Crown Point announced that the third well (EV 24) of its three well 80% interest drilling program has been completed as an oil well. The EV 24 well follows up the previously announced successful oil completions of the EV 22 and EV 23 wells.
The EV 24 well was successfully completed in three separate zones. The first zone completed was a three (3) meter zone in the Mina El Carmen formation which during swab testing produced oil at an 80% oil cut for at rates of 100 bbls of oil per day. The other two zones were a five meter zone and a separate four meter zone in the Canadon Seco formation. These two zones during swab testing produced oil at an 80% and 93% oil cut respectively for rates of 205 and 241 bbls. of oil per day.
The EV 24 well, like preceding wells EV 22 and EV 23 have created additional development drilling locations which will be drilled in programs commencing later this year and in 2011. Prior to the end of 2011, Crown Point expects to drill up to 12 more wells at El Valle, subject to financing. Three to five of these wells are expect to be commenced either late this year or early in the new year.
Murray McCartney, Crown Point's CEO commented, "We are pleased with the results from this drilling program, we had a 100% drilling success rate and experienced evaluation results at the upper end of the spectrum. Our next drilling program is scheduled to commence within 90 days. This plan consists of a three to five well, low risk drilling program focusing on development locations proximal to the wells drilled in this program."
Crown Point continues to evaluate other growth opportunities in Argentina. The successful conclusion of these would add a new dimension to Crown Point in Argentina and expand the depth, breadth and size of our operations and asset base.
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