Crown Point Inks Farm-in Deal for Calandria Mora Concession

Crown Point Ventures Ltd. announced that through its fully controlled Argentina subsidiary, Crown Point Oil & Gas S.A., the company has successfully negotiated a farm in agreement with the largest hydrocarbon producer in Argentina, YPF, to acquire a 50% participating interest in the Calandria Mora exploration concession in the Neuquen province of Argentina.

Calandria Mora is a 156.8 km2 (38,745 acres) block located in the Northeast Shelf of the Neuquen basin adjacent to prolific oilfields such as Chihuido-Lomitas, operated by YPF. Several prospects within the block have been identified through 3D seismic interpretation and nearby well analysis. Drilling of the first target is scheduled for the first quarter of 2009.

As part of the farm in process, the company will fund 100% of the costs associated with the exploration program agreed by the parties, which includes exploratory drilling. The main target is Aeolian sandstones of the Avile Member of the Agrio Formation which has been proven to contain gas and condensate in a nearby exploratory well drilled in the early nineties.