Forward-looking information: Certain information set forth in this document, including: our belief that we have identified an oil pool of significant size with waterflood potential on our El Valle concession, and our expectations for the impact a waterflood program could have on production and recovery rates; our future plans and operations on each of our concessions, including plans for shooting, processing and interpreting seismic data, drilling plans, plans for completing workovers, waterfloods, recompletions and other field optimization and secondary recovery activities, our plan to focus our activities on Gas Plus and other areas where higher commodity prices prevail, our anticipation regarding the timing of completing such plans and operations, certain factors that might impact our future plans and operations and the manner in which they might be impacted, and the information that we hope to obtain from certain of our future plans and operations; our drilling inventory at El Valle; our capital expenditure budget for the four month period ended December 31, 2012 and the year ended December 31, 2013, the amounts to be spent on each of our concessions, the nature of the proposed expenditures, and the timing for making such expenditures; the details regarding the potential creation of a new gas pricing program in Argentina and the potential impact thereof on us; the details regarding the potential extension of the term of our Tierra del Fuego concession licenses, including the timing for receipt of final approvals; management's expectations that Crown Point's interests in the Tierra del Fuego area possess the capability of delivering increased levels of production and reserves in an increasing natural gas price market; is considered forward-looking information, and necessarily involve risks and uncertainties, certain of which are beyond Crown Point's control.
Such risks include but are not limited to: risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation; risks associated with operating in Argentina, including risks of changing government regulations (including the adoption of, amendments to, or the cancellation of government incentive programs or other laws and regulations relating to commodity prices, taxation, currency controls and export restrictions, in each case that may adversely impact Crown Point), expropriation/nationalization of assets, price controls on commodity prices, inability to enforce contracts in certain circumstances and other economic and political risks; loss of markets and other economic and industry conditions; volatility of commodity prices; currency fluctuations; imprecision of reserve estimates; environmental risks; competition from other producers; inability to retain drilling services; incorrect assessment of value of acquisitions and failure to realize the benefits therefrom; delays resulting from or inability to obtain required regulatory approvals; the lack of availability of qualified personnel or management; stock market volatility and ability to access sufficient capital from internal and external sources; and economic or industry condition changes. Actual results, performance or achievements could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that Crown Point will derive therefrom.
In addition, the information relating to reserves is deemed to be forward-looking information, as such information involves the implied assessment, based on certain estimates and assumptions, that the reserves described can be economically produced in the future. With respect to forward-looking information contained herein, the Company has made assumptions regarding: the impact of increasing competition; the general stability of the economic and political environment in which the Company operates; the timely receipt of any required regulatory approvals; the ability of the Company to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the costs of obtaining equipment and personnel to complete the Company's capital expenditure program; the ability of the operator of the projects which the Company has an interest in to operate the field in a safe, efficient and effective manner; the ability of the Company to obtain financing on acceptable terms when and if needed; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration activities; the timing and costs of pipeline, storage and facility construction and expansion and the ability of the Company to secure adequate product transportation; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, commodity price controls, import/export matters, taxes and environmental matters in Argentina; and the ability of the Company to successfully market its oil and natural gas products. Additional information on these and other factors that could affect Crown Point are included in reports on file with Canadian securities regulatory authorities, including under the heading "Risk Factors" in the Company's annual information form, and may be accessed through the SEDAR website (www.sedar.com). Furthermore, the forward-looking information contained in this document are made as of the date of this document, and Crown Point does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Crown Point Energy Inc.
President & CEO
Crown Point Energy Inc.
Arthur J.G. Madden
Vice-President & CFO
(403) 232-1158 (FAX)
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