Crown Point announces operating and financial results for

Crown Point announces operating and financial results for

Made the $4.17 million payment to the Province of Mendoza for the acquisition of the 50% working interest in the CH Concession; andRepaid $0.27 million (ARS 25 million) of short-term working capital loans and $0.06 million (ARS 5.8 million) of accrued interest. SUBSEQUENT TO Q1 2021, THE COMPANY: OPERATIONAL UPDATE

During Q1 2021, the Company: Q1 2021 SUMMARY

Was awarded, together with partner Petrolera Aconcagua Energía (“Aconcagua”), a 25 year exploitation license for the 40.6 km2 Chañares Herrados producing oil block (the “CH Concession”), located in the Cuyo Basin approximately 50 km south of Mendoza City, Province of Mendoza. The Company and Aconcagua each hold a 50% working interest in the CH Concession which will be operated by Aconcagua.Consideration for the exploitation license was a cash payment of $8.33 million ($4.17 million net to Crown Point) to the Province. Under the terms of the exploitation license agreement, the joint venture will pay a 13% royalty on oil production and commit to an $85.7 million ($42.85 million net to Crown Point) ten-year work program which includes well work overs, infrastructure optimization and a multi- well drilling program.Recognized an $8.2 million gain on the acquisition of the 50% working interest in the Chañares Herrados Concession;Reported net income of $8.1 million as compared to a net loss of $8.7 million in Q1 2020;Raised $5.3 million of net proceeds from the issuance of $3.38 million principal amount of Class I notes payable and $2.07 million (ARS 190 million) principal amount of Class II notes payable. The Class I and Class II notes payable are repayable in eight equal installments commencing on July 1, 2022 until the maturity date of March 31, 2024 and bear interest at 8% per annum and BALDAR Privados (currently 34%) plus 6.75% per annum, respectively.Reported net cash provided by operating activities of $1.6 million and funds flow from operating activities of $0.5 million as compared to Q1 2020 which reported $0.5 million of net cash used by operating activities and $0.5 million of funds flow from operating activities;Earned $3.5 million of oil and natural gas sales revenue on total average daily sales volumes of 1,310 BOE per day, down from $4.3 million of oil and natural gas sales revenue earned on total average daily sales volumes of 1,714 BOE per day in Q1 2020 due to ongoing natural decline rates in gas production and lower oil sales due to shipping delays;Received an average of $1.80 per mcf for natural gas and $56.16 per bbl for oil compared to $2.01 per mcf for natural gas and $43.83 per bbl for oil received in Q1 2020;Reported an operating netback of $13.01 per BOE, up from $5.75 per BOE in Q1 2020 due to the increase in oil prices in Argentina and a reduction in per BOE operating costs due to lower transportation and hauling costs;Repaid $0.7 million (ARS 60.2 million) and obtained $0.6 million (ARS 50 million) of short-term working capital loans; andReported a working capital surplus of $4.0 million. In the following discussion, the three months ended March 31, 2021 may be referred to as “Q1 2021” and the comparative three months ended March 31, 2020 may be referred to as “Q1 2020″.

Las Violetas Concession During Q1 2021, natural gas production from the Las Violetas concession averaged 13,054 (net 4,537) mcf per day and oil production averaged 375 (net 130) bbls of oil per day. Oil produced in association with natural gas production is trucked to the San Martin field, blended with San Martin oil and transported via the San Martin oil pipeline to Cruz del Sur for storage and sale. During Q1 2021, San Martin oil production averaged 1,795 (net 623) bbls of oil per day. Oil is now transported through the San Martin oil pipeline connecting the field to the Cruz del Sur facility for storage and subsequent sale. A workover was performed on SM x-1001 in mid-February to shut off the original perforations at 1910-1913 m with a packer set at 1902 m, and perform an acid stimulation on the upper perforations at 1871-1876 m before placing the well back on stream on February 17, 2021.

La Angostura Concession Tierra del Fuego Concession (“TDF”)

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