Press release from Marketwire
Crown Point Ventures Ltd. Announces the Third Successful Oil Completion of Its 2012 Drilling Program and the Casing of Its Fourth Well as a Potential Multizone Oil Well
Friday, June 15, 2012
Crown Point Ventures Ltd. Announces the Third Successful Oil Completion of Its 2012 Drilling Program and the Casing of Its Fourth Well as a Potential Multizone Oil Well02:00 EDT Friday, June 15, 2012CALGARY, ALBERTA--(Marketwire - June 15, 2012) - Crown Point Ventures Ltd. (TSX VENTURE:CWV) ("Crown Point" or "the Company") is pleased to provide this operational update and announce that the third successful completion (EV 33) of the ten well 2012 drilling program on its El Valle concession in the Golfo San Jorge Basin, Argentina has been successfully completed as an oil well. In addition, the Company advises that the fourth well to be drilled (EV 32) has been cased as a potential multi-zone oil well.El Valle - Golfo San Jorge BasinNew CompletionEV 33Crown Point successfully completed a 3.0 meter thick section of the Cañadon Seco formation in the EV 33 wellbore. This zone was perforated and fractured and during a 24 hour swab test the well produced oil at a 24 hour average rate of 268 barrels of oil per day with an oil cut of 94%. A pressure transient analysis / well test interpretation has not been carried out on the well and therefore this data should be considered to be preliminary until such analysis / interpretation has been done. These test results are not necessarily indicative of long-term performance or of ultimate recovery.New Cased Potential Multizone Oil WellEV 32Crown Point advises that the EV 32 well has been logged and cased as a potential multi-zone oil well. Crown Point is paying 100% of the costs to drill, case, complete and equip the drilling program and will have an 80% interest in production from the wells. Logs and samples taken while drilling indicate a total of 9 net meters of potential pay in the Cañadon Seco Formation.Completion Summary to dateEV 34Crown Point successfully completed a 5.0 metre thick section of the Cañadon Seco formation in the EV 34 wellbore. This zone was perforated and during a 26 hour swab test the well produced oil at a 24 hour average rate of 326 barrels of oil per day with an oil cut of 90%. A pressure transient analysis / well test interpretation has not been carried out on the well and therefore this data should be considered to be preliminary until such analysis / interpretation has been done. These test results are not necessarily indicative of long-term performance or of ultimate recovery.EV-36Crown Point successfully completed a 2.5 metre thick section of the Cañadon Seco formation in the EV 36 wellbore. This zone was perforated and immediately flowed oil. The well during a 24 hour evaluation period flowed oil through a 50 mm choke at a rate of 295 barrels per day with an oil cut of 97%. A pressure transient analysis / well test interpretation has not been carried out on the well and therefore this data should be considered to be preliminary until such analysis / interpretation has been done. These test results are not necessarily indicative of long-term performance or of ultimate recovery. The interval completed in EV 36 is directly correlative with intervals completed in EV 23, 26, 31, 33 and 34.New Drilling LocationEV -28The drilling rig has moved onto the EV-28 location, which is the fifth well to be drilled during this program, and has commenced drilling operations.About Crown PointCrown Point Ventures Ltd. 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 South America. Crown Point's exploration and development activities are focused in the Golfo San Jorge and Neuquén basins in Argentina. 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.AdvisoriesForward-Looking StatementsCertain information regarding Crown Point set forth in this document, including the prospect that the EV 32 well will be a multi-zone oil well, the Company's interpretation of the geology of certain of its properties, including expectations for potential pay in the EV 32 well, Crown Point's belief that the interval completed in the EV 36 well is directly correlative with intervals completed in the EV 23, 26, 31, 33 and 34 wells, and Crown Point's plans for future drilling activities at the EV 28 location, may constitute forward-looking statements under applicable securities laws and necessarily involve substantial known and unknown risks and uncertainties. These forward-looking statements are based on numerous assumptions including but not limited to drilling success, expectations with respect to future production, future capital expenditures, expectations of cash flow from operating activities, commodity prices, costs associated with capital expenditures and the availability of personnel and equipment when expected. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Crown Point's control, including without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, environmental risks, inability to obtain drilling rigs or other services, capital expenditure costs, including drilling, completion and facility costs, unexpected decline rates in wells, wells not performing as expected, delays resulting from or inability to obtain required regulatory approvals, ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, Argentina, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations and changes to tax laws) and changes in how they are interpreted and enforced, political risks (including the risk of the expropriation of the Company's assets), increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof. Readers are cautioned that the foregoing list of factors is not exhaustive. Crown Point's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. 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.crownpointventures.ca). The forward-looking statements contained in this document are made as at the date of this news release and Crown Point does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.FOR FURTHER INFORMATION PLEASE CONTACT: Murray D. McCartneyCrown Point Ventures Ltd.President & CEO(403) firstname.lastname@example.orgORArthur J.G. MaddenCrown Point Ventures Ltd.Vice-President & CFO(403) email@example.comNeither 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.