Crown Point flows oil from El Valle in Argentina

Source: Crown Point

On the El Valle oil field in the San Jorge Basin onshore Argentina, Crown Point Ventures Ltd. (TSX:CWV) has successfully completed the EV 26 oil well. 

Crown Point successfully completed a 4.5 meter thick section of the Canadon Seco formation in the EV 26 wellbore. This zone was perforated and immediately flowed oil. The well during its evaluation period flowed oil through an 11mm choke at a 24 hour extrapolated rate of 600 barrels per day of 100% oil. The interval completed in EV 26 is directly correlative with an interval completed last year in the EV 23 well bore. This interval since completion has produced 31,500 barrels of oil and is still producing 125 barrels of oil per day. 

Due to the excellent production test results obtained from the currently completed 4.5 metre Canadon Seco zone in EV 23, the Company has indefinitely deferred the completion of two additional highly prospective zones in the Canadon Seco. 

To date this year, Crown Point has drilled and cased four wells as potential oil wells at the El Valle field in the San Jorge Basin in Southern Argentina. Since commencing drilling operations at El Valle, the company has drilled and completed nine wells with a 100% drilling and completion success rate. 

The completion rig will be moving later this week to commence completion operations on tenth well, EV 31. 

Future Argentina Drilling Program 

This drilling program is part of a larger 20-25 well program to be conducted at El Valle over the next 24 months. Crown Point is planning to drill two to four more wells at El Valle prior to year end. 

At Canadon Ramirez in the San Jorge Basin, Crown Point plans to drill 2-5 wells on its 100% interest exploitation concession over the next 12 months and one 50% interest well at Laguna de Piedra in the first or second quarter of 2012. 

At Cerro Los Leones in the Neuquen Basin, Crown Point anticipates receiving the required environmental permits in the near term and plans to commence the shooting of the 3-D and 2-D programs shortly after receiving these permits. The completion and interpretation of the seismic program is expected to be followed by a 2-5 well 50% interest program in 2012.



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