{"id":2692,"date":"2022-05-11T19:04:21","date_gmt":"2022-05-12T00:04:21","guid":{"rendered":"https:\/\/crownpointenergy.com\/?p=2692"},"modified":"2022-05-11T19:08:00","modified_gmt":"2022-05-12T00:08:00","slug":"may-11-2022","status":"publish","type":"post","link":"https:\/\/crownpointenergy.com\/?p=2692","title":{"rendered":"May-11-2022"},"content":{"rendered":"<p style=\"text-align: center;\"><a href=\"http:\/\/crownpointenergy.com\/wp-content\/uploads\/2022\/05\/Crown-Point-Q1-2022-News-Release-final.pdf\"><strong>Crown Point Announces Operating and Financial Results\u00a0<\/strong><strong>for the Three Months Ended March 31, 2022<\/strong><\/a><\/p>\n<p><b>TSX-V:<span class=\"Apple-converted-space\">\u00a0 <\/span>CWV: Crown Point Energy Inc. (\u201cCrown Point\u201d, <\/b>the<b> \u201cCompany\u201d <\/b>or<b> <\/b>&#8220;<b>we<\/b>&#8220;<b>)<\/b> today announced its operating and financial results for the three months ended March 31, 2022. <span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Copies of the Company\u2019s March 31, 2022 unaudited condensed interim consolidated financial statements and management\u2019s discussion and analysis (\u201c<b>MD&amp;A<\/b>\u201d) filings are being filed with Canadian securities regulatory authorities and will be made available under the Company\u2019s profile at <a href=\"http:\/\/www.sedar.com\">www.sedar.com<\/a> and on the Company\u2019s website at <a href=\"https:\/\/crownpointenergy.com\">www.crownpointenergy.com<\/a>. <b>All dollar figures are expressed in United States dollars (&#8220;USD&#8221;) unless otherwise stated.<span class=\"Apple-converted-space\">\u00a0 <\/span><\/b>References to &#8220;<b>ARS<\/b>&#8221; are to Argentina Pesos.<\/p>\n<p>In the following discussion, the three months ended March 31, 2022 may be referred to as \u201cQ1 2022\u201d.<span class=\"Apple-converted-space\">\u00a0 <\/span>The comparative three months ended March 31, 2021 may be referred to as \u201cQ1 2021\u201d.<\/p>\n<p><b>Q1 2022 SUMMARY<\/b><\/p>\n<p>During Q1 2022, the Company:<\/p>\n<ul>\n<li>Reported loss before taxes of $1.7 million and a net loss of $1.6 million as compared to Q1 2021 when the Company reported income before taxes of $7.6 million and net income of $8.1 million due to the $8.2 million gain on acquisition of working interest recognized in Q1 2021;<\/li>\n<li>Reported net cash used by operating activities of $0.03 million and funds flow from operating activities of $0.05 million as compared to Q1 2021 when the Company reported $1.6 million of net cash from operating activities and $0.5 million of funds flow from operating activities;<span class=\"Apple-converted-space\">\u00a0<\/span><\/li>\n<li>Earned $5.5 million of oil and natural gas sales revenue on total average daily sales volumes of 1,425 BOE per day, up from $3.5 million of oil and natural gas sales revenue earned on total average daily sales volumes of 1,310 BOE per day in Q1 2021 due to the combined effect of oil sales from the Chanares Herrados concession for the entire Q1 2022 period and an increase in commodity prices, which was offset by lower oil sales from the Tierra del Fuego concession caused by the Cruz del Sur Terminal shut-in;<\/li>\n<li>Received an average of $2.84 per mcf for natural gas and $62.49 per bbl for oil compared to $1.80 per mcf for natural gas and $56.16 per bbl for oil received in Q1 2021;<\/li>\n<li>Reported an operating netback of $13.39 per BOE[1] , up from $13.06 per BOE in Q1 2021;<span class=\"Apple-converted-space\">\u00a0<\/span><\/li>\n<li>Obtained $2.4 million of short-term overdraft and working capital loans and repaid a $0.5 million short-term working capital loan; and<\/li>\n<li>Reported a working capital deficit[2]<span class=\"Apple-converted-space\">\u00a0\u00a0<\/span>of $2.9 million.<\/li>\n<\/ul>\n<p><span class=\"Apple-converted-space\">[1]<\/span>Non-IFRS financial ratio.<span class=\"Apple-converted-space\">\u00a0 <\/span>See &#8220;Non-IFRS and Other Financial Measures&#8221;.