Crown Point Energy Inc is pleased to announce that it and its partners have obtained a 10 year extension of the El Valle (Lago del Desierto) Exploitation Concession to January 2026.
El Valle Concession
On October 25, 2012, the Parliament of Santa Cruz Province issued Law 3293 approving the extension of El Valle Concession until January 2026. The extension involved the negotiation of a number of financial and work commitments. The financial commitments required the Company to pay (net to its interest) US $66,953 on November 25, 2012; two further payments of US $18,321 each will be made prior to January 4, 2013 and July 3, 2013. The extension also included the work commitments set forth in the table below on the Lago de Desierto (El Valle) UTE (100% working interest). Crown Point's share of these commitments is 50%. Capital spending previously made by the Company has already fulfilled the 2011 and 2012 capital expenditure commitment.
