Crown Point Ventures (CWV.v)

We've followed Crown Point Ventures (CWV.v) for a while, with plenty of posts noting the progress made the stock along the way. So far so good....

...as the chart shows. Keep it up and on your radar for news. I think it's going higher, but as I'm a bit of a whuss I did sell a few yesterday as it went through a loonie to lock in the winning position. The cost base is now pennies and whatever happens it's going to be a happy ending. DYODD.

Crown Point Ventures (CWV.v): Very bullish news

After the bell yesterday Crown Point Ventures (CWV.v) released this PR that explained just how very, very well its three drilled wells at El Valle in Argentina are running. You need to read it for yourself and consider the barrel numbers in light of the company market cap (subscribers to The IKN Weekly got the breakdown as I see it in a Flash update last night) but the result is that the stock this morning has done this:

Yep, that's 30% up, and every percentage point well deserved, guys. Congrats.

It's not often that in the trappy, risky world of small O&G drillers that a company hits three from three and gets all-but optimum results from its program. CWV.v has knocked one out the park here and will surely continue up.

Disclosure: I own a few and I've been on this case for IKN Weekly readers for the last 10 weeks so it's likely some subbers are long too, so DYODD dude. I really mean it. It's your money.

Crown Point Ventures (CWV.v): Paydirt

Crown Point Ventures (CWV.v) is a company we've followed these last few weeks and watched it successfully hit oil in three from three drills it's put in the ground in Argentina. Now come the good part, as today this PR hit the wires that starts like this (and check out the bit I put in bold type):

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 17, 2009) - Crown Point Ventures Ltd. (the "Company") (TSX VENTURE:CWV - News) advises that it has successfully completed the EVx-19 well as a dual zone oil well. This well was drilled as part of a three well program in the El Valle field in the San Jorge Basin in Argentina. All three wells have been cased as potential oil wells and the EVx-19 is the first to be completed.

In the EVx-19 well, the Company has completed two zones; the first is a five meter thick sandstone in the Caleta Olivia formation; upon completion this zone tested light oil. The second is a four meter zone in the Canadon Seco. The Canadon Seco zone was fracture stimulated during swabbing and the subsequent production test freely flowed clean oil. The well flowed until it was shut down to run pump and rods. The well will be placed on regular production in the next few days.

"We are pleased with the completion results of the EVx-19 well," said Murray D. McCartney, President and CEO. "The completion of the EVx-19 well is an excellent indicator of what we can hope to see during the completion of the remaining two wells. It should be noted that all of the wells encountered numerous potential pay zones and the EVx-19 well has several other zones which have not yet been completed and evaluated."

Methinks CWV.v is going higher. Disclosure; I own a few. Not many, just a few.

Crown Point Ventures (CWV.v): Two from two, one to go

Crown Point Ventures (CWV.v) is a tiny little O&G play drilling in Argentina that we featured in The IKN Weekly issue 14 (we're now at IKN18, so call it a month ago). At the time we noted it was a risky play for sure, but also noted some decent sounding jungledrums that had been picked up Chez Otto. At that time it was 35c and it's now 37c, so not much change there.

Here below is the press release from last night, which has CWV.v saying "We're drilling three holes down here, the first two look pretty darn good and we're now on the third". DYODD and for the record I don't own (it's tinysmall and not my personal risk profile) but I know a couple of subscribers have recently bought in.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 31, 2009) - Crown Point Ventures Ltd. (the "Company") (TSX VENTURE:CWV - News) advises that it has completed the drilling of the second well of a consecutive three well exploration drilling program at El Valle in the San Jorge basin of Argentina and is casing it as a potential dual zone oil well.

This EVx-21 well has been logged, evaluated, and cased as a potential oil well. Among the potentially hydro-carbon bearing zones of interest are two significant zones. The first zone encountered four meter thick sandstone in the Caleta Olivia Member of the Canadon Seco Formation. Analysis of the wells logs and drilling samples indicate that it is prospective of containing light/medium oil. The second zone of interest is a three meter thick sandstone in the Mina el Carmen formation. Logs and drilling samples indicate that this zone is prospective of containing a medium grade of oil.

Crown Point will be commencing the drilling of the third well as soon as the drilling rig has moved off the EVx-21 location. Crown Point has contracted a service rig to complete the EVx - 19 and EVx - 21 wells which is expected to arrive on site later this week.

"This is the second well that Crown Point has drilled on its El Valle block, with both containing highly prospective zones of interest," said Murray McCartney, President and CEO. "We are pleased with our drilling results to date and look forward to completing the wells to confirm the quantity and amount of hydrocarbons present. Both locations show potential for significant development programs."