northern CLL exploration permit. SRM x-1001D has been cased as a potential hydrocarbon discovery after well log analysis indicated a potential 5 meter oil bearing zone in the Agua de la Piedra formation (middle Tertiary) between 1021-1025 meters true vertical depth.
The rig has been moved 1 kilometer to the north east of the surface location of SRM x-1001D to drill and test the Tertiary – Upper Cretaceous sandstones on an extension of the structural crest. The well, SRM x-1002D will also be deviated to the north beneath the Rio Malargüe flood plain. Drilling operations commenced November 10 with an anticipated final measured depth of 1450 meters.
The drilling and evaluation of the two exploration wells satisfies the remaining phase two work commitment on the CLL exploration permit. The Company requested and was granted a four month extension (to February 23, 2020) to accommodate the drilling and evaluation of both wells.
For inquiries please contact:
|Brian J. Moss||Marisa Tormakh|
|President & CEO||Vice-President, Finance & CFO|
|Ph: (403) 232-1150||Ph: +54 11 4776 0622|
|Crown Point Energy Inc.||Crown Point Energy Inc.|
About Crown Point
Crown Point Energy Inc. is an international oil and gas exploration and development company headquartered in Calgary, Canada, incorporated in Canada, trading on the TSX Venture Exchange and operating in South America. Crown Point’s exploration and development activities are focused in two of the largest producing basins in Argentina, the Austral basin in the province of Tierra del Fuego and the Neuquén basin in the province of Mendoza. Crown Point has a strategy that focuses on establishing a portfolio of producing properties, plus production enhancement and exploration opportunities to provide a basis for future growth.
Forward-looking Information: This document contains forward-looking information. This information relates to future events and the Company’s future performance. All information and statements contained herein that are not clearly historical in nature constitute forward-looking information. Such information represents the Company’s internal projections, estimates, expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. This information involves known or unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Crown Point believes that the expectations reflected in this forward-looking information are reasonable; however, undue reliance should not be placed on this forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. This press release contains forward-looking information concerning, among other things, the following: the future declaration and payment of regular quarterly cash dividends pursuant to the Company’s quarterly cash dividend program, the future declaration and payment of special cash dividends, and the timing and amount of such dividends; and, under “About Crown Point”, all elements of the Company’s business strategy. The reader is cautioned that such information, although considered reasonable by the Company, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided in this document as a result of numerous known and unknown risks and uncertainties and other factors. A number of risks and other factors could cause actual results to differ materially from those expressed in the forward-looking information contained in this document including, but not limited to: the risk that the Company’s quarterly cash dividend program is changed, suspended or cancelled or that dividend payments thereunder are reduced, suspended or cancelled; and the risk that the Company will not declare and pay special dividends in the future, or that any such special dividends are less than the current special dividend. With respect to forward-looking information contained in this document, the Company has made assumptions regarding various matters, and as a result the amount of future regular and special cash dividends declared and paid by the Company, if any, will be subject to the discretion of the board of directors and may vary depending on a variety of factors and conditions existing from time to time, including fluctuations in commodity prices, production levels, capital expenditure requirements, debt service requirements, operating costs, royalty burdens, foreign exchange rates, interest rates, compliance with any restrictions on the declaration and payment of dividends contained in any agreements to which the Company or any of its subsidiaries is a party from time to time (including, without limitation, the agreements governing the credit facilities and other debt instruments of the Company and its subsidiaries), and the satisfaction of liquidity and solvency tests imposed by the Business Corporations Act (Alberta) for the declaration and payment of dividends. Management of the Company has included the above summary of assumptions and risks related to forward-looking information included in this document in order to provide investors with a more complete perspective on the Company’s future operations. Readers are cautioned that this information may not be appropriate for other purposes. Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking information contained in this document are expressly qualified by this cautionary statement. The forward-looking information contained herein is made as of the date of this document and the Company disclaims any intent or obligation to update publicly any such forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable Canadian securities laws.
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