Crown Point Releases Third Quarter 2010 Results; Reports Casing of Three Recently Drilled Wells as Potential Oil Wells

Friday, Jul 30, 2010

--  Sustained oil production at El Valle, in the Golfo San Jorge Basin; 

--  Completion of non-brokered private placement (first financing since

    Febuary 2007) which raised gross proceeds of $4.4 million to fund

    current drilling program; 

--  Commenced the process to import North American well performance and

    evaluation tools to assist the Company in optimizing well performance

    and understanding the new Mina El Carmen oil bearing reservoirs at El

    Valle; 

--  Successful implementation of a new wax control technology to decrease

    operating costs and improve the percentage of time the wells are

    actually producing in any given period of time; this same technology may

    also lead to new opportunities in Argentina, as wax control can be a

    severe problem in certain areas of Argentina; 

--  Subsequent to quarter end, Crown Point drilled and cased three new wells

    as potential multizone oil wells. These wells are planned to be

    sequentially completed and tested upon arrival of the completion rig,

    with results expected during the month of August.

Crown Point's third quarter unaudited consolidated financial statements and Management Discussion and Analysis of Operations will be SEDAR filed July 29, 2010 and posted to the Company website at www.crownpointventures.ca. The corporate presentation has also been updated and posted to the website.

Crown Point continues to evaluate other growth opportunities in Argentina. The successful conclusion of these would add a new dimension to Crown Point in Argentina and expand the depth, breadth and size of the Company's operations and asset base.

Source: Market Wire