{"id":3217,"date":"2025-03-19T11:42:31","date_gmt":"2025-03-19T16:42:31","guid":{"rendered":"https:\/\/crownpointenergy.com\/?p=3217"},"modified":"2025-03-19T11:42:31","modified_gmt":"2025-03-19T16:42:31","slug":"july-19-2023-2-2-2-2-2-2-2-2-3-2-2-2","status":"publish","type":"post","link":"https:\/\/crownpointenergy.com\/?p=3217","title":{"rendered":"March-11-2025"},"content":{"rendered":"<p style=\"text-align: center;\"><a href=\"http:\/\/crownpointenergy.com\/wp-content\/uploads\/2025\/03\/Press-release-Q42024-BDP14270020.1-Final.docx\"><strong>Crown Point Announces Unaudited Financial and Operating Results <\/strong><strong>for the Three Months and Year Ended December 31, 2024<\/strong><\/a><\/p>\n<p><strong>TSX-V:\u00a0 CWV: Crown Point Energy Inc. (\u201cCrown Point\u201d, <\/strong>the<strong> \u201cCompany\u201d <\/strong>or<strong> \u201cwe\u201d)<\/strong> today announced its unaudited financial and operating results for the three months and year ended December 31, 2024.\u00a0 <strong>All dollar figures are expressed in United States dollars (\u201cUSD\u201d) unless otherwise stated.<\/strong><\/p>\n<p>In the following discussion, the three months and the year ended December 31, 2024 may be referred to as \u201cQ4 2024\u201d and \u201c2024\u201d, respectively.\u00a0 The comparative three months and year ended December 31, 2023 may be referred to as \u201cQ4 2023\u201d and \u201c2023\u201d, respectively.<\/p>\n<p><strong>Q4 2024 SUMMARY<\/strong><\/p>\n<p>During Q4 2024, the Company:<\/p>\n<ul>\n<li>Reported net cash used in operating activities of $1.5 million and funds flow provided by operating activities of $1.0 million;<\/li>\n<li>Earned $19.6 million of oil and natural gas sales revenue on total average daily sales volumes of 3,335 BOE per day. The increase in comparison to previous quarters is due to the oil sales volumes from the Santa Cruz Concessions (as defined below) since the closing date on October 31, 2024;<\/li>\n<li>Received an average of $2.52 per mcf for natural gas and $71.67 per bbl for oil;<\/li>\n<li>Reported an operating netback of $3.96 per BOE<a href=\"#_ftn1\" name=\"_ftnref1\">[1]<\/a>;<\/li>\n<li>Obtained $13.9 million of working capital and overdraft loans, issued $22 million principal amount of unsecured fixed-rate Series VI Notes payable and repaid $5.5 million of notes payable and $1.2 million of working capital and overdraft loans;<\/li>\n<li>Reported loss before taxes of $3 million and a net loss of $3.1 million;<\/li>\n<li>Reported a working capital deficit<a href=\"#_ftn2\" name=\"_ftnref2\">[2]<\/a> of $28.8 million;<\/li>\n<li>Completed the acquisition of a 100% operating interest in the Piedra Clavada and Koluel Kaike hydrocarbon exploitation concessions (the \u201cSanta Cruz Concessions\u201d) from Pan American Energy S.L., Sucursal Argentina for $25.8 million in cash payments plus in-kind contingent consideration payable over a 14-year period; and<\/li>\n<li>Completed the acquisition of a 13.5926% non-operating participating interest in the TDF Concessions (as defined below) from an arm\u2019s length party for $0.8 million in cash payments.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>SUBSEQUENT EVENTS<\/strong><\/p>\n<p>Subsequent to December 31, 2024 the Company:<\/p>\n<ul>\n<li>Obtained working capital and overdraft loans for a total amount of $6.06 million, repaid $4.14 million on working capital loans and renewed a loan for $1 million.<\/li>\n<li>Repaid $5.5 million of principal installments on the Series IV and Series III Notes.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Operational update<\/strong><\/p>\n<p><strong>Santa Cruz Concessions <\/strong><\/p>\n<p>During Q4 2024, Piedra Clavada Concession oil production averaged 2,043 bbls of oil per day and Koluel Kaike concession oil production averaged 1,187 bbls of oil per day.