Crown Point Ventures has signed an agreement in principle to acquire a 100% interest in a 25.57sq km exploitation concession in the North San Jorge Basin in the Province of Chubut.
The Canadon Ramirez acquisition comes with a recent 190sq km 3-D high seismic program over the entire concession and the Mata Magallanes Oeste and Este fields.
This seismic has been used to map an extension of the Mata Magallanes Oeste field and to define a potential new pool prospect on the Canadon Ramirez concession.
The terms of the concession provide for a 15% provincial royalty.
This acquisition is the initial phase in the implementation of Crown Points business and growth plans on the north side of the San Jorge Basin.
The closing of this acquisition, which is currently scheduled for mid-January, 2011, is subject to a number of conditions precedent, including regulatory acceptance.