Crown Point Ventures has drilled and cased the fifth well of the current drilling program as a potential multi zone oil well. The Company also reports a successful work over of EV 19 which is one of the first wells drilled by Crown Point in Argentina.
Crown Point announced that the EV 27 well, the fifth well of the 2011 drilling program, has been logged and cased as a potential multi zone oil well. Logs and samples taken while drilling indicate a total of 23 net meters of potential pay in the Canadon Seco and the Mina el Carmen Formations. Later this week, the completion rig will be moving to the EV 27 location to commence its completion program.
The drilling rig is now moving to a new location EV 30. This will be the first well drilled by Crown Point on the northern side of the El Valle field. The primary target of this well is the historically prolific Caleta Olivia zone.
Crown Point re-completed a 3 meter thick zone in the Caleta Olivia in the EV 19 which was originally drilled in 2009. After the re-completion of the EV 19 Caleta Olivia zone it swab tested oil with an oil cut of 70% giving an extrapolated oil production rate of 190 bbls. of oil per day ("BOPD"). Prior to the work over, the well was producing a trace of oil from the Canadon Seco with a 99 per cent water cut.
Drilling Plans 2011-2012
This drilling program is part of a larger 20-25 well program to be conducted at El Valle over the next 24 months. Crown Point is planning to drill two to four more wells at El Valle prior to year end. At Canadon Ramirez the Company plans to drill 2-5 wells on its 100% interest exploitation concession over the next 12 months and one 50% interest well at Laguna de Piedra in the first or second quarter of 2012. At Cerro Los Leones Crown Point anticipates receiving the required environmental permits in the near term and plans to commence the shooting of the 3-D and 2-D programs shortly after receiving these permits. The completion and interpretation of the seismic program is expected to be followed by a 2-5 well 50% interest program in 2012.
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