<br \/>\n<span class=\"Apple-converted-space\">[2]\u00a0<\/span>Capital management measure.<span class=\"Apple-converted-space\">\u00a0 <\/span>See &#8220;Non-IFRS and Other Financial Measures&#8221;.<\/p>\n<p><b>Operational update<\/b><\/p>\n<p><b>Tierra del Fuego Concession (&#8220;TDF&#8221;)<\/b><\/p>\n<p>In anticipation of the Cruz del Sur offshore loading facility (the \u201cCdS Terminal\u201d) closure originally planned to occur in July 2022, Crown Point, together with its joint venture partners and YPF, agreed to build a 23 km 4 inch oil pipeline to connect the Cruz del Sur oil storage facility and the San Martin oil field with the Total Austral operated Rio Cullen marine terminal.<\/p>\n<p>In March 2022, YPF, operator of the CdS Terminal, announced the immediate closure of the CdS Terminal due to technical difficulties. The CdS Terminal is now used for storage purposes only.<\/p>\n<p>Although the new pipeline project has been accelerated, in the interim, the UTE has arranged to export oil by truck to the Enap refinery at San Gregorio, Chile and to the Total Austral operated Rio Cullen marine terminal in Tierra del Fuego. The sales price at both San Gregorio and Rio Cullen is indexed to the Brent oil price.<\/p>\n<p>During Q1 2022, San Martin oil production averaged 1,248 (net 429) bbls of oil per day. In March 2022, the UTE drilled a development well (SM a-1004) to evaluate two potential zones in the Tob\u00edfera formation and one potential zone in the Springhill formation.<span class=\"Apple-converted-space\">\u00a0 <\/span>SM-1004, located on the western crest of the San Mart\u00edn high, has been drilled to 2,097 meters and cased as a potential oil well with indicated log pay in fractured Tob\u00edfera volcaniclastics and the overlying Springhill sands. Completion and flow testing began on March 22 and is ongoing.<\/p>\n<p>During Q1 2022, natural gas production from the Las Violetas concession averaged 14,487 (net 4,636) mcf per day and oil production averaged 319 (net 110) bbls of oil per day. The Company participated in drilling a horizontal development well in the Las Violetas oil pool in Q1 2022, located in the northeast corner of the concession and targeting the Springhill Formation.<span class=\"Apple-converted-space\">\u00a0 <\/span>The LV-118(h) well, a planned 700 meter lateral horizontal well, was spud in on March 23. Drilling operations were halted on May 3 after an obstruction was encountered in the cased horizontal build section at a depth of 1,720 meters. Further analysis is required to determine the best course for remedial action. Meanwhile, the drilling rig has been released and the well suspended.<\/p>\n<p><b>Cha\u00f1ares Herrados (\u201cCH\u201d) Concession<\/b><\/p>\n<p>During Q1 2022, the UTE carried out workovers on four shut-in oil wells and performed one extractive system enhancement. Oil production for Q1 2022 averaged 1,160 (net 580) bbls of oil per day.<\/p>\n<p><b>Cerro de Los Leones (\u201cCLL\u201d) Exploration Permit <span class=\"Apple-converted-space\">\u00a0<\/span><\/b><\/p>\n<p>In February 2022, the Vega del Sol a-3 well was re-entered to test the northern up dip extension of the oil bearing sill productive in Vega del Sol 1.<span class=\"Apple-converted-space\">\u00a0 <\/span>The Company drilled a directional well, CPE.MdN.VS.xp-3(d), fulfilling its remaining commitment for the Period 3 exploration period on the CLL Permit. The well was drilled to a total measured depth of 2,200 meters and cased after encountering 8 volcanic sills with oil shows and increased mud gas in the Mendoza Group, and log indicated gas bearing zones in the overlying Neuqu\u00e9n Group sandstones.<span class=\"Apple-converted-space\">\u00a0 <\/span>Subsequent acid stimulation and swabbing of the volcanic sills recovered uneconomic amounts of oil with water. The well has been suspended pending testing of the gas bearing sandstone layers in the Neuqu\u00e9n Group in Q2 or Q3 2022.