Jul-29-2010
Press Releases
2010 Press Releases
Crown Point Releases Third Quarter 2010 Results; Reports Casing of Three Recently Drilled Wells as Potential Oil Wells
July 29, 2010
CALGARY, ALBERTA — (Marketwire) — 07/29/10 — Crown Point Ventures Ltd. (TSX VENTURE: CWV) (“Crown Point”, “We” or “the Company”) during the third quarter 2010 continued its evolution as an Argentina based oil and gas producer, developer and explorer. Highlights of the third quarter (ended May 31 2010) were:
Crown Point’s third quarter unaudited consolidated financial statements and Management Discussion and Analysis of Operations will be SEDAR filed July 29, 2010 and posted to the Company website at www.crownpointenergy.com. The corporate presentation has also been updated and posted to the website.
Crown Point continues to evaluate other growth opportunities in Argentina. The successful conclusion of these would add a new dimension to Crown Point in Argentina and expand the depth, breadth and size of the Company’s operations and asset base.
ABOUT CROWN POINT VENTURES
Crown Point Ventures Ltd. is an oil and gas development company with production in Argentina. Two of Crown Point’s three wells drilled in the San Jorge Basin (Santa Cruz, Argentina) are currently in production, with a three well program currently underway in 2010 to expand production and follow up discovery data gained in the first drilling program.
Crown Point Ventures Ltd. is a junior Canadian oil and gas exploration company that trades on the TSX Venture Exchange under the symbol “CWV”. Crown Point has 23,952,958 common shares, and 1,585,000 options (at an average price of $0.61 per share) issued and outstanding. Crown Point has various working interests in oil and gas properties in Argentina and Canada.
Advisory
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.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.
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.
Contact:
Crown Point Ventures Ltd.
Murray McCartney
President & CEO
(403) 232-1150
m.mccartney@crownpointenergy.com
Crown Point Ventures Ltd.
Arthur J.G. Madden
Vice-President & CFO
(403) 232-1150
amadden@crownpointenergy.com
Crown Point Ventures Ltd.
Flora Wood
Manager Investor Relations
(416) 304-0032
fwood@crownpointenergy.com
SOURCE: Crown Point Ventures Ltd.
For further information concerning the Company, please contact us directly.