|By Marketwired .||
|June 24, 2014 06:30 AM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 06/24/14 -- Crown Point Energy Inc. ("Crown Point" or the "Company") (TSX VENTURE: CWV) advises that it has suspended completion and evaluation operations on the La Hoyada x-1 well for the duration of the Argentine winter. Crown Point plans to return to the well after winter to install pumping equipment and conduct a long term production test.
Seven Vaca Muerta igneous intrusives totaling 51 metres in thickness were perforated and tested. The 7 intervals, after perforating, swab tested stabilized fluid rates of (in order from bottom to top): 1.5 bbls/day formation water with oil shows and emulsion; 4.5 bbls/day formation water with oil shows and emulsion; 12 bbls/day formation water with 14% oil and gas shows; dry; 73 bbls/day formation water and some gas; and the last two were swabbed together testing a stabilized rate of 226 bbls/day of formation water with no oil or gas shows.
After initial testing, the lowest 4 igneous intrusives were individually isolated and acid squeezed to stimulate the near well bore fracture system and retested in pairs. After recovering load water and spent acid, stabilized swab rates showed no significant improvement. The bottom pair swab tested a combined stabilized rate of 13.3 bbls/ day of formation water with a 30% oil cut, abundant emulsion and some gas. The upper pair swab tested a combined stabilized rate of 37 bbls/day of formation water with 6% oil, emulsion and natural gas.
Emulsion blockage was suspected to be affecting formation fluid inflow to the well so the four lower intrusives were then treated individually with de-emulsifying chemicals and retested. In general, stabilized swab rates improved substantially and were mostly formation water with oil shows. From bottom to top, respectively, stabilized swab rates, after recovering load and treatment volumes, were: 362 bbls/day formation water with oil shows; 350 bbls/day formation water with no oil or gas shows; 51 bbls/day formation water with 5% oil cut; and 6.6 bbls/day formation water with oil shows. The seven intrusives were then swab tested together with a stabilized combined swab rate of 90 bbls/day of formation water with oil shows.
The Company believes that emulsion blockage continues to be a problem and plans to return to the well after the Argentine winter to install pumping equipment and conduct a long term production test. Production experience in the area suggests that with continuous pumping oil production rates and volumes may improve as the effects of the emulsion blockages lessen.
Crown Point has not yet received full results from the laboratory work being carried out on the drilling samples retrieved from the penetrated Vaca Muerta shale in the La Hoyada well. However preliminary analysis indicates that the Vaca Muerta shales in the La Hoyada well have a total organic content ranging between 2-3%.
Tests were also conducted on a deeper interval in the PreCuyo Formation and on two shallower intervals in the Chachao and Agrio Formations respectively. All of these intervals tested dry with no fluid entry.
About Crown Point
Crown Point Energy Inc. is an international oil and gas exploration and development company headquartered in Calgary, Canada, incorporated in Canada, trading on the TSX Venture Exchange and operating in South America. Crown Point's exploration and development activities are focused in the, Neuquen, Austral and Golfo San Jorge basins in Argentina. Crown Point has a strategy that focuses on establishing a portfolio of producing properties, plus production enhancement and exploration opportunities to provide a basis for future growth.
Forward-Looking Information Advisory
Certain statements contained in this document constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of the "safe harbour" provisions of applicable securities legislation. Forward-looking statements are typically identified by words that suggest future events or future performance. All statement other than statements of historical fact may be forward-looking statements. In particular, this document contains, without limitation, forward-looking statements pertaining to: the Company's plans to return to the La Hoyada x-1 well after the Argentine winter to install pumping equipment and conduct a long term production test; and our belief that production history in the area suggests that with continuous pumping oil rates and volumes may improve as the effects of the emulsion blockages lessen. With respect to forward-looking statements contained in this document, we have made assumptions regarding, among other things: the general stability of the economic and political environment in which the Company operates; drilling results; the ability of the Company to obtain financing on acceptable terms when and if needed; field production rates and decline rates; and the timing and costs of pipeline, storage and facility construction and expansion and the ability of the Company to secure adequate product transportation.
