CALGARY, Alberta, Dec. 01, 2025 (GLOBE NEWSWIRE) -- Crown Point Energy Inc. (TSX-V: CWV) ("Crown Point" or the "Company") is pleased to announce that its wholly-owned subsidiary, Crown Point Energia S.A., has closed the previously announced acquisition from Tecpetrol S.A. and YPF S.A of a 59.32947% interest in the El Tordillo, La Tapera and Puesto Quiroga hydrocarbon exploitation concessions (the "Chubut Concessions") and certain related infrastructure. Combined with the previously announced acquisition of a 35.6706% interest in the Chubut Concessions from Pampa Energía S.A. ("Pampa") that closed on October 1, the Company has now acquired an aggregate 95% interest in the Chubut Concessions (collectively, the "Acquisitions").
The Chubut Concessions are located in the Province of Chubut, Argentina on the northern flank of the Golfo San Jorge basin approximately 40 kilometers west of Comodoro Rivadavia and comprise a total of 113,325 acres. During the nine-month period ended September 30, 2025, the 95% interest in the Chubut Concessions acquired by the Company produced an average of approximately 5,020 boe per day, comprised of 4,500 barrels per day of light and medium crude oil and 3,130 mcf per day of natural gas sales volumes.
The Company paid total cash consideration of approximately US$57.9 million after closing adjustments to complete the Acquisitions, which were funded in part using the US$30.0 million loan (the "Loan") provided by Liminar Energía S.A., the Company's largest shareholder. Contingent consideration of up to US$3.5 million in cash is payable to Pampa following closing.
For additional details regarding the Acquisitions, the Chubut Concessions and the Loan, 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 focused 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 Neuquén and Cuyo (or Cuyana) basins in the Province of Mendoza.
Presentation of Oil and Gas Information
A barrel of oil equivalent ("boe") is determined by converting a volume of natural gas to barrels using the ratio of six thousand cubic feet ("mcf") to one barrel. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of oil as compared to natural gas in Argentina is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
Forward Looking Statements
Certain information set forth in this document is considered forward-looking information, and necessarily involves risks and uncertainties, certain of which are beyond Crown Point's control. Forward-looking information herein includes our expectations regarding the contingent consideration payable to Pampa in connection with the Acquisitions. Such risks include but are not limited to the risk that the contingent consideration or post-closing purchase price adjustments are greater than anticipated. 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 so, what benefits that Crown Point will derive therefrom. With respect to forward-looking information contained herein, the Company has made assumptions regarding the amount of contingent consideration that will be payable and the quantum of post-closing adjustments. Additional information on these and other factors that could affect Crown Point are included in reports on file with Canadian securities regulatory authorities, including under the heading "Risk Factors" in the Company's most recent annual information form, and may be accessed through the SEDAR+ website (www.sedarplus.ca). Furthermore, the forward-looking information contained in this document is made as of the date of this document, and Crown Point does 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.
