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Crown Point Announces Unaudited Financial and Operating Results for the Three Months and Year Ended December 31, 2025 and Announces Retirement of Board Chair
CALGARY, Alberta, March 11, 2026 (GLOBE NEWSWIRE) -- TSX-V: CWV: Crown Point Energy Inc. ( ...
About this update from Crown Point Energy, Inc.
[{"type":"text","content":"Crown Point Announces Unaudited Financial and Operating Results for the Three Months and Year Ended December 31, 2025 and Announces Retirement of Board Chair\nCALGARY, Alberta, March 11, 2026 (GLOBE NEWSWIRE) -- TSX-V: CWV: Crown Point Energy Inc. (“Crown Point”, the “Company” or “we”) today announced its unaudited financial and operating results for the three months and year ended December 31, 2025. All dollar figures are expressed in United States dollars (“USD”) unless otherwise stated. In the following discussion, the three months and the year ended December 31, 2025 may be referred to as “Q4 2025” and “2025”, respectively. The comparative three months and year ended December 31, 2024 may be referred to as “Q4 2024” and “2024”, respectively. RETIREMENT OF BOARD CHAIR Gordon Kettleson, the Chair of Crown Point's board of directors (“Board”), has retired from his role as a director and Board Chair. Mr. Kettleson is a founder of the Company and has served as a director since 2001. At times, he has also served as the Company's President, CEO and CFO. Crown Point's Board wishes to acknowledge the significant contributions that Gord has made to the Company since its founding and thanks Gord for his wise counsel during his tenure. Q4 2025 SUMMARY During Q4 2025, the Company: Reported net cash used in operating activities of $4.5 million and funds flow used in operating activities of $4.7 million;Earned $34.6 million of oil and natural gas sales revenue on total average daily sales volumes of 6,918 BOE per day. The increase in comparison to previous quarters is due to the oil and natural gas sales volumes from the Chubut Concessions (as defined below) since the closing dates on October 1, 2025 (35.7% interest) and December 1, 2025 (59.3% interest);Received an average of $2.85 per mcf for natural gas and $58.10 per bbl for oil;Reported an operating netback of $5.91 per BOE1;Obtained $66.6 million and repaid $4.9 million of working capital loans and discounted promissory notes;Reported loss before taxes of $9.1 million and a net loss of $5.7 million;Reported a working capital deficit2 of $71.8 million; andCompleted the acquisition of a 95% operating interest in the El Tordillo, La Tapera and Puesto Quiroga...