Wednesday, February 12, 2014

Crown Point Energy Inc. - CWV.v

Crown Point Energy Inc. - CWV.v has natural gas and oil production from two areas in Argentina, the Austral Basin in the Province of Tierra del Fuego and in the Golfo San Jorge Basin in the Province of Santa Cruz.

Crown Point's Tierra del Fuego assets are world class natural gas producing assets with significant development and exploration growth opportunities. Cerro de Los Leones in the Neuquén Basin is being developed to pursue large upside conventional oil and gas and non-conventional Vaca Muerta oil shale exploration opportunities.

On February 12, 2014 the company released News

"TSX-V: Crown Point Energy Inc. (TSX-V:CWV) ("Crown Point" or "the Company")is pleased to announce that it has drilled, logged, cased and rig released the La Hoyada x-1 exploration well as a potential Vaca Muerta oil discovery on the Cerro de los Leones Concession in the Neuquén Basin, Province of Mendoza, Argentina.

The La Hoyada x-1 well was drilled to a total depth of 1,953 meters and encountered persistent oil shows and gas while drilling through the Vaca Muerta formation which consisted of 125 meters of shale and 84 meters of imbedded fractured igneous intrusives.

Crown Point believes that the presence of the oil shows and background gas demonstrates that the Vaca Muerta formation at Cerro de los Leones is mature and generating oil. Analogous wells in the area indicate that the fractured intrusive igneous rocks in the Vaca Muerta could function as a conventional fractured reservoir sourcing oil from the surrounding Vaca Muerta shale. Interpretation of samples and logs indicate that 36 meters of the total 84 meters of intrusives were highly fractured and had the best live oil shows during drilling."