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CALGARY, ALBERTA -- (Marketwire) -- 12/18/12 -- Crown Point Energy Inc. (TSX VENTURE: CWV) ("Crown Point" or the "Company") today announces its operating and financial results for the three months and year ended August 31, 2012. Copies of the Company's consolidated financial statements for the year ended August 31, 2012 and the related Management's Discussion and Analysis have been filed with Canadian securities regulatory authorities and will be made available under the Company's profile at www.sedar.com and on the Company's website at www.crownpointenergy.com. All amounts are in Canadian '$' unless otherwise stated.
HIGHLIGHTSHighlights in the year ended August 31, 2012 include:-- Acquisition of Antrim Argentina S.A.: On May 28, 2012, Crown Point acquired all the issued and outstanding shares of Antrim Argentina S.A. ("Antrim Argentina"). Consideration for the acquisition was $9,246,784 of cash and 35,761,290 common shares of the Company. The acquisition of Antrim Argentina has resulted in the following benefits for Crown Point; -- Average Production: for the three months ended August 31, 2012 was 1,888 barrels of oil equivalent ("BOE") per day ("BOEPD"). -- Proved Developed Producing Reserves: increased to 2.61 million barrels of oil equivalent (gross).(1) -- Total Proved Reserves: increased to 4.42 million barrels of oil equivalent (gross).(1) -- Total Proved plus Probable Reserves: increased to 7.81 million barrels of oil equivalent (gross).(1) -- Total Proved plus Probable plus Possible Reserves: increased to 9.61 million barrels of oil equivalent (gross).(1)-- 2012 Drilling Program: Five successful oil wells drilled at El Valle, stratigraphic correlations and production performance point to a pool of significant size with water flood potential.-- Cerro de los Leones: On the Company's 100% owned 306,646 acre concession in the Neuquen Basin the Company commenced and subsequently completed a seismic program consisting of 122 kilometers of 2D and 143 square kilometers of 3D data. The Company expects to have the processed data ready for interpretation in early February 2013.(1) Reserves volumes are based on the report prepared by McDaniel andAssociates Consultants Ltd. for the Company effective as of August 31, 2012in accordance with National Instrument 51-101 ("NI 51-101") and the CanadianOil and Gas Evaluation Handbook using forecast prices and costs. "Possiblereserves" are those additional reserves that are less certain to berecovered than probable reserves. There is a 10% probability that thequantities actually recovered will equal or exceed the sum of proved plusprobable plus possible reserves. Copies of the Company's NI 51-101 filingsfor the year ended August 31, 2012 are available under the Company's profileat www.sedar.com and on the Company's website at www.crownpointenergy.com.Financial and Operating Information--------------------------------------------------------------------------- Three months ended Three months ended August 31, 2012 August 31, 2011---------------------------------------------------------------------------Total sales volumes (BOE) 173,696 26,384Average Production (BOEPD) 1,888 287 Per BOE Per BOE ------- -------Oil and gas revenue $ 4,914,604 $ 28.29 $ 1,476,765 $ 55.97Royalties (989,844) (5.70) (285,979) (10.84)Operating costs (1,471,908) (8.47) (424,812) (16.10)---------------------------------------------------------------------------Operating netback $ 2,452,852 $ 14.12 $ 765,974 $ 29.03---------------------------------------------------------------------------Net loss $(1,831,364) $(1,294,423)Per share - basic and diluted $ (0.02) $ (0.03)--------------------------------------------------------------------------- Year ended Year ended August 31, 2012 August 31, 2011---------------------------------------------------------------------------Total sales volumes (BOE) 266,215 73,696Average production (BOEPD) 727 202 Per BOE Per BOE ------- -------Oil and gas revenue $10,772,942 $ 40.47 $ 3,839,359 $ 52.10Royalties (2,387,282) (8.97) (818,877) (11.11)Operating costs (2,820,736) (10.60) (1,044,832) (14.18)---------------------------------------------------------------------------Operating netback $ 5,564,924 $ 20.90 $ 1,975,650 $ 26.81---------------------------------------------------------------------------Net loss $(5,093,023) $(2,825,487)Per share - basic and diluted $ (0.07) $ (0.06)Working capital $17,736,716 $24,405,427Total assets $86,745,872 $51,411,935Total common shares outstanding 104,515,222 54,674,907------------------------------------------------------------------------------------------------------------------------------------------------------
