{"id":2927,"date":"2023-08-12T15:07:24","date_gmt":"2023-08-12T20:07:24","guid":{"rendered":"https:\/\/crownpointenergy.com\/?p=2927"},"modified":"2023-08-12T15:23:49","modified_gmt":"2023-08-12T20:23:49","slug":"june-30-2023","status":"publish","type":"post","link":"https:\/\/crownpointenergy.com\/?p=2927","title":{"rendered":"August-12-2023"},"content":{"rendered":"

Crown Point Announces Financial and Operating Results for the Three and Six Months Ended June 30, 2023<\/a><\/strong><\/p>\n

TSX-V: CWV: Crown Point Energy Inc.<\/strong> (\u201cCrown Point<\/strong>\u201d, the \u201cCompany<\/strong>\u201d or “we<\/strong>“) today announced its financial and operating results for the three and six months ended June 30, 2023.<\/p>\n

Selected information is outlined below and should be read in conjunction with the Company\u2019s June 30, 2023 unaudited condensed interim consolidated financial statements and management\u2019s discussion and analysis (\u201cMD&A<\/strong>\u201d) that are being filed with Canadian securities regulatory authorities and will be made available under the Company\u2019s profile at www.sedarplus.ca<\/a> and on the Company\u2019s website at www.crownpointenergy.com. All dollar figures are expressed in United States dollars (“USD”) unless otherwise stated.<\/strong><\/p>\n

SUMMARY OF FINANCIAL INFORMATION
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(1) We adhere to International Financial Reporting Standards (\u201cIFRS<\/strong>\u201d), however the Company also employs certain non-IFRS measures to analyze financial performance, financial position, and cash flow. Additionally, other financial measures are also used to analyze performance. 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. \u201cWorking capital\u201d is a capital management measure. \u201cNon-current financial liabilities\u201d is a supplemental financial measure. “Net cash per share \u2013 operating activities” is a supplemental financial measure. “Funds flow per share \u2013 operating activities” is a supplemental financial measure. See “Non-IFRS and Other Financial Measures”.<\/p>\n

(2) All per share figures are the same for the basic and diluted weighted average number of shares outstanding in the periods. The effect of options is anti-dilutive in loss periods. Per share amounts may not add due to rounding.<\/p>\n

Sales Volumes
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Operating Netback<\/strong>(1)
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(1) “Operating netback” is a non-IFRS measure. \u201cOperating netback per BOE\u201d is a non-IFRS ratio. See “Non-IFRS and Other Financial Measures”.<\/p>\n

Director Retirement<\/strong><\/p>\n

Keith Turnbull, director since April 2012 and current chair of the Audit, Reserves & HSE Committee, has decided to retire from the Board effective the close of business today. During Keith\u2019s tenure as director, he has always provided clear guidance and sound advice to senior management on financial and business matters; his presence will be missed. The Company wishes him well in his retirement and future endeavors. Gordon Kettleson, Board Chair, will assume the chair of the Audit, Reserves & HSE Committee. Gordon is an experienced oil and gas executive who joined Crown Point\u2019s Board in 2001.<\/p>\n

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For inquiries please contact:<\/p>\n<\/div>\n<\/div>\n<\/div>\n

Gabriel Obrador \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Marisa Tormakh
\nPresident & CEO \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Vice-President, Finance & CFO
\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
\nCrown Point Energy Inc. \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Crown Point Energy Inc.
\ngobrador@crownpointenergy.com<\/a> \u00a0\u00a0 \u00a0\u00a0 \u00a0\u00a0mtormakh@crownpointenergy.com<\/a><\/p>\n

About Crown Point<\/strong><\/p>\n

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 (or Cuyana) 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.<\/p>\n

Advisory<\/em><\/strong><\/p>\n

Non-IFRS and Other Financial Measures: 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. 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. <\/em><\/p>\n

“Funds flow per share \u2013 operating activities” is a supplemental financial measure. Funds flow per share \u2013 operating activities is comprised of funds flow provided (used) by operating activities divided by the basic and diluted weighted average number of common shares outstanding for the period. See \u201cSummary of Financial Information\u201d. <\/em><\/p>\n

“Net cash per share \u2013 operating activities” is a supplemental financial measure. Net cash per share \u2013 operating activities is comprised of net cash provided (used) by operating activities divided by the basic and diluted weighted average number of common shares outstanding for the period. See \u201cSummary of Financial Information\u201d.<\/em><\/p>\n

“Non-current financial liabilities” is a supplemental financial measure. 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. See \u201cSummary of Financial Information\u201d.<\/em><\/p>\n

“Operating Netback” is a non-IFRS measure. Operating netback is comprised of oil and natural gas sales revenue less export tax, royalties and turnover tax and operating costs. Management believes this measure is a useful supplemental measure of the Company\u2019s profitability relative to commodity prices. See \u201cOperating Netback\u201d for a reconciliation of operating netback to oil and natural gas sales revenue, being our nearest measure prescribed by IFRS.<\/em><\/p>\n

“Operating netback per BOE” is a non-IFRS ratio. Operating netback per BOE is comprised of operating netback divided by total BOE sales volumes in the period. Management believes this measure is a useful supplemental measure of the Company\u2019s profitability relative to commodity prices. 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. Operating netback is a non-IFRS measure. See “Operating Netback” for the calculation of operating netback per BOE.<\/em><\/p>\n

“Working capital” is a capital management measure. Working capital is comprised of current assets less current liabilities. Management believes that working capital is a useful measure to assess the Company’s capital position and its ability to execute its existing exploration commitments and its share of any development programs. 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.<\/em><\/p>\n

Abbreviations and BOE Presentation:<\/span> “bbl” means barrel; “bbls” means barrels; “BOE” means barrels of oil equivalent; “km” means kilometers; “km2” means square kilometers; “m” means meters; \u201c”mm” means millimeters; “mcf\u201d means thousand cubic feet, “mmcf” means million cubic feet, “NGL” means natural gas liquids; “UTE” means Union Transitoria de Empresas, which is a registered joint venture contract established under the laws of Argentina; “WI” means working interest; and “YPF” 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. BOE may be misleading, particularly if used in isolation. 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. 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.<\/em><\/p>\n

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.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Crown Point Announces Financial and Operating Results for the Three and Six Months Ended June 30, 2023<\/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":[128,8],"tags":[],"_links":{"self":[{"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=\/wp\/v2\/posts\/2927"}],"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=2927"}],"version-history":[{"count":7,"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=\/wp\/v2\/posts\/2927\/revisions"}],"predecessor-version":[{"id":2942,"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=\/wp\/v2\/posts\/2927\/revisions\/2942"}],"wp:attachment":[{"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}