11:11 AM EDT, 06/09/2025 (MT Newswires) -- Crown Point Energy ( CWVLF ) on Monday said it entered into agreements to acquire certain hydrocarbons concessions in Argentina, along with related infrastructure, for US$57.9 million in cash, subject to customary closing adjustments, plus contingent consideration of up to US$3.5 million in cash.

The company will acquire a 95% operated interest in the Chubut concessions in Argentina, with an average daily production level of 5,449 barrels of oil equivalent per during the four-month period ended April 30. Crown Point will also acquire 4.2% stake in Terminales Maritimas Patagonicas, which operates an offshore loading facility through which crude oil from the Chubut Concessions is transported for sale to the domestic or export markets.

The acquisition is expected to close at the end of this month.

Crown Point Energy ( CWVLF ) last traded June 4 on the TSX Venture Exchange, closing at $0.14.