Crown Point Ventures Completes Successful Workover in Manitoba

Crown Point Ventures Ltd. reported that the recently completed refracturing job on Well 6-15-8-29W1 in the Sinclair Field, Manitoba has been successful and is providing additional cash flow to the company. The well has increased in production to an average of 80.2 bbl/d during February from between 1-2 bbl/d previously. The company has a 42% Working Interest in the well and recovered the direct cost associated with the work program in less than a week.

Gordon Kettleson, President and CEO, states, "This is a good result for the company and adds additional revenue which will be added to our current production to continue funding our exploration and production projects in Argentina."

In addition, Wells 2-3-9-29W1, 4-3-9-29W1 and 7-3-9-29W1 in the Sinclair field, Manitoba have all reached payout stage and Crown Point now maintains a 42% working interest in all future production from these assets. Our present volume is 95 barrels per day.