Crown Point Cases 5th Consecutive Argentina Oil Well

- Crown Point Cases 5th Consecutive Argentina Oil Well

Tuesday, August 23, 2011
Crown Point Ventures Ltd.

Crown Point Ventures has drilled and cased the fifth well of the current drilling program as a potential multi zone oil well. The Company also reports a successful work over of EV 19 which is one of the first wells drilled by Crown Point in Argentina.

Drilling Update

EV 27

Crown Point announced that the EV 27 well, the fifth well of the 2011 drilling program, has been logged and cased as a potential multi zone oil well. Logs and samples taken while drilling indicate a total of 23 net meters of potential pay in the Canadon Seco and the Mina el Carmen Formations. Later this week, the completion rig will be moving to the EV 27 location to commence its completion program.

The drilling rig is now moving to a new location EV 30. This will be the first well drilled by Crown Point on the northern side of the El Valle field. The primary target of this well is the historically prolific Caleta Olivia zone.

Completion Update

EV 19

Crown Point re-completed a 3 meter thick zone in the Caleta Olivia in the EV 19 which was originally drilled in 2009. After the re-completion of the EV 19 Caleta Olivia zone it swab tested oil with an oil cut of 70% giving an extrapolated oil production rate of 190 bbls. of oil per day ("BOPD"). Prior to the work over, the well was producing a trace of oil from the Canadon Seco with a 99 per cent water cut.

Drilling Plans 2011-2012

This drilling program is part of a larger 20-25 well program to be conducted at El Valle over the next 24 months. Crown Point is planning to drill two to four more wells at El Valle prior to year end. At Canadon Ramirez the Company plans to drill 2-5 wells on its 100% interest exploitation concession over the next 12 months and one 50% interest well at Laguna de Piedra in the first or second quarter of 2012. At Cerro Los Leones Crown Point anticipates receiving the required environmental permits in the near term and plans to commence the shooting of the 3-D and 2-D programs shortly after receiving these permits. The completion and interpretation of the seismic program is expected to be followed by a 2-5 well 50% interest program in 2012.

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Exoma Starts Drilling 5th Well in 2011 Exploration Campaign

- Exoma Starts Drilling 5th Well in 2011 Exploration Campaign

Monday, August 22, 2011
Exoma Energy Ltd.

Exoma announced that the fifth well of its 2011 exploration campaign, Katherine-1, has spudded. The primary target of this well will be Shale Gas in the Toolebuc Formation of the Eromanga Basin in Central Queensland.

After coring the shale, this well will be deepened to test a potential conventional oil play in the underlying Hutton sandstone. The Katherine-1 oil test is a follow up to Toobrac-1, a well drilled in 1985 that discovered oil shows in a thin sand onlapping a basement high. The well is located down-dip on the structure and tests a potential thickening of the reservoir sand observed in the seismic data.

• Well Name: Katherine-1
• Permit: ATP 999P
• Location: Eromanga Basin, approx. 60km SSW of Longreach, Queensland.
• Target:
  • Primary Target: shale gas in the Toolebuc Formation. The carbonaceous Toolebuc Shale will be cored and the well logged. The shale core will be subject to laboratory analysis to identify source maturity, hydrocarbon type and content, detailed mineralogy, rock properties and permeability.
  • Secondary Target: conventional oil in the Hutton sandstone. The Hutton sandstone section will be rotary drilled and logged. If any hydrocarbons are present, the reservoir will be drill stem tested.
• Planned Depth: Toolebuc Formation 590 meters; Hutton Sandstone 1189 meters

Exoma has a 50% beneficial interest in both ATP 999P and the Katherine-1 well. CNOOC Galilee Gas is earning its participating interest by a farmin whereby CNOOC will provide the initial $50 million of joint venture expenditures on Exoma's five Gaililee Basin ATP's.

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