Crown Point Acquires 100% Interest in the Canadon Ramirez Exploitation Concession in Argentina's Golfo San Jorge Basin

CALGARY, ALBERTA--(Marketwire - Jan. 31, 2011) - Crown Point Ventures Ltd. (TSX VENTURE:CWV) (the "Company") is pleased announce that it has closed a two part transaction from separate parties to acquire a 100% interest in the Cañadon Ramirez Exploitation Concession, a 25.57 sq. km exploitation concession in the North West portion of the San Jorge Basin in the Province of Chubut and a 25% interest in the 975 sq. km. Laguna de Piedra exploration concession in the Neuquén basin (CWV already held a 25% interest in the Laguna de Piedra exploration concession – after giving effect to the closing CWV now holds a 50% interest).

"This acquisition provides Crown Point with an opening land position on the North Western side of the San Jorge Basin," commented Murray McCartney, CEO. "This property brings a combination of low risk exploitation drilling and some high reward yet low cost exploration plays." The total consideration paid for this two part transaction to acquire the 100% operated interest in the Cañadon Ramirez concession and the 25% interest in the Laguna de Piedra concessions is $939,170 US and was comprised of $539,170 US cash and $400,000 of Company shares priced at a deemed value of $1.55 per share (a 12.5% discount to the 10 day volume weighted average from the closing of the first phase of the acquisition). The 258,065 shares issued pursuant to this acquisition are subject to a hold period in Canada expiring on May 13, 2011. There is a possibility that an additional $125,000 in cash or shares (using the same discount from the date of issue) may be issued if the Company is successful in re-acquiring some lands from the Province of Chubut which were previously relinquished.

The Mata Magallanes Oeste field located to the east of Cañadon Ramirez has produced over 5.5 million bbls. of crude oil. The Cañadon Ramirez acquisition comes with a recent 190 sq. km. 3-D high quality seismic program over the entire concession and the Mata Magallanes Oeste and Este fields. This seismic has been used to map a potential extension of the Mata Magallanes Oeste Field and to define a potential new pool prospect on the Cañadón Ramirez concession. The terms of the concession provide for a 15% provincial royalty. This acquisition is the initial phase in the implementation of Crown Points business and growth plans on the north side of the San Jorge Basin. It is an excellent fit for Crown Point as it continues to focus its efforts to grow its asset and reserve base in Argentina's two most prolific basins, the Golfo San Jorge and Neuquén basins.

Crown Point's plans for Cañadon Ramirez in 2011 include the drilling of one to two wells which includes the redrill of a well drilled several years ago which was logged and cased, but a poor cementing job of the production casing prevented a successful completion of the well. It is management's opinion that this well's logs and geological samples are a good indication of a potential westward extension of the Mata Magallanes field. If the re-drill is successful, it would prove up from 4 to 6 development drilling locations on the Cañadon Ramirez concession. The Company is aware of and is pursuing other opportunities to expand its operating presence in the Province of Chubut.

Crown Point continues to evaluate other growth opportunities in Argentina. The successful conclusion of these would continue to add new dimensions to Crown Point in Argentina and expand the depth, breadth and size of its operations and asset base.

About Crown Point

Crown Point Ventures Ltd. is an oil and gas exploration, development and production company with production in Argentina. The Company's main activities are focused in the onshore Golfo San Jorge and Neuquén Basins in Argentina.

Advisory

This news release may contain certain forward-looking statements, which are based on numerous assumptions including but limited to (i) drilling success; (ii) production; (iii) future capital expenditures; and (iv) cash flow from operating activities. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect.

Certain other information regarding Crown Point set forth in this document, including management's assessment of Crown Point's future plans and operations, number, type and timing of wells to be drilled, the planning and development of certain prospects, production estimates, and expected production growth may constitute forward-looking statements under applicable securities laws and necessarily involve substantial known and unknown risks and uncertainties. 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 and 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 in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, and 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, including the amount of proceeds, that the Company will derive there from. 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 beh alf 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.