<\/p>\n<p><strong>Tierra del Fuego Concessions (\u201cTDF\u201d or \u201cTDF Concessions\u201d) <\/strong><\/p>\n<p>During Q4 2024, San Martin oil production averaged 464 (net 224) bbls of oil per day; Las Violetas concession natural gas production averaged 8,290 (net 4,007) mcf per day and associated oil production averaged 218 (net 76) bbls of oil per day.<\/p>\n<p><strong>Mendoza Concessions\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><\/p>\n<p>During Q4 2024, the UTE carried out three workovers on oil wells and one workover in an injector well in the CH Concession. Oil production for Q4 2024 averaged 884 (net 442) bbls of oil per day from the CH Concession and 125 (net 62) bbls of oil per day from the PPCO Concession.<\/p>\n<p><strong>OUTLOOK<\/strong><\/p>\n<p>The Company\u2019s capital spending for fiscal 2025 is budgeted at approximately $28.2 million, of which $25.5 million is allocated to the Santa Cruz Concessions for well workovers, facilities improvements and a drilling campaign comprised of 7 wells; $0.7 million is for improvements to facilities in the TDF Concessions, $1.2 million is for well workovers, facilities improvements and optimization in the Mendoza Concessions, and $0.8 million is for testing of the gas bearing sandstone layers of the Neuquen Group at CLL.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>SUMMARY OF unaudited FINANCIAL INFORMATION<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<table width=\"584\">\n<tbody>\n<tr>\n<td width=\"391\">(expressed in $, except shares outstanding)<\/td>\n<td width=\"93\">\n<p><strong>December 31<\/strong><\/p>\n<p><strong>2024<\/strong><\/p>\n<p><strong>(unaudited)<\/strong><\/td>\n<td width=\"99\">\n<p><strong>December 31<\/strong><\/p>\n<p><strong>2023<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"391\">Current assets<\/td>\n<td width=\"93\">28,129,766<\/td>\n<td width=\"99\">7,636,408<\/td>\n<\/tr>\n<tr>\n<td width=\"391\">Current liabilities<\/td>\n<td width=\"93\">(56,945,822)<\/td>\n<td width=\"99\">(19,422,342)<\/td>\n<\/tr>\n<tr>\n<td width=\"391\">Working capital <sup>(1)<\/sup><\/td>\n<td width=\"93\">(28,816,056)<\/td>\n<td width=\"99\">(11,785,934)<\/td>\n<\/tr>\n<tr>\n<td width=\"391\">Exploration and evaluation assets<\/td>\n<td width=\"93\">14,052,021<\/td>\n<td width=\"99\">14,103,353<\/td>\n<\/tr>\n<tr>\n<td width=\"391\">Property and equipment<\/td>\n<td width=\"93\">175,506,640<\/td>\n<td width=\"99\">45,834,731<\/td>\n<\/tr>\n<tr>\n<td width=\"391\">Total assets<\/td>\n<td width=\"93\">218,188,749<\/td>\n<td width=\"99\">67,785,665<\/td>\n<\/tr>\n<tr>\n<td width=\"391\">Non-current financial liabilities <sup>(1)<\/sup><\/td>\n<td width=\"93\">31,945,591<\/td>\n<td width=\"99\">18,317,856<\/td>\n<\/tr>\n<tr>\n<td width=\"391\">Share capital<\/td>\n<td width=\"93\">56,456,328<\/td>\n<td width=\"99\">56,456,328<\/td>\n<\/tr>\n<tr>\n<td width=\"391\">Total common shares outstanding<\/td>\n<td width=\"93\">72,903,038<\/td>\n<td width=\"99\">72,903,038<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><sup>\u00a0<\/sup><\/p>\n<table width=\"660\">\n<tbody>\n<tr>\n<td width=\"318\">(expressed in $, except shares outstanding)<\/td>\n<td colspan=\"2\" width=\"171\"><strong>Three months ended<\/strong><\/td>\n<td colspan=\"2\" width=\"171\"><strong>Year ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"318\">&nbsp;<\/td>\n<td colspan=\"2\" width=\"171\"><strong>December 31<\/strong><\/td>\n<td colspan=\"2\" width=\"171\"><strong>December 31<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"318\">&nbsp;<\/td>\n<td width=\"85\"><strong>2024<\/strong><\/td>\n<td width=\"86\"><strong>2023<\/strong><\/td>\n<td width=\"85\">\n<p><strong>2024<\/strong><\/p>\n<p><strong>(unaudited)<\/strong><\/td>\n<td