Crown Point has logged the EV-29 well bore and has cased it as a potential multiple zone oil well. This well is the third of a six well drilling program at El Valle in the San Jorge Basin in Argentina. Logs and samples taken while drilling indicate 9.5 meters of net pay in the historically highly productive Caleta Olivia formation and one 2.5 meter zone in the Canadon Seco formation.
El Valle has three distinct productive sedimentary formations, which, in order of surface to deepest, are the Canadon Seco, Caleta Olivia and Mina el Carmen. Each of these formations may contain multiple discrete hydrocarbon bearing zones. Typically, the Canadon Seco formation produces medium grade oil (API gravity that ranges from 16-22 degrees), while the Caleta Olivia and Mina el Carmen produce light oil (API gravity of approx. 30 degrees).
The drilling rig is now moving to the fourth location EV-31 - this well has principal geological targets located in the Canadon Seco.
The completion program is scheduled to commence in approximately one week. The first well to be completed will be EV 25. The next well in line for completion is EV 29.
This drilling program is part of a larger 20-25 well program to be conducted at El Valle over the next 24 months, the Company plans to drill 2-5 wells 100% interest wells on the Canadon Ramirez exploitation concession in the Province of Chubut over the next 12 months and one 50% interest well at Laguna de Piedra in the first quarter of 2012. At Cerro Los Leones we anticipate receiving the required environmental permits in the near term and expect to commence the shooting of the 3-D and 2-D seismic programs shortly after receiving the environmental permit.
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