Crown Point Announces Operating and Financial Results for the Three Months Ended March 31, 2025

Core Viewpoint - Crown Point Energy Inc. reported significant improvements in financial and operational results for Q1 2025 compared to Q1 2024, driven by increased oil production and revenue from newly acquired concessions [4][7]. Financial Performance - The company reported net cash provided by operating activities of $3.1 million in Q1 2025, up from $0.5 million in Q1 2024 [7]. - Oil and natural gas sales revenue reached $23.5 million, a substantial increase from $6.1 million in Q1 2024, attributed to oil sales from the Santa Cruz Concessions acquired in late 2024 [7]. - Average prices received were $2.46 per mcf for natural gas and $69.73 per bbl for oil, compared to $4.51 per mcf and $62.47 per bbl in Q1 2024 [7]. - The operating netback decreased to $2.50 per BOE from $5.74 per BOE in Q1 2024 [7][12]. - The company reported a net income of $11.5 million for Q1 2025, compared to a net loss of $0.9 million in Q1 2024 [7]. Operational Update - Oil production from the Santa Cruz Concessions averaged 1,957 bbls per day, while the Koluel Kaike concession averaged 1,116 bbls per day during Q1 2025 [4]. - The Tierra del Fuego Concession saw San Martin oil production average 405 bbls per day, and Las Violetas concession natural gas production averaged 8,547 mcf per day [5]. - The company performed workovers on eleven oil-producing wells and one injection well during the quarter [4]. Capital Expenditures and Outlook - The capital spending budget for fiscal 2025 is approximately $28.2 million, with $25.5 million allocated to the Santa Cruz Concessions for well workovers and drilling campaigns [9]. - During Q1 2025, the company incurred $3 million in capital expenditures in the Santa Cruz and Mendoza Concessions [9]. Summary of Financial Information - As of March 31, 2025, current assets were $23.99 million, while current liabilities were $67.22 million, resulting in a working capital deficit of $43.23 million [10]. - Total assets amounted to $213.54 million, with non-current financial liabilities of $24.51 million [10].