Crown Point Announces Operating and Financial Results for the Three and Six Months Ended June 30, 2026

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Postmedia has not reviewed the content. by GlobeNewswire Crown Point Announces Operating and Financial Results for the Three and Six Months Ended June 30, 2026Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.CALGARY, Alberta, Aug. 11, 2026 (GLOBE NEWSWIRE) — TSX-V: CWV: Crown Point Energy Inc. (“Crown Point”, the “Company”, “our” or “we“) today announced its financial and operating results for the three and six months ended June 30, 2026. 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The comparative three months ended June 30, 2025, may be referred to as “Q2 2025”.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againDuring Q2 2026, the Company:Reported net cash and funds flow provided by operating activities of $22.5 million and $17.4 million, respectively, as compared to Q2 2025 when the Company reported net cash provided by operating activities and funds flow used in operating activities of $5.6 million and $5.0 million, respectively;Earned $69.2 million of oil and natural gas sales revenue on total average daily sales volumes of 9,158 BOE per day1, higher than $22.2 million of oil and natural gas sales revenue on total average daily sales volumes of 4,083 BOE per day2 in Q2 2025 due to oil sales from the Chubut concessions acquired in the fourth quarter of 2025;Received an average of $4.99 per mcf for natural gas and $90.24 per bbl for crude oil compared to $3.45 per mcf for natural gas and $67.26 per bbl for oil received in Q2 2025;Reported an operating netback of $25.75 per BOE 3 up from $(7.50) per BOE in Q2 2025;Issued $17.6 million of discounted promissory notes and repaid $32.4 million of working capital loans and discounted promissory notes;Reported income before taxes of $9.3 million, deferred tax provision of $0.1 million and net income of $9.2 million, as compared to Q2 2025 when the Company reported loss before taxes of $9.1 million, deferred tax recovery of $3.4 million and net loss of $5.7 million;Reported a working capital deficit4 of $63.4 million at June 30, 2026, as compared to a working capital deficit of $71.8 million at December 31, 2025.On July 16, 2026, the Company completed a rights offering pursuant to which the Company issued 240,000,000 common shares at a price of $0.125 per share for gross proceeds of $30 million (the “Rights Offering“), of which 238,289,708 common shares were acquired by Liminar Energia S.A. (“Liminar“). Following the closing of the Rights Offering, the Company has 312,903,038 common shares issued and outstanding, of which 284,876,536 (approximately 91%) are owned by Liminar.On July 16, 2026, the Company repaid the $29.9 million loan plus $0.1 million accrued interest owed to Liminar using the proceeds of the Rights Offering.Subsequent to June 30, 2026, the Company repaid $11.6 million and issued $13.2 million of discounted promissory notes.On July 30, 2026, the Company paid a consent fee equal to 1% of the principal amount of the Series IX Notes Payable, in the amount of $0.3 million, in connection with obtaining the noteholders’ consent to permit the Company to use the excess collateral represented by the pledge over crude oil sales collections from the Chubut Concessions to secure future issuances of Notes Payable up to an aggregate principal amount of $100 million.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.During Q2 2026, El Tordillo concession oil production averaged 4,213 (net 4,003) bbls of oil per day, La Tapera concession oil production averaged 28 (net 27) bbls of oil per day and Puesto Quiroga concession oil production averaged 155 (net 147) bbls of oil per day. Natural gas production from the El Tordillo and Puesto Quiroga concessions averaged 3,250 (net 3,087) mcf per day. During Q2 2026, the Company performed workovers on eight oil producing wells in the Tordillo concession.During Q2 2026, Piedra Clavada concession oil production averaged 1,675 bbls of oil per day and Koluel Kaike concession oil production averaged 891 bbls of oil per day. During Q2 2026, the Company completed several interventions on oil wells in both the Koluel Kaike and Piedra Clavada concessions.Oil production for Q2 2026 averaged 728 (net 364) bbls of oil per day from the CH Concession and 162 (net 81) bbls of oil per day from the PPCO Concession.During Q2 2026, San Martin oil production averaged 432 (net 209) bbls of oil per day; Las Violetas concession natural gas production averaged 7,664 (net 3,704) mcf per day and associated oil production averaged 166 (net 80) bbls of oil per day.Las Violetas and Rio Cullen Concessions expire on August 17, 2026, and the Angostura concession expires on August 16, 2026. The Company is currently negotiating with the Province of Tierra del Fuego to determine the terms of the concession extensions.On May 18, 2026, the Ministry of Energy and Environment of the Province of Mendoza issued Resolution No. 86/2026, which granted the Company a one-year extension of the term of the CLL Permit until May 18, 2027.The Company’s capital spending for fiscal 2026 is budgeted at approximately $54.3 million, of which: $37.8 million is allocated to the Chubut Concessions for well workovers, facilities improvements and a drilling campaign comprised of 5 wells; $13.7 million is allocated to the Santa Cruz Concessions for well workovers, facilities improvements and a drilling campaign comprised of 3 wells; $0.8 million is allocated to the Mendoza Concessions for well workovers and facilities improvements; $1.2 million is allocated to the TDF Concessions for the concessions extension fee; and $0.8 million is allocated to the Cerro de Los Leones Concession for testing of the gas bearing sandstone layers of the Neuquén Group. During the six months ended June 2026, the Company incurred $9.7 million of capital expenditures in the Chubut and Santa Cruz Concessions.SUMMARY OF FINANCIAL INFORMATION(expressed in $, except shares outstanding)June 302026December 312025Current assets52,563,086 50,655,402 Current liabilities(115,920,225)(122,470,728)Working capital deficiency (1)(63,357,139)(71,815,326)Exploration and evaluation assets13,995,603 14,018,547 Property and equipment224,069,488 