Sep-22-2010
Press Releases
2010 Press Releases
Crown Point Reports the Completion of Third Successful Oil Well for a 100% Success Rate in Latest Argentina Drill Program
September 22, 2010
VANCOUVER, BRITISH COLUMBIA, Sep. 22, 2010 (Marketwire) — Crown Point Ventures Ltd. (the “Company”) (TSX VENTURE:CWV) is pleased to announce that the third well (EV 24) of its three well 80% interest drilling program has been completed as an oil well. The EV 24 well follows up the previously announced successful oil completions of the EV 22 and EV 23 wells.
The EV 24 well was successfully completed in three separate zones. The first zone completed was a three (3) metre zone in the Mina El Carmen formation which during swab testing produced oil at an 80% oil cut for at rates of 100 bbls of oil per day. The other two zones were a five metre zone and a separate four metre zone in the Canadon Seco formation. These two zones during swab testing produced oil at an 80% and 93% oil cut respectively for rates of 205 and 241 bbls. of oil per day.
The EV 24 well, like preceding wells EV 22 and EV 23 have created additional development drilling locations which will be drilled in programs commencing later this year and in 2011. Prior to the end of 2011, Crown Point expects to drill up to 12 more wells at El Valle, subject to financing. Three to five of these wells are expect to be commenced either late this year or early in the new year.
Murray McCartney, Crown Point’s CEO commented, “We are pleased with the results from this drilling program, we had a 100% drilling success rate and experienced evaluation results at the upper end of the spectrum. Our next drilling program is scheduled to commence within 90 days. This plan consists of a three to five well, low risk drilling program focusing on development locations proximal to the wells drilled in this program.”
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 our operations and asset base.
About Crown Point
Crown Point Ventures Ltd. is an oil and gas exploration, development and production company with production in Argentina. The Company’s main activities are focused in the onshore Golfo San Jorge and Neuquen Basins in Argentina.
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.
The statements in the second paragraph concerning the test production rates from three different zones. Management cautions this is a preliminary measure and could differ from actual production rates when the well is placed on commercial production, and it is expected that the production rates will be impacted by normal field decline rates. Certain other 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.