<\/p>\n<p><b>OUTLOOK<\/b><\/p>\n<p>The Company\u2019s capital spending on developed and producing assets for fiscal 2022 is budgeted at approximately $7.2 million comprised of $5.1 million in TDF and $2.1 million in CH based on expenditures for the following proposed activities:<\/p>\n<ul>\n<li>$1.8 million to drill one horizontal well in the Las Violetas Concession;<\/li>\n<li>$1.6 million to drill one vertical well in the San Martin structure;<\/li>\n<li>$0.5 million to complete the construction of an oil field pipeline to a new delivery point at the Cullen terminal operated by Total Austral, located in the north of TDF;<span class=\"Apple-converted-space\">\u00a0<\/span><\/li>\n<li>$1.2 million in other improvements to facilities in TDF; and<\/li>\n<li>$2.1 million for well workovers, facilities improvements and optimization in CH.<span class=\"Apple-converted-space\">\u00a0<\/span><\/li>\n<\/ul>\n<p>The Company\u2019s capital spending on exploration and evaluation assets for fiscal 2022 is budgeted at approximately $2.7 million to drill and complete one exploration well in CLL.<\/p>\n<p><b>Argentina \u2013 International Monetary Fund<\/b><\/p>\n<p>In March 2022, the International Monetary Fund (\u201cIMF\u201d) approved a new 30-month arrangement under an Extended Fund Facility (\u201cEFF\u201d) for Argentina in an amount of $44 billion.<span class=\"Apple-converted-space\">\u00a0 <\/span>The EFF arrangement provides Argentina with balance of payments and budget support backed by measures designed to strengthen debt sustainability, tackle high inflation, boost reserves, address the country\u2019s social and infrastructure gaps and promote growth. In addition, the Argentine National Congress approved the IMF arrangement.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p><b>SUMMARY OF FINANCIAL INFORMATION<\/b><b> <\/b><sup>(1)<\/sup><\/p>\n<p><a href=\"http:\/\/crownpointenergy.com\/wp-content\/uploads\/2022\/05\/Screen-Shot-2022-05-11-at-4.58.06-PM.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-2694 size-large\" src=\"http:\/\/crownpointenergy.com\/wp-content\/uploads\/2022\/05\/Screen-Shot-2022-05-11-at-4.58.06-PM-1024x984.png\" alt=\"\" width=\"1024\" height=\"984\" srcset=\"https:\/\/crownpointenergy.com\/wp-content\/uploads\/2022\/05\/Screen-Shot-2022-05-11-at-4.58.06-PM-1024x984.png 1024w, https:\/\/crownpointenergy.com\/wp-content\/uploads\/2022\/05\/Screen-Shot-2022-05-11-at-4.58.06-PM-300x288.png 300w, https:\/\/crownpointenergy.com\/wp-content\/uploads\/2022\/05\/Screen-Shot-2022-05-11-at-4.58.06-PM-768x738.png 768w, https:\/\/crownpointenergy.com\/wp-content\/uploads\/2022\/05\/Screen-Shot-2022-05-11-at-4.58.06-PM.png 1374w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/p>\n<p><sup>(1)<\/sup><span class=\"Apple-converted-space\">\u00a0<\/span> We adhere to International Financial Reporting Standards (\u201cIFRS\u201d), however the Company also employs certain non-IFRS measures to analyze financial performance, financial position, and cash flow, including &#8220;operating netback&#8221;.<span class=\"Apple-converted-space\">\u00a0 <\/span>Additionally, other financial measures are also used to analyze performance.<span class=\"Apple-converted-space\">\u00a0 <\/span>These non-IFRS and other financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures provided by other issuers.<span class=\"Apple-converted-space\">\u00a0 <\/span>The non-IFRS and other financial measures should not be considered to be more meaningful than financial measures which are determined in accordance with IFRS, such as net income (loss), oil and natural gas sales revenue and net cash provided by (used in) operating activities, as indicators of our performance. <span class=\"Apple-converted-space\"><br \/>\n<\/span><sup>(2)<\/sup><span class=\"Apple-converted-space\">\u00a0 <\/span>\u201cWorking capital\u201d is a capital management measure. \u201cNon-current financial liabilities\u201d is a supplemental financial measure. &#8220;Net cash per share \u2013 operating activities&#8221; is a supplemental financial measure. &#8220;Funds flow per share \u2013 operating activities&#8221; is a supplemental financial measure.