width=\"86\"><strong>2023<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"318\">Oil and natural gas sales revenue<\/td>\n<td width=\"85\">19,580,949<\/td>\n<td width=\"86\">5,530,896<\/td>\n<td width=\"85\">36,827,158<\/td>\n<td width=\"86\">26,766,228<\/td>\n<\/tr>\n<tr>\n<td width=\"318\">(Reversal) Impairment of property and equipment<\/td>\n<td width=\"85\">&#8211;<\/td>\n<td width=\"86\">(3,050,000)<\/td>\n<td width=\"85\">&#8211;<\/td>\n<td width=\"86\">(3,050,000)<\/td>\n<\/tr>\n<tr>\n<td width=\"318\">Loss before taxes<\/td>\n<td width=\"85\">(3,047,172)<\/td>\n<td width=\"86\">(2,379,953)<\/td>\n<td width=\"85\">(13,013,738)<\/td>\n<td width=\"86\">(10,130,991)<\/td>\n<\/tr>\n<tr>\n<td width=\"318\">Net loss<\/td>\n<td width=\"85\">(3,121,431)<\/td>\n<td width=\"86\">(2,096,083)<\/td>\n<td width=\"85\">(9,145,821)<\/td>\n<td width=\"86\">(8,127,632)<\/td>\n<\/tr>\n<tr>\n<td width=\"318\">Net loss per share <sup>(2)<\/sup><\/td>\n<td width=\"85\">(0.04)<\/td>\n<td width=\"86\">(0.03)<\/td>\n<td width=\"85\">(0.13)<\/td>\n<td width=\"86\">(0.11)<\/td>\n<\/tr>\n<tr>\n<td width=\"318\">Net cash (used) provided by operating activities<\/td>\n<td width=\"85\">(1,529,817)<\/td>\n<td width=\"86\">1,339,967<\/td>\n<td width=\"85\">(4,391,237)<\/td>\n<td width=\"86\">3,793,538<\/td>\n<\/tr>\n<tr>\n<td width=\"318\">Net cash per share \u2013 operating activities <sup>(1)(2)<\/sup><\/td>\n<td width=\"85\">(0.02)<\/td>\n<td width=\"86\">0.02<\/td>\n<td width=\"85\">(0.06)<\/td>\n<td width=\"86\">0.05<\/td>\n<\/tr>\n<tr>\n<td width=\"318\">Funds flow (used) provided by operating activities<\/td>\n<td width=\"85\">991,927<\/td>\n<td width=\"86\">2,109,498<\/td>\n<td width=\"85\">(1,093,965)<\/td>\n<td width=\"86\">1,608,310<\/td>\n<\/tr>\n<tr>\n<td width=\"318\">Funds flow per share \u2013 operating activities <sup>(1)(2)<\/sup><\/td>\n<td width=\"85\">0.01<\/td>\n<td width=\"86\">0.03<\/td>\n<td width=\"85\">(0.02)<\/td>\n<td width=\"86\">0.02<\/td>\n<\/tr>\n<tr>\n<td width=\"318\">Weighted average number of shares \u2013 basic and diluted<\/td>\n<td width=\"85\">72,903,038<\/td>\n<td width=\"86\">72,903,038<\/td>\n<td width=\"85\">72,903,038<\/td>\n<td width=\"86\">72,903,038<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><sup>\u00a0<\/sup><\/p>\n<p><sup>\u00a0<\/sup><sup>(1)<\/sup>\u00a0 We adhere to International Financial Reporting Standards (\u201c<strong>IFRS<\/strong>\u201d) however the Company also employs certain non-IFRS measures to analyze financial performance, financial position, and cash flow.\u00a0 \u201cWorking capital\u201d is a capital management measure. \u201cNon-current financial liabilities\u201d is a supplemental financial measure. \u201cNet cash per share \u2013 operating activities\u201d is a supplemental financial measure. \u201cFunds flow per share \u2013 operating activities\u201d is a supplemental financial measure.\u00a0 See \u201cNon-IFRS and Other Financial Measures\u201d.<\/p>\n<p><sup>(2)<\/sup>\u00a0 \u00a0All per share figures are the same for the basic and diluted weighted average number of shares outstanding in the periods.\u00a0 The effect of options is anti-dilutive in loss periods.\u00a0 Per share amounts may not add due to rounding.<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Sales Volumes<\/strong><\/p>\n<table width=\"624\">\n<tbody>\n<tr>\n<td width=\"318\"><strong>\u00a0<\/strong><\/td>\n<td colspan=\"2\" width=\"150\"><strong>Three months ended<\/strong><\/td>\n<td colspan=\"2\" width=\"156\"><strong>Year ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"318\"><strong>\u00a0<\/strong><\/td>\n<td colspan=\"2\" width=\"150\"><strong>December 31<\/strong><\/td>\n<td colspan=\"2\" width=\"156\"><strong>December 31<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"318\">&nbsp;<\/td>\n<td width=\"78\"><strong>2024<\/strong><\/td>\n<td