Crown Point Provides Update on Cerro de Los Leones Drilling Operations
November 12 2019 - 11:29PM
(TSX-V:CWV)
: Crown Point Energy Inc. (“Crown
Point” or the “Company”) today provided an operations update on its
drilling activities on the Cerro de Los Leones (“CLL”) exploration
permit.
As previously reported in our August 16, 2019
press release, two exploration wells have been scheduled to be
drilling during Q3/Q4 2019 on the Company’s operated CLL
exploration permit located in the Province of Mendoza (net working
interest 100%). Drilling operations on the first well, SRM x-1001D,
commenced on October 20, 2019. The well was drilled to evaluate
middle to lower Tertiary and Upper Cretaceous sandstones and
reached a final measured depth of 1450 meters - true vertical depth
of 1334 meters. The well was deviated at approximately 40 degrees
north of its surface location to intersect the crest of a structure
which lies beneath the Rio Malargüe floodplain on the northern CLL
exploration permit. SRM x-1001D has been cased as a potential
hydrocarbon discovery after well log analysis indicated a potential
5 meter oil bearing zone in the Agua de la Piedra formation (middle
Tertiary) between 1021-1025 meters true vertical depth.
The rig has been moved 1 kilometer to the north
east of the surface location of SRM x-1001D to drill and test the
Tertiary – Upper Cretaceous sandstones on an extension of the
structural crest. The well, SRM x-1002D will also be deviated to
the north beneath the Rio Malargüe flood plain. Drilling operations
commenced November 10 with an anticipated final measured depth of
1450 meters.
The drilling and evaluation of the two
exploration wells satisfies the remaining phase two work commitment
on the CLL exploration permit. The Company requested and was
granted a four month extension (to February 23, 2020) to
accommodate the drilling and evaluation of both wells.
For inquiries please contact:
Brian
MossPresident & CEOPh: (403) 232-1150Crown Point Energy
Inc.bmoss@crownpointenergy.com |
Marisa
TormakhVice-President & CFOPh: (403) 232-1150Crown Point Energy
Inc.mtormakh@crownpointenergy.com |
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 with operations in Argentina. Crown Point’s
exploration and development activities are focused in two of the
largest producing basins in Argentina, the Austral basin in the
province of Tierra del Fuego and the Neuquén basin, in the province
of Mendoza. 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.
Advisory
Abbreviations: "NGL" means natural gas liquids.
"Q3" means the three month period ended September 30; "Q4" means
the three month period ended December 31.
Forward-looking Information: This document
contains forward-looking information. This information relates to
future events and the Company’s future performance. All information
and statements contained herein that are not clearly historical in
nature constitute forward-looking information, and the words “may”,
“will”, “should”, “could”, “expect”, “plan”, “intend”,
“anticipate”, “believe”, “estimate”, “propose”, “predict”,
“potential”, “continue”, “aim”, or the negative of these terms or
other comparable terminology are generally intended to identify
forward-looking information. Such information represents the
Company’s internal projections, estimates, expectations, beliefs,
plans, objectives, assumptions, intentions or statements about
future events or performance. This information involves known or
unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking information. Crown Point
believes that the expectations reflected in this forward-looking
information are reasonable; however, undue reliance should not be
placed on this forward-looking information, as there can be no
assurance that the plans, intentions or expectations upon which
they are based will occur. This press release contains
forward-looking information concerning, among other things, the
following: our belief that SRM x-1001D is a potential hydrocarbon
discovery based on our belief that the well logs indicate a
potential 5 meter oil bearing zone in the Agua de la Piedra
formation (middle Tertiary) between 1021-1025 metres true vertical
depth; all matters relating to our plans to drill and test the
Tertiary – Upper Cretaceous sandstones on an extension of the
structural crest at a second well location, SRM x-1002D; our belief
that the drilling and evaluation of the two exploration wells
satisfies the remaining phase two work commitment on the CLL
exploration permit; and the Company's business strategies. The
reader is cautioned that such information, although considered
reasonable by the Company, may prove to be incorrect. Actual
results achieved during the forecast period will vary from the
information provided in this document as a result of numerous known
and unknown risks and uncertainties and other factors. A number of
risks and other factors could cause actual results to differ
materially from those expressed in the forward-looking information
contained in this document including, but not limited to, the
following: the risk that one or both of SRM x-1001D and SRM x-1002D
is not ultimately a productive oil and gas well, or if productive,
is not ultimately an economic oil and/or gas well; the risk that
our drilling and/or completion plans for one or both wells are
changed, delayed or do not occur at all; the risk that the Company
changes is business strategies; and the risks and other factors
described under “Risk Factors” in the Company’s most recently filed
Annual Information Form, which is available for viewing on SEDAR at
www.sedar.com. With respect to forward-looking information
contained in this document, the Company has made assumptions
regarding, among other things: our ability to complete our drilling
and completion plans at CLL as planned and on our anticipated
timeline and budget; the accuracy of our well log analysis of SRM
x-1001D; the general stability of the economic and political
environment in which the Company operates, including operating
under a consistent regulatory and legal framework in Argentina;
future oil, natural gas and NGL prices; 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; and the ability of the Company to obtain
financing on acceptable terms when and if needed to finance its
operations. Management of Crown Point has included the above
summary of assumptions and risks related to forward-looking
information in order to provide investors with a more complete
perspective on the Company’s future operations. Readers are
cautioned that this information may not be appropriate for other
purposes. Readers are cautioned that the foregoing lists of factors
are not exhaustive. The forward-looking information contained in
this document are expressly qualified by this cautionary
statement. The forward-looking information contained herein is
made as of the date of this document and the Company disclaims any
intent or obligation to update publicly any such forward-looking
information, whether as a result of new information, future events
or results or otherwise, other than as required by applicable
Canadian securities laws.
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.
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