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Crown Point Announces Unaudited Financial and Operating Results for the Three Months and Year Ended December 31, 2024
CALGARY, Alberta, March 11, 2025 (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, 2024\n\n\n\n CALGARY, Alberta, March 11, 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 unaudited financial and operating results for the three months and year ended December 31, 2024.\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 and the year ended December 31, 2024 may be referred to as “Q4 2024” and “2024”, respectively. The comparative three months and year ended December 31, 2023 may be referred to as “Q4 2023” and “2023”, respectively.\n \n\n\n Q4 2024 SUMMARY\n \n\n\n During Q4 2024, the Company:\n \n\n\n Reported net cash used in operating activities of $1.5 million and funds flow provided by operating activities of $1.0 million;\n \n\n Earned $19.6 million of oil and natural gas sales revenue on total average daily sales volumes of 3,335 BOE per day. The increase in comparison to previous quarters is due to the oil sales volumes from the Santa Cruz Concessions (as defined below) since the closing date on October 31, 2024;\n \n\n Received an average of $2.52 per mcf for natural gas and $71.67 per bbl for oil;\n \n\n Reported an operating netback of $3.96 per BOE\n \n 1\n \n ;\n \n\n Obtained $13.9 million of working capital and overdraft loans, issued $22 million principal amount of unsecured fixed-rate Series VI Notes payable and repaid $5.5 million of notes payable and $1.2 million of working capital and overdraft loans;\n \n\n Reported loss before taxes of $3 million and a net loss of $3.1 million;\n \n\n Reported a working capital deficit\n \n 2\n \n of $28.8 million;\n \n\n Completed the acquisition of a 100% operating interest in the Piedra Clavada and Koluel Kaike hydrocarbon exploitation concessions (the “Santa Cruz Concessions”) from Pan American Energy S.L., Sucursal Argentina for $25.8 million in cash payments plus in-kind contingent consideration payable over a 14-year period; and\n \n\n Completed the acquisition of a 13.5926% non-operating participating interest in...