Oct-24-2011
Press Releases
2011 Press Releases
Crown Point announces appointment of Carlos Olivieri as a Director
October 24, 2011
TSX-V: CWV: Crown Point Ventures Ltd. (the “Company”) is pleased to announce the appointment of Carlos Olivieri of Buenos Aires, Argentina as a Director. Mr. Olivieri is the former Chief Financial Officer of YPF S.A.
“I am pleased that Mr. Olivieri has accepted our invitation to join our Board of Directors” said Murray D. McCartney, President and CEO of Crown Point Ventures Ltd. “Carlos brings wealth of financial expertise accumulated during his career at YPF; he has a global energy perspective and is an expert on regional energy issues.”
During his tenure at YPF S.A. which is the largest energy company in Argentina, he supervised the restructuring, privatization and IPO process of the company and as the president of Maxus Corporation (US YPF subsidiary) and YPF Gas S.A. played an important role in the internationalization of the company. Mr. Olivieri has extensive experience as a director having served on the board of directors of Repsol YPF, Quilmes Industrial, Aerolineas Argentinas, TGS S.A. (a natural gas transportation company) and the Metlife Argentina Pension Fund.
Mr. Olivieri holds a CPA degree and postgraduate degrees in Corporate Financial Management from the University of Michigan and from Columbia University and the Director’s College at the University of Michigan. He is currently an MBA professor of Finance at Di Tella, Austral and Cema Universities.
This drilling program is part of a 20-25 well program to be conducted at El Valle over the next 20 months. Crown Point is planning to drill two to four more wells at El Valle prior to year end. At Cañadon Ramirez the Company plans to drill 2-5 wells on its 100% interest exploitation concession over the next 12 months and one 50% interest well at Laguna de Piedra in the first or second quarter of 2012. At Cerro Los Leones, Crown Point anticipates receiving the required environmental permits in the near term and plans to commence the shooting of the 3-D and 2-D programs shortly after receiving these permits. The completion and interpretation of the seismic program is expected to be followed by a 2-5 well 50% interest program in 2012.
“I am excited to be joining Crown Point,” said Mr. Olivieri. “I am looking forward to helping the company grow into a large profitable organization.”
In conjunction with this appointment, the Company has granted Mr. Olivieri an incentive stock option under its Stock Option Plan, entitling him to purchase up to 150,000 shares at a price of $1.25 per share for a period of five years (which option will vest as to one- third (1/3) on each of the date of grant and on the first and second anniversaries of the date of grant).
Murray McCartney
President & CEO
Ph: (403) 232-1150
Crown Point Energy Inc.
mmccartney@crownpointenergy.com
Arthur J.G. Madden
Vice-President & CFO
Ph: (403) 232-1150
Crown Point Energy Inc.
amadden@crownpointenergy.com
Website:www.crownpointenergy.com
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.
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 ).
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.