226,293,865 Total assets292,472,177 293,165,032 Non-current financial liabilities (1)73,625,852 73,009,452 Share capital56,456,328 56,456,328 Total common shares outstanding72,903,038 72,903,038 (1)We adhere to International Financial Reporting Standards (“IFRS”), however the Company also employs certain non-IFRS measures to analyze financial performance, financial position, and cash flow. Additionally, other financial measures are also used to analyze performance. These non-IFRS and other financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures provided by other issuers. “Working capital deficiency” is a capital management measure. “Non-current financial liabilities” is a supplemental financial measure. See “Non-IFRS and Other Financial Measures”. Three months endedSix months ended June 30June 30 2026202520262025Total sales volumes (BOE)833,333371,4841,541,991756,738Oil bbls per day8,0653,4227,3563,511NGL bbls per day416412Natural gas mcf per day6,5323,8676,9583,947Total BOE per day9,1584,0838,5204,181 Three months endedSix months ended June 30June 30 2026 2025 2026 2025 Per BOE Per BOE Per BOE Per BOE Oil and natural gas sales revenue ($)69,206,301 83.05 22,208,934 59.78 113,687,522 73.73 45,717,428 60.41 Export tax ($)(106,195)(0.13)(101,251)(0.27)(181,041)(0.12)(193,755)(0.26)Royalties and turnover tax ($)(12,278,455)(14.73)(3,963,657)(10.67)(20,711,653)(13.43)(8,163,142)(10.79)Operating costs ($)(35,362,950)(42.44)(20,927,925)(56.34)(62,856,704)(40.76)(39,180,510)(51.78)Operating netback (1) ($)21,458,701 25.75 (2,783,899)(7.50)29,938,124 19.42 (1,819,979)(2.42)(1) “Operating netback” is a non-IFRS measure. “Operating netback per BOE” is a non-IFRS ratio. See “Non-IFRS and Other Financial Measures”.The Company’s unaudited condensed interim consolidated financial statements for the three and six month periods ended June 30, 2026 and related management’s discussion and analysis (“MD&A”) will be filed with Canadian securities regulatory authorities in due course and will be made available under the Company’s profile at www.sedarplus.ca and on the Company’s website at www.crownpointenergy.com.For inquiries, please contact:Brian MossMarcos EstevesInterim President & CEOVice-President, Finance & CFOPh: (403) 232-1150Ph: (403) 232-1150Crown Point Energy Inc.Crown Point Energy Inc.bmoss@crownpointenergy.commesteves@crownpointenergy.com About Crown PointCrown Point Energy Inc. is an international oil and gas exploration and development company headquartered in Buenos Aires, Argentina, incorporated in Canada, trading on the TSX Venture Exchange and operating in Argentina. Crown Point’s exploration and development activities are focused in four producing basins in Argentina, the Austral basin in the province of Tierra del Fuego, the Golfo San Jorge Basin in the provinces of Santa Cruz and Chubut, and the Neuquén and Cuyo (or Cuyana) basins in the province of Mendoza.Non-IFRS and Other Financial Measures: Throughout this press release and in other materials disclosed by the Company, we employ certain measures to analyze financial performance, financial position, and cash flow. These non-IFRS and other financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures provided by other issuers. The non-IFRS and other financial measures should not be considered to be more meaningful than financial measures which are determined in accordance with IFRS, such as net income (loss), oil and natural gas sales revenue and net cash (used) provided by operating activities as indicators of our performance. “Non-current financial liabilities” is a supplemental financial measure. Non-current financial liabilities is comprised of the non-current portions of trade and other payables, loans, notes payable and lease liabilities as presented in the Company’s consolidated statements of financial position. See “Summary of Financial Information”.“Operating Netback” is a non-IFRS measure. Operating netback is comprised of oil and natural gas sales revenue less export tax, royalties and turnover tax and operating costs. Management believes this measure is a useful supplemental measure of the Company’s profitability relative to commodity prices. See “Results of Operations – Operating Netback” for a reconciliation of operating netback to oil and natural gas sales revenue, being our nearest measure prescribed by IFRS.“Operating netback per BOE” is a non-IFRS ratio. Operating netback per BOE is comprised of operating netback divided by total BOE sales volumes in the period. Management believes this measure is a useful supplemental measure of the Company’s profitability relative to commodity prices. In addition, management believes that operating netback per BOE is a key industry performance measure of operational efficiency and provides investors with information that is also commonly presented by other crude oil and natural gas producers. Operating netback is a non-IFRS measure. See “Results of Operations – Operating Netback” for the calculation of operating netback per BOE.“Working capital” is a capital management measure. Working capital is comprised of current assets less current liabilities. Management believes that working capital is a useful measure to assess the Company’s capital position and its ability to execute its existing exploration commitments and its share of any development programs. See “Summary of Financial Information” for a reconciliation of working capital to current assets and current liabilities, being our nearest measures prescribed by IFRS.Abbreviations and BOE Presentation: “bbl” means barrel; “bbls” means barrels; “BOE” means barrels of oil equivalent; “mcf” means thousand cubic feet; “NGL” means natural gas liquids; and “UTE” means Union Transitoria de Empresas, which is a registered joint venture contract established under the laws of Argentina. All BOE conversions in this press release are derived by converting natural gas to oil in the ratio of six mcf of gas to one bbl of oil. BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of six mcf of gas to one bbl of oil (6 mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the price of crude oil as compared to natural gas in Argentina from time to time may be different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.Forward-looking