width=\"72\"><strong>2023<\/strong><\/td>\n<td width=\"78\"><strong>2024<\/strong><\/td>\n<td width=\"78\"><strong>2023<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"318\">Total sales volumes (BOE)<\/td>\n<td width=\"78\">306,807<\/td>\n<td width=\"72\">117,252<\/td>\n<td width=\"78\">676,990<\/td>\n<td width=\"78\">525,115<\/td>\n<\/tr>\n<tr>\n<td width=\"318\">Crude oil bbls per day<\/td>\n<td width=\"78\">2,868<\/td>\n<td width=\"72\">840<\/td>\n<td width=\"78\">1,296<\/td>\n<td width=\"78\">915<\/td>\n<\/tr>\n<tr>\n<td width=\"318\">NGL bbls per day<\/td>\n<td width=\"78\">17<\/td>\n<td width=\"72\">25<\/td>\n<td width=\"78\">\u00a018<\/td>\n<td width=\"78\">19<\/td>\n<\/tr>\n<tr>\n<td width=\"318\">Natural gas mcf per day<\/td>\n<td width=\"78\">2,698<\/td>\n<td width=\"72\">2,458<\/td>\n<td width=\"78\">\u00a03,217<\/td>\n<td width=\"78\">3,023<\/td>\n<\/tr>\n<tr>\n<td width=\"318\">Total BOE per day<\/td>\n<td width=\"78\">3,335<\/td>\n<td width=\"72\">1,275<\/td>\n<td width=\"78\">\u00a01,850<\/td>\n<td width=\"78\">1,438<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Operating Netback <\/strong><sup>(1) <\/sup><\/p>\n<table width=\"669\">\n<tbody>\n<tr>\n<td width=\"162\"><strong>\u00a0<\/strong><\/td>\n<td colspan=\"4\" width=\"254\"><strong>Three months ended<\/strong><\/td>\n<td colspan=\"4\" width=\"254\"><strong>Year ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"162\">&nbsp;<\/td>\n<td colspan=\"4\" width=\"254\"><strong>December 31<\/strong><\/td>\n<td colspan=\"4\" width=\"254\"><strong>December 31<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"162\">&nbsp;<\/td>\n<td colspan=\"2\" width=\"128\"><strong>2024<\/strong><\/td>\n<td colspan=\"2\" width=\"126\"><strong>2023<\/strong><\/td>\n<td colspan=\"2\" width=\"126\">\n<p><strong>2024<\/strong><\/p>\n<p><strong>(unaudited)<\/strong><\/td>\n<td colspan=\"2\" width=\"128\"><strong>2023<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"162\">&nbsp;<\/td>\n<td width=\"74\">&nbsp;<\/td>\n<td width=\"54\">Per BOE<\/td>\n<td width=\"66\">&nbsp;<\/td>\n<td width=\"60\">Per BOE<\/td>\n<td width=\"72\">&nbsp;<\/td>\n<td width=\"54\">Per BOE<\/td>\n<td width=\"71\">&nbsp;<\/td>\n<td width=\"57\">Per BOE<\/td>\n<\/tr>\n<tr>\n<td width=\"162\">Oil and natural gas sales revenue ($)<\/td>\n<td width=\"74\">19,580,949<\/td>\n<td width=\"54\">63.82<\/td>\n<td width=\"66\">\u00a05,530,896<\/td>\n<td width=\"60\">47.17<\/td>\n<td width=\"72\">36,827,158<\/td>\n<td width=\"54\">54.40<\/td>\n<td width=\"71\">26,766,228<\/td>\n<td width=\"57\">50.97<\/td>\n<\/tr>\n<tr>\n<td width=\"162\">Export tax ($)<\/td>\n<td width=\"74\">(112,047)<\/td>\n<td width=\"54\">(0.37)<\/td>\n<td width=\"66\">\u00a0(125,304)<\/td>\n<td width=\"60\">(1.07)<\/td>\n<td width=\"72\">(421,356)<\/td>\n<td width=\"54\">(0.62)<\/td>\n<td width=\"71\">(503,268)<\/td>\n<td width=\"57\">(0.96)<\/td>\n<\/tr>\n<tr>\n<td width=\"162\">Royalties and turnover tax ($)<\/td>\n<td width=\"74\">(3,430,729)<\/td>\n<td width=\"54\">(11.18)<\/td>\n<td width=\"66\">\u00a0(961,852)<\/td>\n<td width=\"60\">(8.20)<\/td>\n<td width=\"72\">(6,475,746)<\/td>\n<td width=\"54\">(9.57)<\/td>\n<td width=\"71\">(4,519,702)<\/td>\n<td width=\"57\">(8.61)<\/td>\n<\/tr>\n<tr>\n<td width=\"162\">Operating costs ($)<\/td>\n<td width=\"74\">(14,822,678)<\/td>\n<td width=\"54\">(48.31)<\/td>\n<td width=\"66\">\u00a0(3,356,776)<\/td>\n<td width=\"60\">(28.63)<\/td>\n<td width=\"72\">(28,941,451)<\/td>\n<td width=\"54\">(42.75)<\/td>\n<td width=\"71\">(18,405,512)<\/td>\n<td width=\"57\">(35.05)<\/td>\n<\/tr>\n<tr>\n<td width=\"162\">Operating netback <sup>(1)<\/sup> ($)<\/td>\n<td width=\"74\">1,215,495<\/td>\n<td width=\"54\">3.96<\/td>\n<td width=\"66\">\u00a01,086,964<\/td>\n<td width=\"60\">9.27<\/td>\n<td width=\"72\">988,605<\/td>\n<td width=\"54\">1.46<\/td>\n<td