Crown Point Ventures Ltd. is pleased to announce that it has entered into an agreement in principle to acquire a 100% interest in a 25.57 sq. km exploitation concession in the North San Jorge Basin in the Province of Chubut.
"This acquisition provides Crown Point with an opening land position on the prolific North side of the San Jorge Basin" commented Murray McCartney, CEO. This property brings a combination of low risk exploitation drilling and some high reward yet low cost exploration plays. The closing of this acquisition, which is currently scheduled for mid-January, 2011, is subject to a number of conditions precedent, including regulatory acceptance. Further information in this regard will be disseminated in due course.
The Canadon Ramirez acquisition comes with a recent 190 sq. km. 3-D high quality seismic program over the entire concession and the Mata Magallanes Oeste and Este fields. This seismic has been used to map an extension of the Mata Magallanes Oeste Field and to define a potential new pool prospect on the Canadon Ramirez concession. The terms of the concession provide for a 15% provincial royalty. This acquisition is the initial phase in the implementation of Crown Points business and growth plans on the north side of the San Jorge Basin. It is an excellent fit for Crown Point as it continues to focus its efforts to grow its asset and reserve base in Argentina's two most prolific basins, the Golfo San Jorge and Neuquen basins.
Crown Point continues to evaluate other growth opportunities in Argentina. The successful conclusion of these would continue to add new dimensions to Crown Point in Argentina and expand the depth, breadth and size of its operations and asset base.
