Crown Point Provides Update on Tierra del Fuego Operations
CALGARY, Alberta, Aug. 29, 2018 (GLOBE NEWSWIRE) -- (TSX-V:CWV): Crown Point Energy Inc. (“Crown Point” or the “Company”) today provided an operations update on its activities in Tierra del Fuego.
Two appraisal wells have been drilled on the San Martin structure located on the Company's La Angostura concession (net working interest 51.56%).
SM a-1002, the first appraisal well drilled and cased in June 2018 as a potential Tobífera formation oil well, has been completed and was placed on production on August 15, 2018 following installation of onsite storage facilities and flowlines. During the following 12 days, the well produced at an average gross rate of 262 m3 (1,646 bbls) of oil per day (plus 0.5 m3 or 3 bbls per day of basic sediment and water) plus 15,411 m3 (544 mcf) of associated gas per day at an average flowing well head pressure of 413 psi. During this period flow was restricted through choke sizes ranging between 6 and 16 mm and the well produced a total of 3,139 m3 (19,746 bbls) of 35 API oil, 6 m3 (37 bbls) of basic sediment and water and 184,934 m3 (6.5 mmcf) of associated natural gas (gross). SM a-1002 is located 0.8 km due south of the discovery well, SM x-1001.
The second appraisal well, SM a-1003, was drilled in July 2018 to a total depth of 2,103 meters and cased as a potential Tobífera formation oil well. Completion and testing of this well began in August 2018 and is ongoing. SM a-1003 is located approximately 0.9 km northwest of SM x-1001.
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: "API" means American Petroleum Institute gravity, being an indication of the specific gravity of crude oil measured on the API gravity scale. "bbls" means barrels. "km" means kilometres; "m3" means cubic metres. “mcf” means thousand cubic feet. "mmcf" means million cubic feet. "mm" means millimeter. "NGL" means natural gas liquids. "psi" means pounds per square inch.
Forward-lookingInformation:Thisdocumentcontainsforward-lookinginformation.ThisinformationrelatestofutureeventsandtheCompany’sfutureperformance.Allinformationandstatementscontainedhereinthatarenotclearlyhistoricalinnatureconstituteforward-lookinginformation, andthewords“may”, “will”, “should”,“could”,“expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”,“propose”,“predict”,“potential”,“continue”,“aim”,orthenegativeofthesetermsorothercomparableterminologyaregenerallyintendedtoidentifyforward-lookinginformation.SuchinformationrepresentstheCompany’sinternalprojections,estimates,expectations,beliefs,plans,objectives,assumptions,intentionsorstatementsaboutfutureeventsorperformance.Thisinformationinvolvesknownorunknownrisks,uncertaintiesandotherfactorsthatmaycauseactualresultsoreventstodiffermateriallyfromthoseanticipatedinsuchforward-lookinginformation.CrownPointbelievesthattheexpectationsreflectedinthisforward-lookinginformationarereasonable;however,unduerelianceshouldnotbeplacedonthisforward-lookinginformation,astherecanbenoassurancethattheplans,intentionsorexpectationsuponwhichtheyarebasedwilloccur.Thispressreleasecontainsforward-lookinginformationconcerning,amongotherthings,thefollowing:theCompany'sbeliefthatSMa-1002andSMa-1003eachhavethepotentialtobeTobíferaformationoilwells; andtheCompany'sbusinessstrategies.Thereaderiscautionedthatsuchinformation,althoughconsideredreasonablebytheCompany,mayprove to beincorrect. Actualresultsachievedduringtheforecastperiodwill vary from theinformationprovided in thisdocumentasaresultofnumerousknownandunknownrisksanduncertaintiesandotherfactors.Anumberofrisksandotherfactorscouldcauseactual resultstodiffermateriallyfromthoseexpressedintheforward-lookinginformationcontainedinthisdocument including,butnotlimitedto,thefollowing:theriskthatoneormoreofSMa-1002 and SMa-1003isnotultimatelyaneconomicoiland/orgaswell;theriskthatthecompletion and/or testing ofthe SM a-1003 wellisdelayedordoesnotoccuratall;theriskthattheCompanychanges is businessstrategies;andtherisks andotherfactorsdescribedunder“RiskFactors”intheCompany’smostrecentlyfiledAnnualInformationForm,whichisavailableforviewingonSEDARatwww.sedar.com.Withrespecttoforward-lookinginformationcontainedinthisdocument,theCompanyhasmadeassumptionsregarding,amongotherthings:thegeneralstabilityoftheeconomicandpoliticalenvironmentinwhichtheCompanyoperates,includingoperatingundera consistentregulatoryandlegalframeworkin Argentina; futureoil,naturalgasandNGLprices;thetimelyreceiptofanyrequiredregulatoryapprovals;theabilityoftheCompanytoobtainqualified staff,equipmentandservicesinatimelyandcostefficientmanner;andtheabilityoftheCompanytoobtainfinancingonacceptabletermswhenandifneededtofinanceitsoperations.ManagementofCrownPointhasincludedtheabovesummaryofassumptionsandrisksrelatedtoforward-lookinginformationinordertoprovideinvestorswithamorecompleteperspectiveontheCompany’sfutureoperations.Readers arecautionedthatthisinformationmaynotbeappropriateforotherpurposes.Readersarecautionedthattheforegoinglistsoffactorsarenotexhaustive. Theforward-lookinginformationcontained inthisdocumentareexpresslyqualifiedby this cautionary statement.Theforward-lookinginformationcontainedhereinis madeasofthedateof thisdocumentandtheCompanydisclaimsanyintent orobligationtoupdatepubliclyanysuchforward-lookinginformation,whetheras aresultof new information,futureevents orresults orotherwise, otherthanasrequiredby applicableCanadiansecuritieslaws.
Well-Flow Test Results and Initial Production Rates: Any references in this document to well-flow test results, swab test rates and/or initial production rates are useful in confirming the presence of hydrocarbons, however, such test results and rates are not determinative of the rates at which such wells will continue production and decline thereafter. While encouraging, readers are cautioned not to place reliance on such test results and rates in calculating the aggregate production for the Company. Well-flow test results, swab test rates and initial production rates may be estimated based on other third party estimates or limited data available at the time. Well-flow test result data should be considered to be preliminary until a pressure transient analysis and/or well-test interpretation has been carried out. In all cases in this document, well-flow test results and initial production results are not necessarily indicative of long-term performance of the relevant well or fields or of ultimate recovery of hydrocarbons.
For inquiries please contact:
Brian Moss
President & CEO
Ph: (403) 232-1150
Crown Point Energy Inc.
bmoss@crownpointenergy.com
Marisa Tormakh
Vice-President & CFO
Ph: (403) 232-1150
Crown Point Energy Inc.
mtormakh@crownpointenergy.com
Source: GlobeNewswire
(August 29, 2018 - 7:30 AM EDT)