Although we believe that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause our actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things: risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation; risks associated with operating in Argentina; ability to access sufficient capital from internal and external sources; economic or industry condition changes; and other factors described under "Risk Factors" in our Annual Information Form and described in our other public filings available at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive. The forward-looking statements contained in this document speak only as of the date of this document. Except as expressly required by applicable securities laws, we do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
Certain information contained herein is considered "analogous information" as defined in National Instrument 51-101 ("NI 51-101"), including the production history in the area around Crown Point's La Hoyada x-1 well. Such analogous information has not been prepared in accordance with NI 51-101 and the Canadian Oil and Gas Evaluation Handbook and Crown Point is unable to confirm whether such information has been prepared by a qualified reserves evaluator. Such information is not intended to be a projection of future results. Such information is based on independent public data and public information received from other producers and Crown Point has no way of verifying the accuracy of such information. Such information has been presented to help demonstrate the basis for Crown Point's business plans and strategies. There is no certainty that such results will be achieved by Crown Point and such information should not be construed as an estimate of future reserves or resources or future production levels.
Production Test Rates
References in this press release to swab test rates are useful in confirming whether hydrocarbons are present, however such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long term performance or of ultimate recovery. Readers are cautioned not to place reliance on such rates in calculating the aggregate production for the Company.
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.
Crown Point Energy Inc.
President & CEO
Crown Point Energy Inc.
Arthur J.G. Madden
Vice-President & CFO
Crown Point Energy Inc.
Brian J. Moss
Executive Vice-President & COO
(403) 232-1158 (FAX)
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
Jul. 31, 2015 10:00 AM EDT Reads: 137
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
Jul. 31, 2015 08:45 AM EDT Reads: 301
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
Jul. 31, 2015 08:00 AM EDT Reads: 157
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
Jul. 30, 2015 07:30 PM EDT Reads: 1,397
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
Jul. 30, 2015 06:30 PM EDT Reads: 888
Malicious agents are moving faster than the speed of business. Even more worrisome, most companies are relying on legacy approaches to security that are no longer capable of meeting current threats. In the modern cloud, threat diversity is rapidly expanding, necessitating more sophisticated security protocols than those used in the past or in desktop environments. Yet companies are falling for cloud security myths that were truths at one time but have evolved out of existence.
Jul. 30, 2015 06:00 PM EDT Reads: 1,802
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...
Jul. 30, 2015 05:00 PM EDT Reads: 1,089
Public Cloud IaaS started its life in the developer and startup communities and has grown rapidly to a $20B+ industry, but it still pales in comparison to how much is spent worldwide on IT: $3.6 trillion. In fact, there are 8.6 million data centers worldwide, the reality is many small and medium sized business have server closets and colocation footprints filled with servers and storage gear. While on-premise environment virtualization may have peaked at 75%, the Public Cloud has lagged in adop...
Jul. 30, 2015 04:00 PM EDT Reads: 2,204
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Jul. 30, 2015 03:45 PM EDT Reads: 448
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...
Jul. 30, 2015 03:00 PM EDT Reads: 1,740
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
Jul. 30, 2015 03:00 PM EDT Reads: 487
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with ...
Jul. 30, 2015 02:30 PM EDT
The Cloud industry has moved from being more than just being able to provide infrastructure and management services on the Cloud. Enter a new era of Cloud computing where monetization’s services through the Cloud are an essential piece of strategy to feed your organizations bottom-line, your revenue and Profitability. In their session at 16th Cloud Expo, Ermanno Bonifazi, CEO & Founder of Solgenia, and Ian Khan, Global Strategic Positioning & Brand Manager at Solgenia, discussed how to easily o...
Jul. 30, 2015 01:45 PM EDT Reads: 377
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Jul. 30, 2015 01:45 PM EDT Reads: 266
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
Jul. 30, 2015 01:30 PM EDT Reads: 102