Take physic, pomp

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:CWVNews) 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.

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