Crown Point Ventures Ltd.

Crown Point Ventures Ltd.

July 20, 2009 16:42 ET

Crown Point Ventures Ltd. Commences the Drilling of the First Well of the Initial Three Well Argentine Drilling Program in the El Valle Field of the San Jorge Basin in Argentina

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 20, 2009) - Crown Point Ventures Ltd. (the "Company") (TSX VENTURE:CWV) advises that on July 19th the Company commenced the drilling of the first well of a consecutive three well exploration drilling program at El Valle in the San Jorge basin of Argentina. These wells are being drilled to evaluate light oil (32 degree API) opportunities in the Caleta Olivia and medium grade (22 degree API) opportunities in the Canadon Seco formations, which are both commercially productive in the El Valle Field. The Company anticipates that it will complete the back to back three well drilling program by mid August.

Crown Point is drilling these wells pursuant to a farmin agreement on 15,814 acres on the southern flank of the San Jorge basin. Drilling in the El Valle field commenced during the early 1960's with approximately 30 producing wells being drilled in the field. During their productive life these wells they have an average cumulative production of 250,000 bbls of crude oil from the Caleta Olivia and 125,000 bbls from Canadon Seco formations.

By drilling, completing and equipping or abandoning the three earning wells, Crown Point will earn a 70% interest in the production from the earning wells prior to payout and a 50% interest thereafter. The Company will also earn a 50% interest in the balance of the field (excluding the current producing wells). Crown Point will have the right under joint venture agreements (50% interest in incremental production) to re-enter, re-complete or work over any existing well on the property.

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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