Calgary, Alberta, March 9, 2022 (GLOBE NEWSWIRE) — (TSX-V: CWV): Crown Point Energy Inc. (“Crown Point” or “Company”) offshore oil loading facility in Cruz del Sul, Tierra del Fuego was closed and entered into force immediately.
YPF, the operator of Cruz del Sur’s oil storage and offshore loading facility, has announced that the offshore loading facility has been closed due to technical issues. YPF intended to abolish the offshore loading facility in July 2022, but has now decided to immediately suspend offshore loading operations.
Crown Point is working with a joint venture partner and YPF to build a 23km 6-inch oil pipeline connecting the Cruz del Sur oil storage facility and the San Martin oil field with the Rio Cullen Marine Terminal operated by Total Austral. The offshore loading facility of Cruz del Sul will be closed in late 2022. This project will be accelerated. However, tentatively, Crown Point, along with its joint venture partner, is arranging to export oil by truck to the Enap refinery in San Gregorio, Chile and the Rio Karen Marine Terminal operated by Total Austral in Tierra del Fuego. The selling prices of both San Gregorio and Rio Karen are linked to the price of Brent crude oil.
About Crown Point
Crown Point Energy Inc. is an international oil and gas exploration and development company headquartered in Calgary, Canada, incorporated in Canada, traded on the TSX Venture Exchange and operating in Argentina. Crown Point has the opportunity to enhance production and explore, in addition to a strategy focused on establishing a portfolio of production properties to provide a foundation for future growth.
Abbreviation: “Km” means kilometers. “NGL” means natural gas liquid.
Forward-Looking Information: This document contains forward-looking information. This information is relevant to future events and our future performance. All information and statements contained in this document are not clearly historical in nature and constitute information about the future outlook. Such information represents our internal forecasts, estimates, expectations, beliefs, plans, objectives, assumptions, intentions, or statements regarding future events or performance. This information includes known or unknown risks, uncertainties, and other factors that may cause actual results and events to differ materially from those expected in such forward-looking information. .. Crown Point believes that the expectations reflected in this forward-looking information are reasonable. However, you should not place excessive reliance on this forward-looking information. That is because there is no guarantee that the plans, intents, or expectations they are based on will occur. This press release contains, among other things, forward-looking information regarding: Construction of an oil pipeline connecting the Cruz del Sul oil storage facility and the San Martin oil field to the Rio Karen offshore terminal operated by Total Austral is accelerating; Crown Point is the Enap refinery in San Gregorio, Chile and Total in Tierra del Fuego. Oil will be exported by truck to the Rio Karen Marine Terminal operated by Austral. Selling prices in both San Gregorio and Rio Karen are indexed to Brent crude oil prices. And our business strategy. Readers should be aware that such information may turn out to be inaccurate, even if it is considered reasonable by us. Actual results achieved during the forecast period differ from the information provided in this document as a result of many known and unknown risks and uncertainties and other factors. Due to many risks and other factors, actual results may differ materially from those shown in the forward-looking information contained in this document, including but not limited to: I can’t build a terminal or pipeline at all. The inability of us to truck oil to the Enap Refinery and / or the Rio Karen Marine Terminal, and / or the increased costs of doing so, and / or the uneconomical nature of it. The price we receive for that oil is significantly discounted over the price of Brent crude oil. The risk that a company changes is business strategy. Also, the risks and other factors listed in the “Risk Factors” section of our recently submitted annual information form, available on SEDAR at www.sedar.com. With respect to the forward-looking information contained in this document, we make the following assumptions, among other things: The impact (and duration) of the COVID-19 pandemic on our business. Future commodity prices; the cost of building the aforementioned pipeline. Truck Costs; Overall stability of the economic and political environment in which we operate, including operations under consistent regulatory and legal frameworks in Argentina. Future oil, natural gas and NGL prices. Receive the required regulatory approvals in a timely manner. The company’s ability to acquire qualified staff, equipment and services in a timely and cost-effective manner. Our ability to raise funds on acceptable terms, when and when needed to finance a business. Crown Point management has included the above assumptions and risk summaries related to forward-looking information in order to provide investors with a more complete outlook for our future business. Please note that this information may not be suitable for other purposes. Readers should note that the list of factors mentioned above is not exhaustive. The forward-looking information contained in this document is explicitly qualified by this notice. The forward-looking information contained in this document is current as of the date of this document and we intend to publicly update other forward-looking information as a result of new information, future events or consequences, etc. I deny the obligation. More than required by applicable Canadian securities law.
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Crown Point announces closure of Cruz del Sul offshore oil loading facility in Tierra del Fuego, Canadian Business Journal
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