Crown Point Announces Operating and Financial Results for the Three and Six Months Ended June 30, 2025 and Appointment of New Director

Core Viewpoint - Crown Point Energy Inc. reported its financial and operational results for Q2 2025, highlighting significant increases in sales revenue and production volumes compared to Q2 2024, alongside ongoing acquisition activities in the Chubut region [1][4][5]. Financial Performance - The company reported net cash provided by operating activities of $5.6 million and funds flow used in operating activities of $5.0 million for Q2 2025, compared to $1.5 million and $1.4 million in Q2 2024 respectively [5]. - Oil and natural gas sales revenue reached $22.2 million in Q2 2025, a substantial increase from $5.6 million in Q2 2024, driven by higher sales volumes from the Santa Cruz Concessions [5]. - Average daily sales volumes increased to 4,083 BOE per day in Q2 2025 from 1,340 BOE per day in Q2 2024 [5][17]. - The company reported a loss before taxes of $9.1 million for Q2 2025, compared to a loss of $4.3 million in Q2 2024 [5]. Acquisition Activities - Crown Point entered into agreements to acquire a 95% operated interest in the Chubut Concessions for an aggregate base purchase price of approximately $57.9 million, with contingent consideration of up to $3.5 million [4][5][6]. - The acquisition is expected to close in Q3 2025, pending necessary regulatory approvals [6]. Operational Update - Oil production from the Piedra Clavada Concession averaged 1,902 bbls per day, and from the Koluel Kaike Concession averaged 1,060 bbls per day during Q2 2025 [12]. - In the Tierra del Fuego Concession, San Martin oil production averaged 398 bbls per day, while Las Violetas natural gas production averaged 8,028 mcf per day [13]. - The Mendoza Concessions reported oil production averaging 766 bbls per day from the Chanares Herrados Concession [14]. Outlook - The company's capital spending for fiscal 2025 is budgeted at approximately $12.3 million, with significant allocations for well workovers and drilling campaigns in the Santa Cruz and Mendoza Concessions [15][16].