01:54 PM EDT, 03/12/2024 (MT Newswires) -- Crown Point Energy Inc. ( CWVLF ) announced Tuesday its financial and operating results for the three months and year ending Dec. 31, 2023, and a look ahead for 2024.

The company's capital spending on developed and producing assets for fiscal 2024 is budgeted at approximately $13.4 million of which $1.5 million is for a well workover and improvements to facilities in the TDF Concessions and $11.9 million is for drilling three vertical wells, well workovers, and facilities improvements and optimization in the Mendoza Concessions.

The company also plans to spend $500,000 on the testing of the gas bearing sandstone layers of the Neuquen Group at CLL.

For Q4 2023, reported net cash provided by operating activities of $1.3 million and funds flow provided by operating activities of $2.1 million as compared to Q4 2022 when the company reported $200,000 of net cash provided by operating activities and $100,000 of funds flow provided by operating activities.

The company earned $5.5 million of oil and natural gas sales revenue on total average daily sales volumes of 1,275 BOE per day, lower than $8.6 million of oil and natural gas sales revenue earned on total average daily sales volumes of 1,737 BOE per day in Q4 2022 due to lower gas sales volumes in TDF Concessions in Q4 2023 combined with lower oil sales in both the TDF Concessions and the Mendoza Concessions.

The company entered into an agreement with a seller to acquire a 100% working interest in the Piedra Clavada and Koluel Kaike hydrocarbon exploitation concessions at a purchase price comprising $12 million cash, subject to closing adjustments, plus contingent in-kind consideration payable over a 15-year period from the closing date whereby the company will deliver to the seller a monthly quantity of oil produced from the Santa Cruz Concessions ranging from 0 to 600 barrels of oil per day, subject to the market price of oil determined for each month.