VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 6, 2011) - Crown Point Ventures Ltd. (the "Company") (TSX VENTURE:CWV) is pleased to announce that it has entered into an agreement in principle to acquire a 100% interest in a 25.57 sq. km exploitation concession in the North San Jorge Basin in the Province of Chubut. "This acquisition provides Crown Point with an opening land position on the prolific North 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 closing of this acquisition, which is currently scheduled for mid-January, 2011, is subject to a number of conditions precedent, including regulatory acceptance. Further information in this regard will be disseminated in due course.
The Cañadón 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 an 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 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.
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.
Contact Information: Crown Point Ventures Ltd.
President & CEO
Crown Point Ventures Ltd.
Arthur J.G. Madden
Vice-President & CFO