width=\"71\">3,337,746<\/td>\n<td width=\"57\">6.35<\/td>\n<\/tr>\n<tr>\n<td width=\"162\">&nbsp;<\/td>\n<td width=\"74\">&nbsp;<\/td>\n<td width=\"54\">&nbsp;<\/td>\n<td width=\"66\">&nbsp;<\/td>\n<td width=\"60\">&nbsp;<\/td>\n<td width=\"72\">&nbsp;<\/td>\n<td width=\"54\">&nbsp;<\/td>\n<td width=\"71\">&nbsp;<\/td>\n<td width=\"57\">&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><sup>\u00a0<\/sup><sup>(1) <\/sup>\u00a0\u201cOperating netback\u201d is a non-IFRS measure. \u201cOperating netback per BOE\u201d is a non-IFRS ratio. See \u201cNon-IFRS and Other Financial Measures\u201d.<\/p>\n<p>&nbsp;<\/p>\n<p>The Company\u2019s audited consolidated comparative financial statements for the year ended December 31, 2024 and related management\u2019s discussion and analysis (\u201c<strong>MD&amp;A<\/strong>\u201d) will be filed with Canadian securities regulatory authorities in due course and will be made available under the Company\u2019s profile at <a href=\"http:\/\/www.sedarplus.ca\">www.sedarplus.ca<\/a> and on the Company\u2019s website at <a href=\"http:\/\/www.crownpointenergy.com\">www.crownpointenergy.com<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<p>For inquiries please contact:<\/p>\n<p>Gabriel Obrador\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Marisa Tormakh<\/p>\n<p>President &amp; CEO\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\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<\/p>\n<p>Ph: (403) 232-1150\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Ph: (403) 232-1150<\/p>\n<p>Crown Point Energy Inc.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Crown Point Energy Inc.<\/p>\n<p><a href=\"mailto:gobrador@crownpointenergy.com\">gobrador@crownpointenergy.com<\/a>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"mailto:amadden@crownpointenergy.com\">mtormakh@crownpointenergy.com<\/a><\/p>\n<p><strong><em>\u00a0<\/em><\/strong><\/p>\n<p><strong><em>About Crown Point<\/em><\/strong><\/p>\n<p>Crown Point Energy Inc. is an international oil and gas exploration and development company headquartered in Buenos Aires, Argentina, incorporated in Canada, trading on the TSX Venture Exchange and operating in Argentina. Crown Point\u2019s exploration and development activities are focused in four producing basins in Argentina, the Golfo San Jorge basin in the Province of Santa Cruz, 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<p><strong><em>\u00a0<\/em><\/strong><\/p>\n<p><strong><em>Advisory<\/em><\/strong><\/p>\n<p><em><u>Preliminary Financial Information: <\/u><\/em><em>The Company&#8217;s expectations for our financial results for the three months and year ended December 31, 2024 contained herein are based on, among other things, our anticipated financial results for the year ending December 31, 2024. The Company&#8217;s anticipated financial results are unaudited and preliminary estimates that: (i) represent the most current information available to management as of the date hereof; (ii) are subject to completion of audit and\/or review procedures that could result in significant changes to the estimated amounts; and (iii) do not present all information necessary for an understanding of the Company&#8217;s financial condition as of, and the Company&#8217;s results of operations for, such periods. The anticipated financial results are subject to the same limitations and risks as discussed under \u201cForward-Looking Information\u201d below. Accordingly, the Company&#8217;s anticipated financial results for such periods may change upon the completion and approval of the financial statements for such periods and the changes could be material.<\/em><\/p>\n<p><em><u>Non-IFRS and Other Financial Measures<\/u><\/em><em>: <\/em><em>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.