Crown Point Announces Expiration of Concessions in Tierra Del Fuego

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CALGARY, Alberta, Aug. 27, 2026 (GLOBE NEWSWIRE) — Crown Point Energy Inc. (TSX-V:CWV) (“Crown Point” or the “Company“) announces that the hydrocarbon exploitation concessions in the Río Cullen, Las Violetas and La Angostura areas of the Province of Tierra del Fuego, Argentina (the “TDF Concessions“) in which the Company’s wholly-owned Argentine subsidiary, Crown Point Energia S.A. (“CPESA“), held a 48.3275% non-operating participating interest, expired on August 18, 2026.

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CPESA, together with the other members of the joint venture formed to operate the TDF Concessions, has entered into an agreement with the Province of Tierra del Fuego that provides for the final settlement, closure and reversion of the TDF Concessions to the Province. CPESA will be responsible for its share of the trailing liabilities associated with the TDF Concessions (including severance costs and abandonment liabilities), which will be offset by the remaining assets associated with the TDF Concessions (including accounts receivable, materials and crude oil inventories). CPESA’s trailing net liabilities associated with the TDF Concessions are not expected to be material to Crown Point.

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Due to Crown Point’s acquisition of operated oil and gas assets in the Golfo San Jorge basin in the Provinces of Santa Cruz and Chubut during the last several years, the TDF Concessions were not material to Crown Point. The TDF Concessions had high fixed operating costs, declining production volumes, no identified low risk economic drilling opportunities and much lower operating netbacks than the Company’s corporate average. During the six-month period ended June 30, 2026, revenue from the TDF Concessions represented less than 5% of the Company’s total revenue for the period.

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Sproule International Limited, the Company’s independent qualified reserves evaluator, evaluated the oil and natural gas reserves attributable to all of the Company’s properties as at December 31, 2025 (the “Sproule ERCE Report“). The gross proved plus probable oil and gas reserves (“2P Reserves“) assigned to the TDF Concessions in the Sproule ERCE Report represented less than 4% of the total 2P Reserves assigned to all of Crown Point’s properties in the Sproule ERCE Report. The net present value (before tax, discounted at 10%) of the 2P Reserves (“2P NPV“) assigned to the TDF Concessions in the Sproule ERCE Report represented less than 3% of the total 2P NPV assigned to all of Crown Point’s properties in the Sproule ERCE Report.

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About Crown Point

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Crown 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 three producing basins in Argentina, 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.