Crown Point Ventures Ltd.

Crown Point Ventures Ltd.

July 02, 2008 12:15 ET

Crown Point Selected by YPF as Partner for Calandria Mora Exploration Block, Neuquen Basin, Argentina

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 2, 2008) - Crown Point Ventures Ltd. ("The Company") (TSX VENTURE:CWV) is pleased to announce that through its fully controlled Argentina subsidiary, Crown Point Oil & Gas S.A., the company has successfully negotiated a farm in agreement with the largest hydrocarbon producer in Argentina, YPF, to acquire a 50% participating interest in the Calandria Mora exploration concession in the Neuquen province of Argentina.

Calandria Mora is a 156.8 km2 (38,745 acres) block located in the Northeast Shelf of the Neuquen basin adjacent to prolific oilfields such as Chihuido-Lomitas, operated by YPF. Several prospects within the block have been identified through 3D seismic interpretation and nearby well analysis. Drilling of the first target is scheduled for the first quarter of 2009.

As part of the farm in process, the company will fund 100% of the costs associated with the exploration program agreed by the parties, which includes exploratory drilling. The main target is Aeolian sandstones of the Avile Member of the Agrio Formation which has been proven to contain gas and condensate in a nearby exploratory well drilled in the early nineties.

About Crown Point

Crown Point is an international oil and gas exploration and production company with assets in Canada and Argentina. The company is focused on acquiring working interests in a diversified portfolio of oil and gas assets that provide a high probability of long term growth.

About YPF SA

YPF is an oil and gas integrated company, leader in the activity of hydrocarbons exploration and production, refining and marketing, and chemical activity in Argentina. The company is the main producer of oil and gas in Argentina, with operations in the main productive basins of the country: Cuenca Neuquina, Golfo San Jorge, Cuyana and Noroeste.

YPF owns three refineries strategically located in La Plata (Province of Buenos Aires), Lujan de Cuyo (Mendoza) and Plaza Huincul (Neuquen), where a wide range of products are produced as gasoline, gasoil and air fuel for transport, ethane, propane and butane for petrochemical use, as well as liquid gas and asphalts.

Furthermore, YPF runs the biggest net of gas stations, with 1,600 sales points distributed throughout the country, where it commercializes its products. The company also owns a net of poliducts with a total length of 1,801 kilometers, for the distribution of refined products, with 16 terminals of storaging and sale, and 53 storaging aero plants.

This news Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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