Crown Point Contracts Drilling Rig for Argentine Drilling Program

Crown Point has contracted a drilling rig and has commenced construction of the surface locations for its 4-5 well drilling program at El Valle, Argentina. These wells are being drilled as developmental locations generated from last fall's 100% successful drilling program. The Company continues to target the prolific oil bearing sandstones of the multi zone Canadon Seco and Caleta Olivia formations. We anticipate that the first well will commence drilling on approximately February 24, 2011.

Each of these wells will take approximately 10 days to drill and case. The Company plans to commence completion programs once the third well has been drilled. Crown Point expects that the completion programs to take approximately 8 days per well.


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