\u00a0 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 (used) provided by operating activities as indicators of our performance.\u00a0 <\/em><\/p>\n<p><em>\u201cFunds flow per share \u2013 operating activities\u201d is a supplemental financial measure.\u00a0 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<p><em>\u201cNet cash per share \u2013 operating activities\u201d 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<p><em>\u201cNon-current financial liabilities\u201d is a supplemental financial measure.\u00a0 Non-current financial liabilities is comprised of the non-current portions of trade and other payables, notes payable and lease liabilities as presented in the Company\u2019s consolidated statements of financial position.\u00a0 See \u201cSummary of Financial Information\u201d.<\/em><\/p>\n<p><em>\u201cOperating Netback\u201d is a non-IFRS measure.\u00a0 Operating netback is comprised of oil and natural gas sales revenue less export tax, royalties and turnover tax and operating costs.\u00a0 <\/em><em>Management believes this measure is a useful supplemental measure of the Company\u2019s profitability relative to commodity prices.\u00a0 <\/em><em>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<p><em>\u201cOperating netback per BOE\u201d is a non-IFRS ratio.\u00a0 Operating netback per BOE is comprised of operating netback divided by total BOE sales volumes in the period.\u00a0 Management believes this measure is a useful supplemental measure of the Company\u2019s profitability relative to commodity prices.\u00a0 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.\u00a0 Operating netback is a non-IFRS measure.\u00a0 See &#8220;Operating Netback&#8221; for the calculation of operating netback per BOE.<\/em><\/p>\n<p><em>\u201cWorking capital\u201d is a capital management measure.\u00a0 Working capital is comprised of current assets less current liabilities.\u00a0 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.\u00a0 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<p><em><u>Abbreviations and BOE Presentation<\/u><\/em><em>: <\/em><em>\u201cbbl\u201d means barrel;<\/em> <em>\u201c<\/em><em>bbls<\/em><em>\u201d<\/em><em> means barrels; <\/em><em>\u201c<\/em><em>BOE<\/em><em>\u201d<\/em><em> means barrels of oil equivalent; <\/em><em>\u201c<\/em><em>mcf\u201d means thousand cubic feet; <\/em><em>\u201c<\/em><em>mmcf<\/em><em>\u201d<\/em><em> means million cubic feet, <\/em><em>\u201c<\/em><em>NGL<\/em><em>\u201d<\/em><em> means natural gas liquids;<\/em> <em>\u201c<\/em><em>UTE<\/em><em>\u201d<\/em> <em>means <\/em><em>Union Transitoria de Empresas, which is a registered joint venture contract established under the laws of Argentina<\/em><em>; <\/em><em>\u201c<\/em><em>WI<\/em><em>\u201d<\/em><em> means working interest<\/em><em>.<\/em> <em>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.\u00a0 BOE may be misleading, particularly if used in isolation.\u00a0 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.\u00a0 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<p><em><u>Forward-looking Information<\/u><\/em><em>: <\/em><em>This document contains forward-looking information.\u00a0 This information relates to future events and the Company\u2019s future performance.\u00a0 All information and statements contained herein that are not clearly historical in nature constitute forward-looking information.\u00a0 Such information represents th<\/em><em>e Company\u2019s internal projections, estimates, expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance.\u00a0 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.\u00a0 In\u00a0addition, this document may contain forward-looking information attributed to third party industry sources.