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Crown Point Announces Operating and Financial Results for the Three Months Ended March 31, 2025
CALGARY, Alberta, May 12, 2025 (GLOBE NEWSWIRE) -- TSX-V: CWV: Crown Point Energy Inc. (“...
About this update from Crown Point Energy, Inc.
[{"type":"text","content":"Crown Point Announces Operating and Financial Results for the Three Months Ended March 31, 2025\n\n\n\n CALGARY, Alberta, May 12, 2025 (GLOBE NEWSWIRE) --\n \n TSX-V: CWV: Crown Point Energy Inc. (“Crown Point”,\n \n the\n \n “Company”\n \n or\n \n “we”)\n \n today announced its financial and operating results for the three months ended March 31, 2025.\n \n\n Selected information is outlined below and should be read in conjunction with the Company’s March 31, 2025 unaudited condensed interim consolidated financial statements and management’s discussion and analysis (“\n \n MD&A\n \n ”) that are being filed with Canadian securities regulatory authorities and will be made available under the Company’s profile at\n \n www.sedarplus.ca\n \n and on the Company’s website at\n \n www.crownpointenergy.com\n \n .\n \n All dollar figures are expressed in United States dollars (“USD”) unless otherwise stated.\n \n\n\n In the following discussion, the three months ended March 31, 2025 may be referred to as “Q1 2025” and three months ended March 31, 2024 may be referred to as “Q1 2024”.\n \n\n\n Q1 2025 SUMMARY\n \n\n\n During Q1 2025, the Company:\n \n\n\n Reported net cash provided by operating activities and funds flow used in operating activities of $3.1 million and $0.3 million, respectively, as compared to Q1 2024 when the Company reported $ 0.5 million of net cash provided by operating activities and funds flow provided by operating activities, respectively;\n \n\n Earned $23.5 million of oil and natural gas sales revenue on total average daily sales volumes of 4,280 BOE per day higher than $6.1 million of oil and natural gas sales revenue on total average daily sales volumes of 1,302 BOE per day in Q1 2024 due to the oil sales from the Santa Cruz Concessions that were acquired on October 31, 2024;\n \n\n Received an average of $2.46 per mcf for natural gas and $69.73 per bbl for oil compared to $4.51 per mcf for natural gas and $62.47 per bbl for oil received in Q1 2024;\n \n\n Reported an operating netback of $2.50 per BOE¹ down from $5.74 per BOE in Q1 2024;\n \n\n Obtained $7.1 million of working capital and overdraft loans, and repaid $5.5 million of notes payable and $4.4 million of wor...