Crown Point Announces Commencement of Drilling Operations at Tierra del Fuego, Argentina & Completion Plans for the La Hoyada...
09 Mayo 2014 - 5:00AM
Marketwired
Crown Point Announces Commencement of Drilling Operations at Tierra
del Fuego, Argentina and Completion Plans for the La Hoyada x-1
Exploration Well
CALGARY, ALBERTA--(Marketwired - May 9, 2014) - Crown Point
Energy Inc. ("Crown Point" or the "Company") (TSX-VENTURE:CWV) is
pleased to announce that it and its partners have commenced the
drilling of the first well of the planned ten well drilling program
on the 25.78% interest Las Violetas Concession in Tierra del Fuego,
Argentina. The well is targeting natural gas in the Springhill
Formation and has a planned total depth of 2,200 metres. The
balance of the planned ten well program will be drilled
sequentially.
Crown Point advises that it
has secured the services of a completion rig for the 100% interest
La Hoyada x-1 exploration well located on its Cerro de Los Leones
concession in the Province of Mendoza. Completions operations are
expected to commence in the latter part of May. The completion
program is targeting heavily fractured igneous intrusives in the
Vaca Muerta oil shale formation.
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, Neuquén, Austral and
Golfo San Jorge 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.
Forward-Looking
Information Advisory
Certain statements contained in this document constitute
forward-looking statements or information (collectively
"forward-looking statements") within the meaning of the "safe
harbour" provisions of applicable securities legislation.
Forward-looking statements are typically identified by words that
suggest future events or future performance. All statement other
than statements of historical fact may be forward-looking
statements. In particular, this document contains, without
limitation, forward-looking statements pertaining to: all details
of our planned ten well drilling program on the Las Violetas
Concession, and in particular our expectations for the first well;
and all details regarding our completion plans for the La Hoyada
x-1 exploration well, including the timing thereof. With respect to
forward-looking statements contained in this document, we have made
assumptions regarding, among other things: the general stability of
the economic and political environment in which the Company
operates; drilling results; the ability of the operator of the
projects which the Company has an interest in to operate the field
in a safe, efficient and effective manner; the ability of the
Company to obtain financing on acceptable terms when and if needed;
field production rates and decline rates; and the timing and costs
of pipeline, storage and facility construction and expansion and
the ability of the Company to secure adequate product
transportation.
Although we believe that the expectations reflected in the
forward-looking statements contained in this document, and the
assumptions on which such forward-looking statements are made, are
reasonable, there can be no assurance that such expectations will
prove to be correct. Readers are cautioned not to place undue
reliance on forward-looking statements included in this document,
as there can be no assurance that the plans, intentions or
expectations upon which the forward-looking statements are based
will occur. By their nature, forward-looking statements involve
numerous assumptions, known and unknown risks and uncertainties
that contribute to the possibility that the predictions, forecasts,
projections and other forward-looking statements will not occur,
which may cause our actual performance and financial results in
future periods to differ materially from any estimates or
projections of future performance or results expressed or implied
by such forward-looking statements. These risks and uncertainties
include, among other things: risks associated with oil and gas
exploration, development, exploitation, production, marketing and
transportation; risks associated with operating in Argentina;
ability to access sufficient capital from internal and external
sources; economic or industry condition changes; and other factors
described under "Risk Factors" in our Annual Information Form and
described in our other public filings available at www.sedar.com.
Readers are cautioned that this list of risk factors should not be
construed as exhaustive. The forward-looking statements contained
in this document speak only as of the date of this document. Except
as expressly required by applicable securities laws, we do not
undertake any obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. The forward-looking statements
contained in this document are expressly qualified by this
cautionary statement.
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) 232-1150(403)
232-1158bmoss@crownpointenergy.comwww.crownpointenergy.com
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