CALGARY, ALBERTA--(Marketwire - Oct. 27, 2011) - Crown Point Ventures Ltd. (TSX VENTURE:CWV) and its wholly owned subsidiary, Crown Point Oil & Gas S.A. ("the Company"), is providing its comments on yesterday's announced changes in Argentina requiring oil, gas and mining exporters to repatriate all of their export revenue. Crown Point's view is that the new regulations are intended to bring export revenue back into the banking system, build reserves and allow greater control over foreign exchange rates. These changes are not expected to have a significant impact on Crown Point as the Company does not have existing arrangements or plans to export production. Crown Point's plan for the foreseeable future is to continue to re-invest all cash flow from operations back into the country. Further, it does not expect the changes to impact Crown Point Oil & Gas S.A.'s ability to make dividend payments from after tax earnings.
About Crown Point
Crown Point Ventures Ltd. is an oil and gas exploration and development company with production in Argentina. The Company's exploration and development activities are focused in the Golfo San Jorge and Neuquén basins in Argentina.
Additional information regarding Crown Point and its operations 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).
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.
Contact Information:
Murray McCartney
President & CEO
(403) 232-1150
mmccartney@crownpointventures.ca
Crown Point Ventures Ltd.
Arthur J.G. Madden
Vice-President & CFO
(403) 232-1150
amadden@crownpointventures.ca
www.crownpointventures.ca