Crown Point acquires exploitation concessions in Chubut, Argentina

Crown Point Energy entered into agreements with Tecpetrol and Pampa Energía to acquire the right, title and interest in the El Tordillo, La Tapera and Puesto Quiroga hydrocarbons exploitation concessions in the Chubut Province on the northern flank of the Golfo San Jorge basin, approximately 40 km west of Comodoro Rivadavia.

This acquisition represents a 95% operated interest in producing crude oil assets in Argentina with an average daily production level of approximately 5,449 barrels of oil equivalent per day (boepd), comprised of 4,252 bbl/d of light and medium crude oil and 7,179 mcf/d of natural gas.

The Chubut Concessions, comprising a total of 113,325 acres, include company-owned pipeline and other infrastructure.