<span class=\"Apple-converted-space\">\u00a0 <\/span>See &#8220;Non-IFRS and Other Financial Measures&#8221;.<br \/>\n<sup>(3)<\/sup><span class=\"Apple-converted-space\">\u00a0 <\/span>All per share figures are the same for the basic and diluted weighted average number of shares outstanding in the period.<span class=\"Apple-converted-space\">\u00a0 <\/span>The effect of options is anti-dilutive in loss periods.<span class=\"Apple-converted-space\">\u00a0 <\/span>Per share amounts may not add due to rounding.<\/p>\n<p><a href=\"http:\/\/crownpointenergy.com\/wp-content\/uploads\/2022\/05\/Screen-Shot-2022-05-11-at-4.59.27-PM.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-2695 size-large\" src=\"http:\/\/crownpointenergy.com\/wp-content\/uploads\/2022\/05\/Screen-Shot-2022-05-11-at-4.59.27-PM-1024x933.png\" alt=\"\" width=\"1024\" height=\"933\" srcset=\"https:\/\/crownpointenergy.com\/wp-content\/uploads\/2022\/05\/Screen-Shot-2022-05-11-at-4.59.27-PM-1024x933.png 1024w, https:\/\/crownpointenergy.com\/wp-content\/uploads\/2022\/05\/Screen-Shot-2022-05-11-at-4.59.27-PM-300x273.png 300w, https:\/\/crownpointenergy.com\/wp-content\/uploads\/2022\/05\/Screen-Shot-2022-05-11-at-4.59.27-PM-768x700.png 768w, https:\/\/crownpointenergy.com\/wp-content\/uploads\/2022\/05\/Screen-Shot-2022-05-11-at-4.59.27-PM.png 1462w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/p>\n<p><sup>(1)<span class=\"Apple-converted-space\">\u00a0<\/span><\/sup> &#8220;Operating netback&#8221; is a non-IFRS measure. \u201cOperating netback per BOE\u201d is a non-IFRS ratio. See &#8220;Non-IFRS and Other Financial Measures&#8221;.<\/p>\n<p>For inquiries please contact:<br \/>\nGabriel Obrador \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Marisa Tormakh<br \/>\nPresident &amp; CEO \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Vice-President, Finance &amp; CFO<br \/>\nPh: (403) 232-1150 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Ph: (403) 232-1150<br \/>\nCrown Point Energy Inc. \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Crown Point Energy Inc.<br \/>\n<a href=\"mailto:gobrador@crownpointenergy.com\">gobrador@crownpointenergy.com<\/a> \u00a0\u00a0 \u00a0\u00a0 \u00a0\u00a0<a href=\"mailto:amadden@crownpointenergy.com\">mtormakh@crownpointenergy.com<\/a><span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p><b><i>About Crown Point<br \/>\n<\/i><\/b>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 Argentina. Crown Point\u2019s exploration and development activities are focused in three producing basins in Argentina, the Austral basin in the province of Tierra del Fuego, and the Neuqu\u00e9n and Cuyo basins 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.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p><b><i>Advisory<br \/>\n<\/i><\/b><i>Non-IFRS and Other Financial Measures<\/i><i>: Throughout this press release and in other materials disclosed by the Company, we employ certain measures to analyze financial performance, financial position, and cash flow. These non-IFRS and other financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures provided by other issuers.<span class=\"Apple-converted-space\">\u00a0 <\/span>The non-IFRS and other financial measures should not be considered to be more meaningful than financial measures which are determined in accordance with IFRS, such as net income (loss), oil and natural gas sales revenue and net cash provided by (used in) operating activities as indicators of our performance. <span class=\"Apple-converted-space\">\u00a0<\/span><\/i><\/p>\n<p><i>&#8220;Funds flow per share \u2013 operating activities&#8221; is a supplemental financial measure.<span class=\"Apple-converted-space\">\u00a0 <\/span>Funds flow per share \u2013 operating activities is comprised of funds flow provided by (used in) operating activities divided by the basic and diluted weighted average number of common shares outstanding for the period. See \u201cSummary of Financial Information\u201d.