Crown Point Energy Inc. Announces the Casing of the 100% Interest La Hoyada X-1 Exploration Well as a Potential Vaca Muerta O...
12 Fevereiro 2014 - 9:00AM
Marketwired
Crown Point Energy Inc. Announces the Casing of the 100% Interest
La Hoyada X-1 Exploration Well as a Potential Vaca Muerta Oil Well
at Cerro De Los Leones, Mendoza Argentina
CALGARY, ALBERTA--(Marketwired - Feb 12, 2014) - Crown Point
Energy Inc. (TSX-VENTURE:CWV) ("Crown Point" or "the Company") is
pleased to announce that it has drilled, logged, cased and rig
released the La Hoyada x-1 exploration well as a potential Vaca
Muerta oil discovery on the Cerro de los Leones Concession in the
Neuquén Basin, Province of Mendoza, Argentina.
The La Hoyada x-1 well was drilled to a total depth of 1,953
meters and encountered persistent oil shows and gas while drilling
through the Vaca Muerta formation which consisted of 125 meters of
shale and 84 meters of imbedded fractured igneous intrusives.
Crown Point believes that the presence of the oil shows and
background gas demonstrates that the Vaca Muerta formation at Cerro
de los Leones is mature and generating oil. Analogous wells in the
area indicate that the fractured intrusive igneous rocks in the
Vaca Muerta could function as a conventional fractured reservoir
sourcing oil from the surrounding Vaca Muerta shale. Interpretation
of samples and logs indicate that 36 meters of the total 84 meters
of intrusives were highly fractured and had the best live oil shows
during drilling.
Similar igneous intrusives in the Mendoza portion of the
Northern Neuquén basin are recognized as significant hydrocarbon
reservoirs having produced over 26 million barrels of oil to date
from areas surrounding Cerro de los Leones.
Additional secondary targets in the well include a 5 meter thick
fractured limestone layer at the bottom of the Chachao Formation
and several fractured igneous intrusives in the Agrio Formation all
with oil and gas shows and full gas chromatography.
Crown Point has sent the Vaca Muerta drilling samples for
laboratory analysis to obtain information on total organic content
and thermal maturity. The Company is commencing to design a
completion program for the La Hoyada well.
A potential analogy to the La Hoyada well is the Vega del Sol
well x-1, located on the Cerro de los Leones Concession 4 Km. to
the northwest of La Hoyada. This well was drilled in 1995 by YPF
and encountered the Vaca Muerta 150 meters structurally lower than
the La Hoyada well. It was completed in intrusive igneous rocks
penetrating the Chachao formation and production tested at rates
between 300 and 400 barrels of oil per day. Due to problems with
the well cementation program it was subsequently suspended and
abandoned by YPF.
Crown Point believes that this drilling result is confirmation
of the conventional and unconventional potential of the Vaca Muerta
formation on Crown Point's 100% interest 314,000 acre Cerro de Los
Leones Concession. Crown Point's geological model at Cerro de Los
Leones has indicated an area of 350 km2 in the oil generation
window.
About Crown Point
Crown Point Energy Inc. is an international oil and gas
exploration and development company headquartered in Calgary,
Canada, incorporated in Canada, trading on the TSX Venture Exchange
and operating in South America. Crown Point's exploration and
development activities are focused in the Golfo San Jorge, Neuquén
and Austral basins in Argentina. Crown Point has a strategy that
focuses on establishing a portfolio of producing properties, plus
production enhancement and exploration opportunities to provide a
basis for future growth.
Advisories
Analogous
Information: Certain information contained herein
is considered "analogous information" as defined in National
Instrument 51-101 - Standards of Disclosure of Oil and Gas
Activities ("NI 51-101"). Such analogous information has not been
prepared in accordance with NI 51-101 and the Canadian Oil and Gas
Evaluation Handbook. In particular, this press release: notes that
analogous wells in the area indicate that the fractured intrusive
igneous rocks in the Vaca Muerta could function as a conventional
fractured reservoir sourcing oil from the surrounding Vaca Muerta
shale; notes that similar igneous intrusives in the Mendoza portion
of the Northern Neuquén basin are recognized as significant
hydrocarbon reservoirs having produced over 26 million barrels of
oil to date from areas surrounding Cerro de los Leones; and
provides details of the potentially analogous Vega del Sol well x-1
located on the Cerro de los Leones Concession 4 Km. to the
northwest of La Hoyada, including production test rate information.
