CWV Crown Point Energy Inc

Crown Point Energy Inc. (TSX VENTURE:CWV) ("Crown Point" or the "Company")
advises that the second well of the Tierra del Fuego ("TDF") drilling program,
LF-1027, has been drilled and cased as a potential natural gas well. The well
encountered approximately 16 metres of gross sand in the Springhill formation
The initial completion operations of this well are expected to commence within a
week.


The drilling rig is currently moving to the third location, LF-1024. Commencing
in mid-July, a fracture stimulation program is expected to be performed on four
producing wells in the Los Flamencos natural gas pool, and on the wells drilled
during the current program that require fracture stimulations. A similar program
undertaken in 2010 significantly improved deliverability from five wells in the
Los Flamencos pool. 


Management expects that production additions from the drilling and fracture
stimulation program will commence in July and as a result, we expect to see
rising production volumes and field sales receipts from the TDF area through to
the end of the year. Financially, this is expected to have a positive impact on
Crown Point's operating results as natural gas prices continue to rise in
Argentina and new production may allow the Company to access the benefits of the
$7.50/MCF New Gas Subsidy Program on incremental production levels. Crown Point
has not yet received approval for its participation in the New Gas Subsidy
Program, but does anticipate receiving such approval in the near term.


The balance of the ten well program on the Las Violetas Exploitation Concession
in TDF will consist of six more 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 to the northeast
of the Los Flamencos and Los Patos producing pools and is adjacent to the Rio
Chico gas pool. 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.


Crown Point's interests in the TDF area of Argentina consist of a 25.78% working
interest in approximately 489,000 acres (126,000 net acres) pursuant to three
producing exploitation concessions, which include the Rio Cullen Exploitation
Concession, the La Angostura Exploitation Concession and the Las Violetas
Exploitation Concession.


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, Neuquen,
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: expected timing
for completion operations to commence on the LF-1027 well; timing of
commencement of the third well in the TDF program; expected timing and details
of a fracture stimulation program; expectations that production additions from
the drilling and fracture stimulation program will commence in July;
expectations of rising production volumes and field sales receipts from the TDF
area through to the end of the year; expectations that there will be a positive
impact on Crown Point's operating results; expectation that new production may
allow the Company to access the benefits of the $7.50/MCF New Gas Subsidy
Program on incremental production levels; our expectation that we will receive
approval for our participation in the New Gas Subsidy Program in the near term;
and all additional details of the Company's planned ten well drilling program on
the Las Violetas Concession. 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, 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 or obtain redress for
breach of contract in the court system, the potential for a sovereign debt
default or a hyperinflationary economic environment, and other economic and
political risks; 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Murray D. McCartney
President & CEO
Ph: (403) 232-1150
Crown Point Energy Inc.
mmccartney@crownpointenergy.com


Arthur J.G. Madden
Vice-President & CFO
Ph: (403) 232-1150
Crown Point Energy Inc.
amadden@crownpointenergy.com


Brian J. Moss
Executive Vice-President & COO
Ph: (403) 232-1150
Crown Point Energy Inc.
bmoss@crownpointenergy.com


Website:
www.crownpointenergy.com

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