<span class=\"Apple-converted-space\">\u00a0<\/span><\/i><\/p>\n<p><i>&#8220;Net cash per share \u2013 operating activities&#8221; is a supplemental financial measure. Net cash per share \u2013 operating activities is comprised of net cash provided by (used in) operating activities divided by the basic and diluted weighted average number of common shares outstanding for the period. See \u201cSummary of Financial Information\u201d.<\/i><\/p>\n<p><i>&#8220;Non-current financial liabilities&#8221; is a supplemental financial measure.<span class=\"Apple-converted-space\">\u00a0 <\/span>Non-current financial liabilities is comprised of the non-current portions of trade and other payables, taxes payable, notes payable and lease liabilities as presented in the Company\u2019s consolidated statements of financial position.<span class=\"Apple-converted-space\">\u00a0 <\/span>See \u201cSummary of Financial Information\u201d.<\/i><\/p>\n<p><i>&#8220;Operating Netback&#8221; is a non-IFRS measure.<span class=\"Apple-converted-space\">\u00a0 <\/span>Operating netback is comprised of oil and natural gas sales less export tax, royalties and turnover tax and operating costs.<span class=\"Apple-converted-space\">\u00a0 <\/span>Management believes this measure is a useful supplemental measure of the Company\u2019s profitability relative to commodity prices.<span class=\"Apple-converted-space\">\u00a0 <\/span>See \u201cOperating Netback\u201d for a reconciliation of operating netback to oil and natural gas sales revenue, being our nearest measure prescribed by IFRS.<\/i><\/p>\n<p><i>&#8220;Operating netback per BOE&#8221; is a non-IFRS ratio.<span class=\"Apple-converted-space\">\u00a0 <\/span>Operating netback per BOE is comprised of operating netback divided by total BOE sales volumes in the period.<span class=\"Apple-converted-space\">\u00a0 <\/span>Management believes this measure is a useful supplemental measure of the Company\u2019s profitability relative to commodity prices.<span class=\"Apple-converted-space\">\u00a0 <\/span>In addition, management believes that operating netback per BOE is a key industry performance measure of operational efficiency and provide investors with information that is also commonly presented by other crude oil and natural gas producers.<span class=\"Apple-converted-space\">\u00a0 <\/span>Operating netback is a non-IFRS measure.<span class=\"Apple-converted-space\">\u00a0 <\/span>See &#8220;Operating Netback&#8221; for the calculation of operating netback per BOE.<\/i><\/p>\n<p><i>&#8220;Working capital&#8221; is a capital management measure.<span class=\"Apple-converted-space\">\u00a0 <\/span>Working capital is comprised of current assets less current liabilities.<span class=\"Apple-converted-space\">\u00a0 <\/span>Management believes that working capital is a useful measure to assess the Company&#8217;s capital position and its ability to execute its existing exploration commitments and its share of any development programs.<span class=\"Apple-converted-space\">\u00a0 <\/span>See \u201cSummary of Financial Information\u201d for a reconciliation of working capital to current assets and current liabilities, being our nearest measures prescribed by IFRS.<\/i><\/p>\n<p><i>Abbreviations and BOE Presentation<\/i><i>: &#8220;API&#8221; means American Petroleum Institute gravity, being an indication of the specific gravity of crude oil measured on the API gravity scale; &#8220;bbl&#8221; means barrel; &#8220;bbls&#8221; means barrels; &#8220;BOE&#8221; means barrels of oil equivalent; &#8220;km&#8221; means kilometers; &#8220;km2&#8221; means square kilometers; &#8220;m&#8221; means meters; \u201c&#8221;mm&#8221; means millimeters; &#8220;mcf\u201d means thousand cubic feet, &#8220;mmcf&#8221; means million cubic feet, &#8220;NGL&#8221; means natural gas liquids; &#8220;psi&#8221; means pounds per square inch; &#8220;UTE&#8221; means Union Transitoria de Empresas, which is a registered joint venture contract established under the laws of Argentina; &#8220;WI&#8221; means working interest; and &#8220;YPF&#8221; means Yacimientos Petrol\u00edferos Fiscales S.A. All BOE conversions in this press release are derived by converting natural gas to oil in the ratio of six mcf of gas to one bbl of oil.