Feb-16-2011
Press Releases
2011 Press Releases
Crown Point Ventures Ltd. Announces Commencement of 4-5 well Argentine drilling program in the El Valle Field in the Golfo San Jorge Basin
February 16, 2011
TSX-V: CWV: Crown Point Ventures Ltd. advises that it has contracted a drilling rig and has commenced construction of the surface locations for its 4-5 well drilling program at El Valle. These wells are being drilled as developmental locations generated from last fall’s 100% successful drilling program. The Company continues to target the prolific oil bearing sandstones of the multi zone Cañadon Seco and Caleta Olivia formations. We anticipate that the first well will commence drilling on approximately February 24, 2011.
Each of these wells will take approximately 10 days to drill and case. The Company plans to commence completion programs once the third well has been drilled. Crown Point expects that the completion programs to take approximately 8 days per well.
Crown Point is continuing its evolution as a pure Argentina focused company. The company continues to focus its business plan of being an aggregator and exploiter of oil and natural gas properties in Argentina.
About Crown Point
Crown Point Ventures Ltd. is a junior oil and gas exploration and development company whose shares trade on the TSX Venture Exchange under the symbol “CWV”. The Company’s business plan is to be an aggregator of and exploiter of oil and natural gas properties in Argentina.
For inquiries please contact
Murray McCartney
President & CEO
Crown Point Ventures Ltd.
Ph: (403) 232-1150
m.mccartney@crownpointenergy.com
Arthur J.G. Madden
Vice-President & CFO
Crown Point Ventures Ltd.
Ph: (403) 232-1150
amadden@crownpointenergy.com
Website: www.crownpointenergy.com
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.
For further information concerning the Company, please contact us directly.