Crown Point Ventures Ltd. provide this operational update and announce that the first well (EV 34) of the ten well 2012 drilling program on its El Valle concession in the Golfo San Jorge Basin, Argentina has been successfully completed as an oil well. In addition, the Company advises that the second well to be drilled (EV 33) has been cased as a potential multi-zone oil well.
Crown Point successfully completed a 5.0 metre thick section of the Cañadon Seco formation in the EV 34 wellbore. This zone was perforated and the well during a 26 hour swab test produced oil at a 24 hour average rate of 326 barrels of oil per day with an oil cut of 90%. A pressure transient analysis / well test interpretation has not been carried out on the well and therefore this data should be considered to be preliminary until such analysis / interpretation has been done. These test results are not necessarily indicative of long-term performance or of ultimate recovery.