\u00a0 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 <\/em><em>\u201c<\/em><em>Q4 2024 Summary<\/em><em>\u201d<\/em><em>, the Company\u2019s expectations regarding the Company\u2019s go forward obligations in connection with the Santa Cruz Concessions<\/em><em>; <\/em><em>under <\/em><em>\u201c<\/em><em>Outlook<\/em><em>\u201d<\/em><em>, our estimated capital expenditure budget for fiscal 2025, and the capital expenditures that we intend to make in, amongst other things, our concessions during such period; and under <\/em><em>\u201cAbout Crown Point\u201d, all elements<\/em><em> of the <\/em><em>Company\u2019s business strategy and focus<\/em><em>. 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: <\/em><em>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; that the price received by the Company for its oil is at a substantial discount to the Brent oil price; that <\/em><em>the Company is not able to meet its obligations as they become due and continue as a going concern; risks associated with the insolvency and\/or bankruptcy of our joint venture partners and\/or the operators of the concessions in which we have an interest, including the risk that any such insolvency and\/or bankruptcy has an adverse effect on one of our UTEs, one of our concessions and\/or the Company; <\/em><em>and <\/em><em>the risks and other factors described under \u201cBusiness Risks and Uncertainties\u201d in our MD&amp;A and under \u201cRisk Factors\u201d in the Company\u2019s most recently filed Annual Information Form, which is available for viewing on SEDAR+ at <\/em><a href=\"http:\/\/www.sedarplus.ca\"><em>www.sedarplus.ca<\/em><\/a><em>. \u00a0With respect to forward-looking information contained in this document, the Company has made assumptions regarding, among other things: <\/em><em>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 our joint venture partners and the operators of our concessions that we do not operate will honour their contractual commitments in a timely fashion and will not become insolvent or bankrupt; 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<\/em><em> 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 to operate the projects in which the Company has an interest 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 and continue as a going concern; 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, inflation 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.\u00a0 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.\u00a0 Readers are cautioned that this information may not <\/em><em>be appropriate for other purposes. Readers are cautioned that the foregoing lists of factors are not exhaustive.\u00a0 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.<\/em><\/p>\n<p><strong><em>Neither<\/em><\/strong><strong><em> 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<p><a href=\"#_ftnref1\" name=\"_ftn1\">[1]<\/a> Non-IFRS financial ratio.\u00a0 See \u201cNon-IFRS and Other Financial Measures\u201d.<\/p>\n<p><a href=\"#_ftnref2\" name=\"_ftn2\">[2]<\/a> Capital management measure.\u00a0 See \u201cNon-IFRS and Other Financial Measures\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crown Point Announces Unaudited Financial and Operating Results for the Three Months and Year Ended December 31, 2024<\/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":[147,8],"tags":[],"_links":{"self":[{"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=\/wp\/v2\/posts\/3217"}],"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=3217"}],"version-history":[{"count":1,"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=\/wp\/v2\/posts\/3217\/revisions"}],"predecessor-version":[{"id":3219,"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=\/wp\/v2\/posts\/3217\/revisions\/3219"}],"wp:attachment":[{"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crownpointenergy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}