<span class=\"Apple-converted-space\">\u00a0 <\/span>BOE may be misleading, particularly if used in isolation.<span class=\"Apple-converted-space\">\u00a0 <\/span>A BOE conversion ratio of six mcf of gas to one bbl of oil (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.<span class=\"Apple-converted-space\">\u00a0 <\/span>Given that the value ratio based on the price of crude oil as compared to natural gas in Argentina from time to time may be different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.<\/i><\/p>\n<p><i>Forward-looking Information<\/i><i>: This document contains forward-looking information.<span class=\"Apple-converted-space\">\u00a0 <\/span>This information relates to future events and the Company\u2019s future performance.<span class=\"Apple-converted-space\">\u00a0 <\/span>All information and statements contained herein that are not clearly historical in nature constitute forward-looking information.<span class=\"Apple-converted-space\">\u00a0 <\/span>Such information represents the Company\u2019s internal projections, estimates, expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance.<span class=\"Apple-converted-space\">\u00a0 <\/span>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.<span class=\"Apple-converted-space\">\u00a0 <\/span>In\u00a0addition, this document may contain forward-looking information attributed to third party industry sources.<span class=\"Apple-converted-space\">\u00a0 <\/span>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: under &#8220;Operational Update&#8221;, t<\/i><i>hat the construction of the oil pipeline to connect the Cruz del Sur oil storage facility and the San Martin oil field with the Total Austral operated Rio Cullen marine terminal will be accelerated, that <\/i><i>Crown Point will export oil by truck to the Enap refinery at San Gregorio, Chile and to the Total Austral operated Rio Cullen marine terminal in Tierra del Fuego, that the sales price at both San Gregorio and Rio Cullen will be indexed to the Brent oil price, and the operations that we intend to conduct on the TDF and CH Concessions and the CLL Exploration Permit during fiscal 2022 and the timing thereof; under &#8220;Outlook&#8221;, our estimated capital spending for fiscal 2022, in total and in each area and the operational activities at TDF, CH and CLL that we expect to complete during fiscal 2022; under &#8220;About Crown Point&#8221;, all elements of the Company\u2019s business strategy and focus. 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 following: <\/i><i>that the Company experiences delays building the pipeline to the Rio Cullen marine terminal or is unable to build the pipeline at all; that the Company is unable to truck oil to the Enap refinery and\/or the Rio Cullen marine terminal and\/or that the cost to do so rises and\/or becomes uneconomic; the price received by the Company for its oil is at a substantial discount to the Brent oil price; <\/i><i>the risks and other factors described under \u201cBusiness Risks and Uncertainties\u201d in our MD&amp;A for the three months ended March 31, 2022 and under \u201cRisk Factors\u201d in the Company\u2019s most recently filed Annual Information Form, which is available for viewing on SEDAR at <\/i><a href=\"http:\/\/www.sedar.com\"><i>www.sedar.com<\/i><\/a><i>. In addition, note that information relating to reserves and resources is deemed to be forward-looking information, as it involves the implied assessment, based on certain estimates and assumptions that the reserves and resources described can be economically produced in the future. With respect