Crown Point Ventures Ltd.

Crown Point Ventures Ltd.

January 30, 2008 09:00 ET

Crown Point Ventures Ltd.: Sinclair Field Unitization & Waterflood

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 30, 2008) - Crown Point Ventures Ltd. (TSX VENTURE:CWV) (the "Company") has been proposed to include their 8 wells in section 15-8-29 W1 into a 192 well "Unit" by the operator of the Sinclair field, Tundra Oil and Gas. The purpose of the Unit is to allow for implementation of a secondary recovery project (waterflood) and a possible tertiary recovery project (CO2 flood). Both of which are designed to increase the ultimate recovery of oil from the producing reservoir.

Under primary production, 3rd party engineers GLJ Petroleum Consultants of Calgary technical studies show that only 10% of the original oil in place will be recovered over the economic life of a well. Projections from GLJ's technical studies shows that with waterflood, up to 20% of the original oil in place will be recovered and that the possibility exists of increasing that number to 30% or more with a fully developed CO2 and waterflood.

Tundra's pilot waterflood program of 36 wells in Section 4-8-29 W1 and 9-8-29 W1 confirms GLJ's analysis of a secondary recovery program. The enlarged program will include 12 sections of land (3 miles x 4 miles). Total cost to the Company will be approximately $700,000. Tundra hopes to have the unitization completed for the end of February and to start the waterflood drilling after spring break-up at the end of May. The operator has plans to do future expansion of the unit and waterflood program that could include the Company's 8 wells in section 3-9-29 W1.

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.

Contact Information

  • Crown Point Ventures Ltd.
    Gordon Kettleson
    President and CEO
    (604) 682-3255
    (604) 689-4960 (FAX)