{"id":3181,"date":"2024-11-11T13:50:46","date_gmt":"2024-11-11T19:50:46","guid":{"rendered":"https:\/\/crownpointenergy.com\/?p=3181"},"modified":"2024-11-11T13:50:46","modified_gmt":"2024-11-11T19:50:46","slug":"july-19-2023-2-2-2-2-2-2-2-2-3","status":"publish","type":"post","link":"https:\/\/crownpointenergy.com\/?p=3181","title":{"rendered":"October-31-2024"},"content":{"rendered":"

Crown Point Announces Closing of Strategic Acquisition of Exploitation Concessions in Santa Cruz, Argentina<\/a><\/p>\n

CALGARY, Alberta, October 31, 2024 \u2014 Crown Point Energy Inc. (TSX-V: CWV) (\u201cCrown
\nPoint\u201d or the \u201cCompany\u201d) is pleased to announce that it has closed the previously announced
\nacquisition of a 100% operating interest in the Piedra Clavada and Koluel Kaike hydrocarbon
\nexploitation concessions (the \u201cSanta Cruz Concessions\u201d) from PAN AMERICAN ENERGY
\nS.L., SUCURSAL ARGENTINA (the \u201cSeller\u201d). The Santa Cruz Concessions are located in the
\nSanta Cruz Province, on the southern flank of Golfo San Jorge basin, approximately 200 km
\nsouthwest of Comodoro Rivadavia.
\nThe Santa Cruz Concessions, comprising a total of 71,593 acres, include Company owned
\nextensive infrastructure in place capable of handling larger than current production volumes,
\nwhich averaged production of 3,223 barrels per day (“bbl\/d”) during the first half of 2024.
\nThe purchase price payable by Crown Point to the Seller was US$12,000,000 cash base
\nconsideration, subject to closing adjustments, plus certain contingent in-kind consideration that is
\npayable throughout a fifteen-year period following the closing date. With respect to the in-kind
\nconsideration, Crown Point will deliver to the Seller a monthly quantity of oil produced from the
\nSanta Cruz Concessions that may range from zero up to 600 bbl\/d, subject to the oil market price
\nso determined for each month. The effective date of the acquisition is January 1, 2024.
\nCrown Point funded the base cash portion of the purchase price using its existing cash resources,
\noperating cash flows, and proceeds from the previously announced debt financing that closed on
\nOctober 30.
\nFor further information regarding the Santa Cruz Concessions, include reserves information, see
\nthe press release issued by the Company on April 15, 2024.
\nFor inquiries please contact:
\nGabriel Obrador Marisa Tormakh
\nPresident & CEO Vice-President, Finance & CFO
\nPh: (403) 232-1150 Ph: (403) 232-1150
\nCrown Point Energy Inc. Crown Point Energy Inc.
\ngobrador@crownpointenergy.com mtormakh@crownpointenergy.com
\nAbout Crown Point
\nCrown Point is an international oil and gas exploration and development company incorporated
\nin Alberta, Canada, trading on the TSX Venture Exchange and operating in Argentina. Crown
\nPoint’s exploration and development activities are focused in four producing basins in Argentina,
\nthe Austral basin in the province of Tierra del Fuego, the Neuqu\u00e9n and Cuyano basins in the
\nprovince of Mendoza, and the Golfo San Jorge basin in the province of Santa Cruz. Crown Point
\nhas a strategy that focuses on establishing a portfolio of producing properties, plus production
\nenhancement and exploration opportunities to provide a basis for future growth.
\nNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
\npolicies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news
\nrelease.<\/p>\n","protected":false},"excerpt":{"rendered":"

Crown Point Announces Closing of Strategic Acquisition of Exploitation Concessions in Santa Cruz, Argentina<\/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":[138,8],"tags":[],"_links":{"self":[{"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=\/wp\/v2\/posts\/3181"}],"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=3181"}],"version-history":[{"count":1,"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=\/wp\/v2\/posts\/3181\/revisions"}],"predecessor-version":[{"id":3182,"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=\/wp\/v2\/posts\/3181\/revisions\/3182"}],"wp:attachment":[{"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}