to forward-looking information contained in this document, the Company has made assumptions regarding, among other things: the cost to build the aforementioned pipeline and the timing thereof; trucking costs; the impact (and the duration thereof) that the COVID-19 (coronavirus) pandemic will have on (i) the demand for crude oil, NGLs and natural gas, (ii) our supply chain, including our ability to obtain the equipment and services we require, (iii) our ability to produce, transport and\/or sell our crude oil, NGLs and natural gas, and (iv) the ability of our customers, joint venture partners and other contractual counterparties to comply with their contractual obligations to us; the ability and willingness of OPEC+ nations and other major producers of crude oil to balance crude oil production levels and thereby sustain higher global crude oil prices; that Roch S.A.&#8217;s voluntary reorganization filing will not have an adverse impact on its ability to operate the TDF concessions, and therefore will not have an adverse impact on the TDF UTE, the TDF concessions and\/or the Company; matters relating to the acquisition of our 50% interest in the CH Concession, including the amount and timing of capital expenditures thereon, production rates therefrom, revenues to be derived therefrom and the ability of the joint venture to reduce operating costs; the impact of inflation rates in Argentina and the devaluation of the Argentine peso against the USD on the Company; the impact of increasing competition; the general stability of the economic and political environment in which the Company operates, including operating under a consistent regulatory and legal framework in Argentina; future oil, natural gas and NGL prices (including the effects of governmental incentive programs and government price controls thereon); the timely receipt of any required regulatory approvals; the ability of the Company to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the costs of obtaining equipment and personnel to complete the Company\u2019s capital expenditure program; the ability of the operators of the projects which the Company has an interest in to operate the fields in a safe, efficient and effective manner; that the Company will not pay dividends for the foreseeable future; the ability of the Company to obtain financing on acceptable terms when and if needed; the ability of the Company to service its debt repayments when required; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration activities; the timing and costs of pipeline, storage and facility construction and expansion and the ability of the Company to secure adequate product transportation; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in Argentina; and the ability of the Company to successfully market its oil and natural gas products.<span class=\"Apple-converted-space\">\u00a0 <\/span>Management of Crown Point 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\u2019s future operations.<span class=\"Apple-converted-space\">\u00a0 <\/span>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.<span class=\"Apple-converted-space\">\u00a0 <\/span>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.<\/i><\/p>\n<p><b><i>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.<\/i><\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crown Point Announces Operating and Financial Results\u00a0for the Three Months Ended March 31, 2022<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[119,8],"tags":[],"_links":{"self":[{"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=\/wp\/v2\/posts\/2692"}],"collection":[{"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2692"}],"version-history":[{"count":3,"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=\/wp\/v2\/posts\/2692\/revisions"}],"predecessor-version":[{"id":2699,"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=\/wp\/v2\/posts\/2692\/revisions\/2699"}],"wp:attachment":[{"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}