Crown Point Announces Completion of Acquisition of Antrim Argentina S.A.

CALGARY, ALBERTA--(Marketwire - May 29, 2012) - Crown Point Ventures Ltd. ("Crown Point") (TSX VENTURE:CWV), an Argentine focused exploration and production company, is pleased to announce the completion of Crown Point's previously announced acquisition of Antrim Energy Inc.'s ("Antrim") wholly owned subsidiary, Antrim Argentina S.A. ("Antrim Argentina") pursuant to an arrangement under the Business Corporations Act (Alberta) (the "Arrangement").

Under the terms of the Arrangement, Antrim received a cash payment of approximately CDN$9.25 million and was issued 35,761,307 shares of Crown Point (the "Crown Point Arrangement Shares"). The Crown Point Arrangement Shares will be distributed by Antrim to shareholders of record on June 4, 2012 on a pro rata basis. Crown Point now has approximately 104.5 million shares outstanding, approximately 66% of which are held by Crown Point's existing shareholders and approximately 34% of which will be held by Antrim's shareholders following Antrim's distribution of such shares to its shareholders.

The principal assets of Antrim Argentina are three oil and gas focused producing concessions in the Tierra del Fuego portion of the Argentine Austral basin (the "TDF Assets") and an operated 50.1% interest in the Cerro de Los Leones Exploration Concession. Antrim's TDF Assets had average daily sales volumes during the quarter ended March 31, 2012 of approximately 1,424 boe/d comprised of 225 bbls of oil per day, 6.8 mmcf of natural gas per day and 66 bbls of natural gas liquids per day. Crown Point also acquired Antrim Argentina's working capital surplus of approximately CDN$9 million.

Crown Point's average daily sales volumes during the quarter ended February 29, 2012 were approximately 335 boe/d, with the result that Crown Point's consolidated average daily sales volumes are now approximately 1,759 boe/d, weighted approximately 35% to crude oil and natural gas liquids and approximately 65% to natural gas. In accordance with the terms of the Arrangement, Crown Point has also appointed Dr. Brian Moss, Antrim's Executive Vice President, Latin America and a member of Antrim's board of directors, to Crown Point's board of directors.

Since the end of the first quarter, a fracture stimulation program of five wells on the Las Violetas Concession on the TDF Asset has been under way and management is expecting increases in production arising from that program. A six well development drilling program is also planned for the last half of 2012 on this Concession. Crown Point is in the midst of a seven well program on its El Valle Concession, of which three wells have been drilled with one well completed and ready to commence production, a second well undergoing completion operations and a third well being cased as an oil well. Management is expecting this drilling program to start to have a positive impact on El Valle production levels as the new wells are placed on production.

Until recently, sales of oil and gas from the TGF Assets to the Argentina mainland generated value-added tax ("VAT") of 21%, which Antrim Argentina was able to retain due to favorable tax laws pertaining to Tierra del Fuego. Antrim reported VAT income of US$2.2 million in 2011 and US$2.1 million in 2010. However, on May 16, 2012 the Federal Government of Argentina issued a decree removing the tax free status of the Province of Tierra del Fuego (the "TDF Policy Change"). Over the short to medium term, the TDF Policy Change is expected to have a modestly negative impact on the combined company's income, although the TDF Policy Change is not expected to have a material impact on the combined company's reserves. The TDF Policy Change's impact on Crown Point may be mitigated to some degree by ongoing local efforts to have it reversed or revised, potential reductions in the conditions and terms of the TDF Assets Concession extensions currently being negotiated with the Tierra del Fuego government, the continuation of the trend in rising natural gas prices in Argentina, and/or an increase in the proportion of Crown Point's production that is derived from natural gas production from the TDF Assets, which attracts the higher "Gas Plus" pricing. However, no assurances can be provided by Crown Point that any of these mitigating factors will materialize, or that if they do, that they will offset the effects of the TDF Policy Change in total, in part or at all.

About Crown Point

Crown Point Ventures Ltd. is an international oil and gas exploration and development Company headquartered in Calgary Canada, incorporated in Canada, trading on the TSX Venture Exchange (TSXV) and operating in South America. Crown Point's exploration and development activities are focused in the Golfo San Jorge, Neuquén and Austral basins in Argentina. Crown Point has a strategy that focuses on establishing a portfolio of producing properties, plus production enhancement and exploration opportunities to provide a basis for future growth.

Advisory

Certain information regarding Crown Point set forth in this document, including management's expectation that production will rise due to the fracture stimulation program on the Las Violetas Concession on the TDF Asset, the details of the drilling program for such Concession, management's expectation that the drilling program on the El Valle Concession will result in production increases, management's expectation of the impact of the TDF Policy Change on the combined company's income and reserves over the short to medium term, and the possibility that certain factors may mitigate the impact of the TDF Policy Change, may constitute forward-looking statements under applicable securities laws. The forward-looking information is based on certain key expectations and assumptions made by Crown Point, including expectations and assumptions concerning: prevailing commodity prices and exchange rates; applicable royalty rates and tax laws; future well production rates and reserve volumes; the timing of receipt of regulatory and shareholder approvals; the performance of existing wells; the success obtained in drilling new wells; the sufficiency of budgeted capital expenditures in carrying out planned activities; and the availability and cost of labour and services. Although Crown Point believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Crown Point can give no assurances that they will prove to be correct.

Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These risks include, without limitation: risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, environmental risks, inability to obtain drilling rigs or other services, capital expenditure costs, including drilling, completion and facility costs, unexpected decline rates in wells, wells not performing as expected, delays resulting from labour unrest, delays resulting from our inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, Argentina, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations and the repeal of laws and regulations that benefit Crown Point) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and the possibility that Crown Point will not be able to mitigate the impact of the TDF Policy Change. There are also risks inherent in the acquisition of Antrim Argentina, including failure to realize anticipated production, reserves and net operating income increases and anticipated cost savings and other synergies; risks regarding the integration of Antrim Argentina into Crown Point; and incorrect assessment by Crown Point of the value of Antrim Argentina. Readers are cautioned that the foregoing list of factors is not exhaustive.

Crown Point's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. Additional information on these and other factors that could affect Crown Point's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or Crown Point's website (www.crownpointventures.ca). The forward-looking statements contained in this document are made as at the date of this news release and Crown Point does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Barrels of oil equivalent (boes) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet (6 mcf) to one barrel (1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of crude oil in Argentina as compared to the current price of natural gas in Argentina is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.