Such information is based on independent public data and public
information recently obtained from government sources (including
the public data base maintained by the Secretary of Energy in
Argentina) and the Company has no way of verifying the accuracy of
such information and cannot determine whether the source of the
information is independent. Such information has been presented to
help demonstrate that hydrocarbons may be present in commercially
recoverable quantities in the Company's area of interest. There is
no certainty that such results will be achieved by the Company and
such information should not be construed as an estimate of future
reserves or resources or future production levels.
Anticipated
Information: Certain information contained herein
may be considered to be "anticipated information" as defined in NI
51-101. In particular, this press release discloses details
regarding the thickness of certain formations identified when
drilling the well and the potential aerial extent of the oil
generation window at Cerro de Los Leones. For a discussion of the
risks and the level of uncertainty associated with the potential
recovery of resources from our interests in the Cerro de Los Leones
concession, see our annual information form dated April 24,
2013.
Forward looking
information: Certain information set forth in this
document, including: our belief that the La Hoyada x-1 well is a
potential Vaca Muerta oil discovery well; our belief that the
presence of oil shows and background gas demonstrates that the Vaca
Muerta formation is mature and generating oil; the possibility that
the fractured intrusive igneous rocks in the Vaca Muerta could
function as a conventional fractured reservoir sourcing oil from
the surrounding Vaca Muerta shale; our belief that samples and logs
indicate that 36 meters of the total 84 meters of intrusives were
highly fractured and had the best live oil shows during drilling;
statements regarding the qualities, characteristics and production
performance of similar igneous intrusives in the Mendoza portion of
the Northern Neuquén basin and what that analogous information
could mean for our interest in the Cerro de los Leones concession;
the additional secondary targets identified herein; our intention
to design a completion program for the well; statements regarding
the qualities, characteristics and production performance of the
Vega del Sol well x-1 and what that analogous information could
mean for our well; our belief that this drilling result is
confirmation of the conventional and unconventional potential of
the Vaca Muerta formation on Crown Point's Cerro de Los Leones
concession; and the potential areal extent of the oil generation
window at Cerro de Los Leones; is considered forward-looking
information, and necessarily involve risks and uncertainties,
certain of which are beyond Crown Point's control. Such risks
include but are not limited to: risks associated with oil and gas
exploration, development, exploitation, production, marketing and
transportation; risks associated with operating in Argentina,
including risks of changing government regulations (including the
adoption of, amendments to, or the cancellation of government
incentive programs or other laws and regulations relating to
commodity prices, taxation, currency controls and export
restrictions, in each case that may adversely impact us),
expropriation/nationalization of assets, price controls on
commodity prices, inability to enforce contracts in certain
circumstances, the potential for a sovereign debt default or a
hyperinflationary economic environment, and other economic and
political risks; loss of markets and other economic and industry
conditions; volatility of commodity prices; currency fluctuations;
and economic or industry condition changes. Actual results,
performance or achievements could differ materially from those
expressed in, or implied by, the forward-looking information and,
accordingly, no assurance can be given that any events anticipated
by the forward-looking information will transpire or occur, or if
any of them do, what benefits that we will derive therefrom. With
respect to forward-looking information contained herein, the
Company has made assumptions regarding: the general stability of
the economic and political environment in Argentina; the timely
receipt of any required regulatory approvals; the ability of the
Company to obtain qualified staff, equipment and services in a
timely and cost efficient manner; drilling results; the costs of
obtaining equipment and personnel; the ability of the Company to
obtain financing on acceptable terms when and if needed; the timing
and costs of pipeline, storage and facility construction and
expansion and the ability of the Company to secure adequate product
transportation; future oil and natural gas prices; currency,
exchange and interest rates; the regulatory framework regarding
royalties, commodity price controls, import/export matters, taxes
and environmental matters in Argentina; and the ability of the
Company to successfully market its oil and natural gas products.
Additional information on these and other factors that could affect
us are included in reports on file with Canadian securities
regulatory authorities, including under the heading "Risk Factors"
in our annual information form, and may be accessed through the
SEDAR website (www.sedar.com). Furthermore, the forward-looking
statements contained in this document are made as of the date of
this document, and we do not undertake any obligation to update
publicly or to revise any of the included forward looking
information, whether as a result of new information, future events
or otherwise, except as may be expressly required by applicable
securities law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Crown Point Energy Inc.Murray McCartneyPresident & CEO(403)
232-1150mmccartney@crownpointenergy.comCrown Point Energy
Inc.Arthur J.G. MaddenVice-President & CFO(403)
232-1150amadden@crownpointenergy.comCrown Point Energy Inc.Brian J.
MossExecutive Vice-President & COO(403)
232-1150bmoss@crownpointenergy.comwww.crownpointenergy.com
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