Crown Point Announces Acquisition of Exploitation Concessions in Chubut, Argentina

Core Viewpoint - Crown Point Energy Inc. has announced the acquisition of a 95% interest in the El Tordillo, La Tapera, and Puesto Quiroga hydrocarbon exploitation concessions, significantly increasing its production and reserves in Argentina [2][4]. Acquisition Details - The acquisition involves agreements with Tecpetrol S.A., YPF S.A., and Pampa Energía S.A. to acquire their rights in the Chubut Concessions, which cover a total of 113,325 acres [2][3][5]. - The average daily production from these concessions is approximately 5,449 barrels of oil equivalent per day (boe/d), consisting of 4,252 barrels per day (bbl/d) of light and medium crude oil and 7,179 thousand cubic feet per day (mcf/d) of natural gas [4]. Financial Aspects - The base purchase price for the acquisition is approximately US$57.9 million in cash, with contingent consideration of up to US$3.5 million based on natural gas sales [6][9]. - The breakdown of the purchase price includes specific amounts for interests in concessions and consumables from each seller [7][8]. Regulatory and Closing Conditions - The completion of the acquisitions is subject to necessary regulatory approvals and is expected to close in June 2025 for Pampa's assets and in the third quarter of 2025 for Tecpetrol and YPF's assets [10]. - The common shares of the company were halted pending review of the acquisition agreements by the TSX Venture Exchange [11]. Company Background - Crown Point is an international oil and gas exploration and development company based in Buenos Aires, Argentina, focusing on producing properties and exploration opportunities in various basins across Argentina [13].