Information: This document contains forward-looking information. This information relates to future events and the Company’s future performance. All information and statements contained herein that are not clearly historical in nature constitute forward-looking information, and the words “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “propose”, “predict”, “potential”, “continue”, “aim”, “project”, “outlook” or the negative of these terms or other comparable terminology are generally intended to identify forward-looking information. Such information represents the Company’s internal projections, estimates, expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. This information involves known or unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. In addition, this document may contain forward-looking information attributed to third party industry sources. Crown Point believes that the expectations reflected in this forward-looking information are reasonable; however, undue reliance should not be placed on this forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. This press release contains forward-looking information concerning, among other things, the following: the Company’s focus, the term of the CLL Permit, our capital expenditure budget for fiscal 2026, the allocation of such capital expenditures that we intend to make on our concessions during 2026, and the operations that we intend to conduct on each of our concessions during such period. The reader is cautioned that such information, although considered reasonable by the Company, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided in this document as a result of numerous known and unknown risks and uncertainties and other factors. A number of risks and other factors could cause actual results to differ materially from those expressed in the forward-looking information contained in this document including, but not limited to, the following: that the tariffs imposed or threatened to be imposed by the U.S. on other countries, and retaliatory tariffs imposed or threatened to be imposed by other countries on the U.S., will trigger a broader global trade war which could have a material adverse effect on global economies, and by extension the Argentine oil and natural gas industry and the Company, including by decreasing demand for (and the price of) oil and natural gas, disrupting supply chains, increasing costs, causing volatility in global financial markets, and limiting access to (and/or increasing the cost of) financing; that the Company is not able to meet its obligations as they become due; risks associated with the insolvency and/or bankruptcy of our joint venture partners and/or the operators of the concessions in which we have an interest, including the risk that any such insolvency and/or bankruptcy has an adverse effect on one of our UTEs, one of our concessions and/or the Company; and the risks and other factors described under “Business Risks and Uncertainties” in our most recently filed MD&A and under “Risk Factors” in the Company’s most recently filed Annual Information Form, which is available for viewing on SEDAR+ at www.sedarplus.ca. With respect to forward-looking information contained in this document, the Company has made assumptions regarding, among other things: the ability and willingness of OPEC+ nations and other major producers of crude oil to balance crude oil production levels and thereby sustain higher global crude oil prices; that our joint venture partners and the operators of our concessions that we do not operate will honour their contractual commitments in a timely fashion and will not become insolvent or bankrupt; the impact of inflation rates in Argentina and the devaluation of the Argentine peso against the USD on the Company; the impact of increasing competition; the general stability of the economic and political environment in which the Company operates, including operating under a consistent regulatory and legal framework in Argentina; future oil, natural gas and NGL prices (including the effects of governmental incentive programs and government price controls thereon); the timely receipt of any required regulatory approvals; the ability of the Company to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the costs of obtaining equipment and personnel to complete the Company’s capital expenditure program; the ability to operate the projects in which the Company has an interest in a safe, efficient and effective manner; that the Company will not pay dividends for the foreseeable future; the ability of the Company to obtain financing on acceptable terms when and if needed; the ability of the Company to service its debt repayments when required; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration activities; the timing and costs of pipeline, storage and facility construction and expansion and the ability of the Company to secure adequate product transportation; currency, exchange, inflation and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in Argentina; and the ability of the Company to successfully market its oil and natural gas products. Management of Crown Point has included the above summary of assumptions and risks related to forward-looking information included in this document in order to provide investors with a more complete perspective on the Company’s future operations. Readers are cautioned that this information may not be appropriate for other purposes. Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking information contained in this document are expressly qualified by this cautionary statement. The forward-looking information contained herein is made as of the date of this document and the Company disclaims any intent or obligation to update publicly any such forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable Canadian securities laws.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.____________________________1 See “Results of Operations – Sales Volumes”.2 See “Results of Operations – Sales Volumes”.3 Non-IFRS ratio. See “Non-IFRS and Other Financial Measures”.4 Capital management measure. See “Non-IFRS and Other Financial Measures”.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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