Crown Point Ventures Ltd.

Crown Point Ventures Ltd.

August 31, 2009 17:30 ET

Crown Point Ventures Ltd. Cases the Second Well of its Argentina Drilling Program as a Potential Oil Well

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 31, 2009) - Crown Point Ventures Ltd. (the "Company") (TSX VENTURE:CWV) advises that it has completed the drilling of the second well of a consecutive three well exploration drilling program at El Valle in the San Jorge basin of Argentina and is casing it as a potential dual zone oil well.

This EVx-21 well has been logged, evaluated, and cased as a potential oil well. Among the potentially hydro-carbon bearing zones of interest are two significant zones. The first zone encountered four meter thick sandstone in the Caleta Olivia Member of the Canadon Seco Formation. Analysis of the wells logs and drilling samples indicate that it is prospective of containing light/medium oil. The second zone of interest is a three meter thick sandstone in the Mina el Carmen formation. Logs and drilling samples indicate that this zone is prospective of containing a medium grade of oil.

Crown Point will be commencing the drilling of the third well as soon as the drilling rig has moved off the EVx-21 location. Crown Point has contracted a service rig to complete the EVx - 19 and EVx - 21 wells which is expected to arrive on site later this week.

"This is the second well that Crown Point has drilled on its El Valle block, with both containing highly prospective zones of interest," said Murray McCartney, President and CEO. "We are pleased with our drilling results to date and look forward to completing the wells to confirm the quantity and amount of hydrocarbons present. Both locations show potential for significant development programs."

Neither the 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.

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