From GlobeNewswire: 2024-04-15 18:27:00

Crown Point Energy Inc. provided an update on its proposed acquisition of hydrocarbon exploitation concessions in Argentina. The acquisition is expected to close in May 2024 pending regulatory approvals. The Company’s common shares will commence trading on April 18, 2024, after submitting a reserves report prepared by RPS Group, Inc.

RPS evaluated crude oil reserves in the Concessions as of December 31, 2023, using forecast prices and costs. The report revealed significant reserves, including 29.74 Mbbl of proved reserves and 18.13 Mbbl of probable reserves. The estimated net present value of future net revenue for the Concessions was also disclosed, with values before and after income taxes.

RPS utilized pricing and inflation rate assumptions to estimate reserves data for different product types as of December 31, 2023. The tables detail Brent crude oil prices, Escalante crude oil prices, and sales oil prices for Piedra Clavada and Koluel Kaike. Inflation rates were also considered for cost adjustments in the forecasts. The data aims to provide transparency and insight into the financial aspects of the Concessions.

Crown Point Energy Inc. is an oil and gas exploration and development company operating in Argentina. With a focus on establishing a portfolio of producing properties, the company seeks growth through production enhancement and exploration opportunities. Crown Point’s strategy centers on three producing basins in Argentina, emphasizing future growth and value creation for shareholders.



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