Crown Point Ventures Ltd.

Crown Point Ventures Ltd.

July 16, 2007 11:33 ET

Crown Point Ventures Ltd. Completes Due Diligence and Provides Details of Argentine Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 16, 2007) - Crown Point Ventures Ltd. (TSX VENTURE:CWV) is please to announce that through its 100% owned Argentine subsidiary Crown Point Oil & Gas S.A., it has completed the due diligence as per its news release dated June 28th, 2007, and on July 11th in Buenos Aires officially accepted the terms and conditions of the 25% farm in agreement stated therein. The previously unnamed exploratory block is the 'Laguna de Piedra' block, located in the Neuquen basin of Argentina.

The Laguna de Piedra concession was originally awarded to a Korean company, Golden Oil Corp. (Golden Oil) following completion of the first round of the Rio Negro award process in 2006. Golden Oil will continue to operate the block and maintain a 50% working interest in project, with the remaining 25% being owned by 'CanAmericas Energy Ltd.', an Argentine subsidiary of Canadian-based 'Pine Cliff Energy'.

The block consists of 1,020 km2 of mostly unexplored land on the southern margin of the Neuquen basin and offers good exploratory potential. The block lies in proximity to the 'Estacion Fernandez Oro' field to the northwest, and is bounded by the General Roca, Flor de Roca and Don Jose fields to the north. Collectively these fields produce from one or more of the Lower Cretaceous - Jurassic aged Quituco, Lotena, Los Molles or Punto Rosada formations. Expected target depths range from 500 - 2,200m. At this stage, there has never been an exploratory well drilled on the block.

A work schedule for the block is currently being prepared for the commitments of the first exploratory phase of the Laguna de Piedra block. Initially, this will consist of the acquisition of approximately 250 km2 of 3D seismic data scheduled to begin in the 1st quarter of 2008.

Crown Point Ventures Ltd. is a Canadian oil and gas company engaged in the exploration, development and production of hydrocarbons in Canada and Argentina.

This news release contains forward looking statements. Forward looking statements involve inherent risks and uncertainties where actual results may differ and such differences may be material.

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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