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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:CWVNews) 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.”

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