Crown Point Energy Inc. Announces Tierra del Fuego Drilling Contract, Tierra del Fuego, Argentina
27 Febrero 2014 - 5:00AM
Marketwired
Crown Point Energy Inc. Announces Tierra del Fuego Drilling
Contract, Tierra del Fuego, Argentina
CALGARY, ALBERTA--(Marketwired - Feb 27, 2014) - Crown Point
Energy Inc. (TSX-VENTURE:CWV) ("Crown Point" or "the Company") is
pleased to announce that a drilling contract has been signed with
San Antonio International to provide a drilling rig for our initial
ten well drilling program in Tierra del Fuego (25.78% Working
Interest).
The drilling rig is expected to arrive in Tierra del Fuego in
March with drilling operations on the Las Violetas concession
expected to commence in early April. The term of the contract is
one year with provisions for extending the term.
The initial ten well program on the Las Violetas concession will
consist of eight development wells in the Los Flamencos gas pool
and two exploration wells, one on the Puesto Quince prospect and
another near the southern San Luis natural gas pool. All of the
drilling locations have been fully imaged with 3-d seismic. The
Puesto Quince prospect lies up dip of the Los Flamencos and Los
Patos producing pools and is adjacent to the Rio Chico gas pool.
The feature has a seismically mapped areal extent of approximately
50 km2. The San Luis exploration prospect has been defined with 3-d
seismic and is located on a separate fault block near the San Luis
gas pool which to date has produced approximately 32 BCF of Natural
Gas.
Concurrent with the commencement of drilling operations a
fracture stimulation program will be performed on four producing
wells in the Los Flamencos natural gas pool and on well in the San
Luis Field. A similar program undertaken in 2010 significantly
improved deliverability from five wells in the Los Flamencos
pool.
Crown Point in March will be re-submitting its application to
participate in the New Gas Natural Gas Incentive program. This
program provides financial incentives to producers who increase
their production of natural gas. Incremental natural gas production
above an agreed production decline curve can receive up to
$7.50/mcf under the program.
About Crown Point
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 South America. Crown Point's exploration and
development activities are focused in the Golfo San Jorge, Neuquén
and Austral 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.
Advisories
Analogous
Information: Certain information contained herein
may be considered "analogous information" as defined in National
Instrument 51-101 - Standards of Disclosure of Oil and Gas
Activities ("NI 51-101"). Such analogous information has not been
prepared in accordance with NI 51-101 and the Canadian Oil and Gas
Evaluation Handbook. In particular, this press release: notes that
the Puesto Quince prospect lies up dip of the Los Flamencos and Los
Patos producing pools and is adjacent to the Rio Chico gas pool;
notes that the San Luis exploration prospect is located on a
separate fault block near the San Luis gas pool which to date has
produced 32 BCF of natural gas; and notes that a fracture
stimulation program similar to the one to be undertaken on five
producing wells in the Los Flamencos natural gas pool was
undertaken in 2010 and significantly improved deliverability from
five adjacent wells in the pool. Such information is based on
independent public data and public information recently obtained
from government sources and the Company has no way of verifying the
accuracy of such information and cannot determine whether the
source of the information is independent. Such information has been
presented to help demonstrate that: hydrocarbons may be present in
commercially recoverable quantities in the Puesto Quince prospect
and the San Luis prospect; and that the fracture stimulation
program to be performed on four wells in the Los Flamencos pool and
one well in the San Luis pool may improve deliverability. There is
no certainty that such results will be achieved by the Company and
such information should not be construed as an estimate of future
reserves or resources or future production levels.
Anticipated
Results: Certain information contained herein may
be considered to be "anticipated results" as defined in NI 51-101.
In particular, this press release discloses details regarding the
seismically mapped areal extent of the Puesto Quince prospect. For
a discussion of the risks and the level of uncertainty associated
with the potential recovery of resources from our interests in the
Las Violetas concession, see our annual information form dated
April 24, 2013.
Forward looking
information: Certain information set forth in this
document, including: the details of our proposed drilling program
in Tierra del Fuego, including the number, type and location of
wells to be drilled and the timing for commencement of drilling;
the details of our proposed fracture stimulation program in the Los
Flamencos natural gas pool; and the proposed timing for submitting
our application to participate in the New Gas Natural Gas Incentive
program and the anticipated terms of such program; is considered
forward-looking information, and necessarily involve risks and
uncertainties, certain of which are beyond Crown Point's control.
Such risks include but are not limited to: risks associated with
oil and gas exploration, development, exploitation, production,
marketing and transportation; risks associated with operating in
Argentina, including risks of changing government regulations
(including the adoption of, amendments to, or the cancellation of
government incentive programs or other laws and regulations
relating to commodity prices, taxation, currency controls and
export restrictions, in each case that may adversely impact us),
expropriation/nationalization of assets, price controls on
commodity prices, inability to enforce contracts in certain
circumstances, the potential for a sovereign debt default or a
hyperinflationary economic environment, and other economic and
political risks; loss of markets and other economic and industry
conditions; volatility of commodity prices; currency fluctuations;
and economic or industry condition changes.
Actual results, performance or achievements could differ
materially from those expressed in, or implied by, the
forward-looking information and, accordingly, no assurance can be
given that any events anticipated by the forward-looking
information will transpire or occur, or if any of them do, what
benefits that we will derive therefrom. With respect to
forward-looking information contained herein, the Company has made
assumptions regarding: the general stability of the economic and
political environment in Argentina; 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; the ability of the Company to obtain
financing on acceptable terms when and if needed; the timing and
costs of pipeline, storage and facility construction and expansion
and the ability of the Company to secure adequate product
transportation; future oil and natural gas prices; currency,
exchange and interest rates; the regulatory framework regarding
royalties, commodity price controls, import/export matters, taxes
and environmental matters in Argentina; and the ability of the
Company to successfully market its oil and natural gas products.
Additional information on these and other factors that could affect
us are included in reports on file with Canadian securities
regulatory authorities, including under the heading "Risk Factors"
in our annual information form, and may be accessed through the
SEDAR website (www.sedar.com). Furthermore, the forward-looking
statements contained in this document are made as of the date of
this document, and we do not undertake any obligation to update
publicly or to revise any of the included forward looking
information, whether as a result of new information, future events
or otherwise, except as may be expressly required by applicable
securities law.
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.
Crown Point Energy Inc.Murray McCartneyPresident & CEO(403)
232-1150mmccartney@crownpointenergy.comCrown Point Energy
Inc.Arthur J.G. MaddenVice-President & CFO(403)
232-1150amadden@crownpointenergy.comCrown Point Energy Inc.Brian J.
MossExecutive Vice-President & COO(403)
232-1150bmoss@crownpointenergy.comwww.crownpointenergy.com
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