Crown Point Announces Acquisition of 50% Working Interest in Puesto Pozo Cercado Oriental Exploitation Concession

About this update from Crown Point Energy, Inc.

[{"type":"text","content":"\n \n \n \n Crown Point Announces Acquisition of 50% Working Interest in Puesto Pozo Cercado Oriental Exploitation Concession\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntar{\nTEXT-ALIGN: RIGHT\n}\n.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n CWV: TSX.V\n \n \n \n CALGARY, AB\n \n ,\n \n \n Aug. 11, 2022\n \n \n /CNW/ - (TSXV: CWV): Crown Point Energy Inc. (\n \n \"Crown Point\n \n \" or the \"\n \n Company\n \n \"\n \n )\n \n is pleased to announce that its wholly-owned subsidiary has entered into an agreement with Petrolera Aconcagua Energía S.A. (\"\n \n Aconcagua\n \n \") to acquire a 50% working interest in the Puesto Pozo Cercado Oriental hydrocarbon exploitation concession (the \"\n \n Concession\n \n \") from Aconcagua (the \"\n \n Acquisition\n \n \"). Aconcagua will retain the remaining 50% working interest in the Concession and will continue to operate the Concession jointly with the Chañares Herrados concession (in which Crown Point and Aconcagua are also 50/50 working interest partners).\n \n \n \n \n \n \n \n \n \n The Concession, which expires in\n \n August 2043\n \n , is located in the Cuyana basin in the Province of Mendoza adjacent to the Chañares Herrados concession and covers approximately 63 square kilometers. There is 2D seismic on 100% of the Concession area and 3D seismic on 80% of the Concession area.\n \n \n During\n \n June 2022\n \n , the Concession produced an average of approximately\n \n 36.4 m\n \n \n 3\n \n per day (229 barrels per day) of crude oil from 14 producing wells. The Concession has total remaining work commitments of\n \n US$26.8 million\n \n (\n \n US$13.4 million\n \n net to Crown Point).\n \n \n Crown Point will pay\n \n US$5 million\n \n for its 50% working interest in the Concession at closing, which it will fund from the proceeds of its recently completed note offering. Crown Point will also pay up to an additional\n \n US$7.53 million\n \n in quarterly installments based on a percentage of the EBITDA derived from Crown Point's interest in the Concessio...

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