CALGARY, Alberta, Dec. 01, 2025 (GLOBE NEWSWIRE) — Crown Point Energy Inc. (TSX-V:CWV) (“Crown Point” or “Company“) is pleased to announce that its wholly-owned subsidiary Crown Point Energia SA has closed its previously announced acquisition from Tecpetrol SA and YPF SA of a 59.32947% stake in the El Tordillo, La Tapera and Puesto Quiroga hydrocarbon concessions (“”Chubut concessions“) and certain associated infrastructure. In conjunction with the previously announced acquisition of a 35.6706% interest in the Chubut concession from Pampa Energía SA (“Pampa“), which closed on October 1, the Company has now acquired an aggregate 95% interest in the Chubut concession (collectively referred to as “Acquisitions“).
The Chubut concessions are located in the province of Chubut, Argentina, on the northern slope of the Gulf of San Jorge basin, approximately 40 km west of Comodoro Rivadavia, and cover a total area of 113,325 acres. During the nine-month period ended September 30, 2025, the Company's 95% interest in the Chubut concession produced an average of approximately 5,020 barrels of oil equivalent per day, including 4,500 barrels per day of light and medium crude oil and 3,130 million cubic meters of crude oil. feet per day of natural gas sales volumes.
The Company paid total cash consideration of approximately $57.9 million after closing adjustments to complete the Acquisitions, which were partially financed by a $30.0 million loan (“Loan“) provided by Liminar Energía SA, the Company's largest shareholder. Contingent consideration of up to US$3.5 million in cash is payable to Pampa upon closing of the transaction.
For additional information regarding the Acquisitions, the Chubut Concession and the Facility, please see the Company's press releases issued on June 9, September 30, October 1 and November 11, 2025.
About Crown Point
Crown Point is an international oil and gas exploration and development company headquartered in Buenos Aires, Argentina, incorporated in Canada, trading on the TSX Venture Exchange and operating in Argentina. Crown Point's exploration and development activities are concentrated in four producing basins in Argentina: the Golfo San Jorge Basin in the provinces of Santa Cruz and Chubut, the Austral Basin in the province of Tierra del Fuego, and the Neuquen and Cuyo (or Cuiana) basins in the province of Mendoza.
Presentation of information about oil and gas
Barrel of oil equivalent (“boe“) is determined by converting the volume of natural gas into barrels using the six thousand cubic feet factor (“mcf“) per barrel. Boe.e. can be misleading, especially if used in isolation. The 6 MMcf:1 bbl.e. conversion ratio is based on an energy equivalent conversion method that is primarily applied at the burner tip, and does not represent the cost equivalent at the wellhead. Considering that the cost ratio based on the current price of oil versus natural gas in Argentina is significantly different from the energy equivalent 6:1, using a 6:1 based conversion can be misleading as an indicator of value.
Forward-Looking Statements
Certain information set forth in this document is considered forward-looking information and is subject to risks and uncertainties, some of which are beyond Crown Point's control. The forward-looking information contained herein includes our expectations regarding the contingent consideration paid by Pampa in connection with the Acquisitions. Such risks include, but are not limited to, the risk that contingent consideration or post-closing purchase price adjustments will be greater than expected. Actual results, performance or achievements may differ materially from those expressed or implied by the forward-looking information and, accordingly, no assurance can be given that any events anticipated in the forward-looking information will occur or occur or, if any occur, what benefits Crown Point will receive therefrom. With respect to the forward-looking information contained herein, the Company has made assumptions regarding the amount of contingent consideration that will be paid and the amount of post-closing adjustments. Additional information about these and other factors that may affect Crown Point is included in reports filed with Canadian securities regulatory authorities, including under the heading “Risk Factors” in the Company’s most recent annual information form and is available through the SEDAR+ website (www.sedarplus.ca). In addition, the forward-looking information contained herein is made as of the date hereof and Crown Point undertakes no obligation to publicly update or revise any forward-looking information included, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws.
Neither the 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 press release.
